Oracle Introduces Innovative Business Intelligence Solution for Insurance Companies
Oracle Insurance Insight 7.0 Transforms Approach to Insurance Business Intelligence (BI), Providing Faster, Easier Access to Business-Critical Information
Redwood Shores, Calif. – December 20, 2010
Today Oracle Insurance announced the availability of Oracle Insurance Insight 7.0, an innovative insurance-specific data warehouse and business intelligence solution that offers faster, easier access to the information needed to make critical business decisions.
The latest release introduces the concept of “adaptive data modeling,” which gives business users the power to configure lines of business via an easy-to-use warehouse palette tool. Oracle Insurance Insight then automatically creates data warehouse elements – such as line-specific database structures and extract-transform-load (ETL) processes –speeding up time-to-value for BI initiatives.
The combination of business-driven configuration, automated processing and insurance-specific processes helps insurance companies get BI projects up and running in months, rather than years.
Oracle Insurance Insight 7.0 provides insurance-specific, out-of-the-box data models that companies can easily configure to meet their specific BI needs. The application aggregates policy and claims data to give property & casualty (P&C) or general insurers a single view of the enterprise.
Oracle Insurance Insight 7.0 includes prebuilt content and interfaces for six P&C lines. Additionally, insurers can use the warehouse palette to deploy any and all P&C lines of business from scratch, helping insurers support operations in any country.
To meet the demands of an increasingly global market, the newest version provides support for multiple languages and currencies.
Oracle Insurance Insight 7.0 also leverages an expanded range of Oracle infrastructure technologies for faster, more scalable and efficient processing. In addition to Oracle Business Intelligence Enterprise Edition, the solution includes Oracle Database 11g as well as Oracle Data Integrator Enterprise Edition 11g, which delivers Extract, Load and Transform (E-LT) architecture and eliminates the need for a separate transformation server. Additionally, the expanded Oracle technology infrastructure enables support for Oracle Exadata.
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"The challenges of normalizing insurance data and motivating business user change are significant, but we believe that insurers who develop strong business intelligence capabilities and enable business user participation will have a significant competitive advantage in the difficult market ahead," said Martina Conlon, a Principal with Novarica’s Insurance practice, and author of Business Intelligence in Insurance: Current State, Challenges, and Expectations. “The need for continued investment by insurers in business intelligence capabilities is widely understood, and the industry is acting. Arming the business intelligence implementation with predefined insurance specific content, and flexible and configurable technology will get these projects up and running faster.”
“Rapid access to business intelligence is essential to compete and thrive in today’s insurance industry,” said Srini Venkatasantham, vice president, Product Strategy, Oracle Insurance. “The adaptive data modeling approach of Oracle Insurance Insight 7.0, combined with the insurance-specific data model, offers global insurance companies a faster, easier way to get the intelligence they need to make better-informed business decisions.”
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