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Oracle Modern Best Practice for Insurance—Finance
Budget to Approval
Quickly produce the most up-to-date reports and make better decisions by leveraging mobile, social, and analytics. Create more accurate budgets by collaborating with your entire organization—underwriters, finance, HR, claims, sales, actuarial, and risk engineering. Take advantage of the cloud for an easy platform to securely analyze and compare actual results against planned budgets, according to premium levels.
Mobile. Social. Analytics.Define Budget Strategy
Define and link budgets for income (policy premiums, commissions, and investment returns) and outgoings (claims, settlements, commissions, and operating expenses). Perform what-if scenarios as needed.
Mobile. Social. Analytics.Generate Allocations
Allocate budgets by branch, brokerage, and department—across your organization.
Mobile. Social. Analytics.Maintain Budgets
Securely collaborate across your organization on budgets and key plan assumptions, such as the premium level needed for a profit goal and associated expense, commission, and loss payout ratio.
Mobile. Social. Analytics.Monitor and Consolidate
Monitor budget participant progress and approval status for underwriters, finance, HR, claims, sales, actuarial, risk engineering, and other key areas.
Mobile. Social. Analytics.Approve Budgets
Approve final budgets. Consolidate budgets and communicate to the management.
Mobile. Social. Analytics.Predictive Forecasting and Monitoring
Automatic review of budget status and scenario analysis.