Today insurance carriers are being challenged with accelerating their digital transformation. Speed is key. Insurance companies are running high-cost operations with legacy systems and they are hamstrung by the fear of high-cost migrations and risk. Current legacy systems are not capable of engaging with the emerging ecosystem to access external innovations and partner with InsureTech companies.
As we know, a digital-first strategy is a business imperative. Digital transformation is not only a need, but it’s essential to stay in business long-term. With a digital-first strategy, carriers can create products more easily and be more transparent with their partners and customers.
Fast track your digital first strategy by modernizing your back office with a greenfield approach—leverage Oracle Insurance Policy Administration (OIPA). The OIPA platform gives you digital integrations that will enrich your existing infrastructure with digital processes to enable a modern policy administration system (PAS) solution. OIPA is optimized for the cloud with live customers already in place. It is product ready to help you create products more quickly and have better time to market. OIPA is an end-to-end solution from new business underwriting to the policy administration system.
“Oracle Insurance Policy Administration has allowed us to shorten our delivery time for new products and product changes. We have also had a greater ability to integrate with other systems and to deliver process efficiencies.”
1. Deepen customer insights for underwriting through data analytics
3. Promote ease of use for your policy administration system
2. Enable wide variety of customer engagements and insurance services
4. Enable gamification and rewards programs for improving the customer’s health and life expectancy
Greenfield software development refers to developing a system for a totally new environment and requires development from a clean slate with no legacy code. It is an approach used when you're starting fresh and with no restrictions or dependencies. If an insurance company has an executive sponsored initiative to launch new, digital enabled, and consumer-friendly insurance products in months compared to years without the traditional expense burden that comes with launching new products on their existing legacy policy administration platform, the insurance company is embarking on a greenfield initiative.
Greenfield initiatives often buys cloud based end-to-end policy administration systems that have out-of-the-box products, features, and capabilities. In simple terms—a greenfield initiative is the most efficient and effective way to enables insurance companies to increase premium sales at a profit.
Greenfield Initiatives will help you meet your business goals:
Oracle Insurance Policy Administration
Simplify your digital transformation journey with a modern, rules-based policy administration system that supports new business underwriting, policy issuance, policy processing, billing, collections, and claims covering individual and group insurance—all on a single platform. Oracle Insurance provides flexibility for full configurability and accelerating deployment with open API’s. automation for new business underwriting processes, traceability, and deep insights to improve the customer experience.
Oracle Document Manager
Oracle Document Manager offers the ability to deliver policy documents to customers and correspondence to agents and customers electronically, where lawful. This enables business scale, operational efficiency, and reduces overhead by reducing costs associated with printing paper, ink, and postage. Leading policy administration systems (PAS) have this capability built-in and available. The PAS should be able to provide opt in and opt out features for consumers and agents to manage their correspondence preferences as well as email addresses for delivery. Additionally, many PAS providers have in-house or third-party print services arranged to manage the creation, collation, and distribution of paper correspondence when appropriate.
Oracle Analytics Cloud and Oracle Insurance Performance Insight Analytics are packaged with a prebuilt insurance data model which centralizes the data that is needed for reporting. It has a staging area where the data is brought in from different systems. It also has a reporting area which stores the clean, complete and consistent data in a star schema approach.
The key functions are below:
Oracle Digital Assistant
The Oracle Digital Assistant, often known as a chatbot, leverages an organization's existing information and resources like knowledge repositories, FAQ’s, internally published procedure manuals, and administrative system data to provide personalized, nonhuman resolution of routine customer service requests. The digital chatbot reduces the cost of service per unit, enables 24-7 service without increasing variable cost, significantly expands service capacity, and improves customer and agent service experience.
Oracle Content and Experience Cloud
Oracle Content and Experience Cloud for Oracle SaaS is a cloud-based content hub to drive omnichannel content management and accelerate experience delivery. Collaboration and workflow management capabilities streamline the creation and delivery of content and improve customer and employee engagement.
Oracle Knowledge Management Cloud Service
Oracle Knowledge Management Cloud Service helps organizational knowledge to be in a centralized location and provide channels for dissemination of acquired knowledge to relevant users. It encompasses procedures, processes, compliance requirements, customer service training documentation, and product specifications in a single place for access to all individuals across the organization to access via the workflow management system, unified workbench, and customer or agent portals.
The Knowledge Management Cloud capabilities allow you to access, read, and store unstructured data formats, word documents, excel spreadsheets, policy data and procedure manuals. These services mitigate the risk of specialized knowledge exiting in the organization and creates a more efficient workplace, improving decision making, enhancing collaboration, and harvesting best practices.
Eloqua Marketing Automation
Create more closed-loop marketing and sales activities and manage cross-channel B2B insurance marketing campaigns that nurture leads across each stage of the buying process. A best-in-class B2B marketing automation solution, Oracle Eloqua Marketing Automation offers campaign design, advanced lead scoring, real-time firmographic data, and integrated sales tools.
NetSuite is engineered to streamline mission-critical processes. In turn, this allows insurance businesses to continue focusing on what they do best and to react to new market opportunities swiftly and confidently. From financials to supply chain management to billing and beyond, NetSuite ERP gives companies clear visibility and control of their business.
Quickly and easily create intranets, extranets, composite applications, and self-service portals. Oracle WebCenter Portal provides insurance users with a secure and efficient way to consume information and interact with applications, processes, and people.
Fast track to a digital first strategy and move towards a flexible greenfield approach