Oracle Insurance announced yesterday the availability of Oracle Insurance Insight 7.0, an insurance-specific data warehouse and business intelligence (BI) system that transforms the traditional approach to BI by involving business users in the creation and maintenance.

"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."

New Features in Oracle Insurance 7.0 include:

• "Adaptive Data Modeling" via the new warehouse palette: 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.
  
  
  
  
  
• Out-of-the-box insurance models or create-from-scratch option: Includes pre-built content and interfaces for six Property and Casualty (P&C) lines. Additionally, insurers can use the warehouse palette to deploy any and all P&C or General Insurance lines of business from scratch, helping insurers support operations in any country.
  
  
• Leverages Oracle technologies: 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-L-T) architecture and eliminates the need for a separate transformation server. Additionally, the expanded Oracle technology infrastructure enables support for Oracle Exadata.

Martina Conlon, a Principal with Novarica's Insurance practice, and author of Business Intelligence in Insurance: Current State, Challenges, and Expectations says, "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."

Learn more
To see a demo of the Oracle Insurance Insight system, click here

To read the press announcement, click here