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• Access Insurance Company Wins 2010 Technology Innovation Award at IASA

  - by [email protected]

  Helen Pitts, senior product marketing manager for Oracle Insurance, is blogging from the 2010 IASA Annual Conference and Business Show this week. For the second time in two weeks an Oracle Insurance customer has earned recognition at an insurance industry event for its innovative use of technology to transform their business. Access Insurance Company received the 2010 Technology Innovation Award during the 2010 IASA Annual Conference and Business Show this week in Grapevine, Texas. The company earned the recognition for its "Instant Access" application, which executes all the business rules and processes needed to provide a quote, bind, and issue a policy. CIO Andy Dunn and Tim Reynolds stopped by the Oracle Insurance Booth at IASA to visit with the team, show their award, and share how the platform has provided a strategic advantage to the company and helped it increase revenue by penetrating new markets, increasing market share and improving customer retention. Since implementing Instant Access in 2009 - a platform that leverages both Oracle Insurance Insbridge Rating and Underwriting and Oracle Documaker - the carrier has: Increased policies in force by 22%, from 140,185 to more than 270,000 Grown market share by 4.6% Increased 2009 revenue by 26.5% Increased ratio of policyholders per CSR by 30% Increased its appointed independent producers by 43 percent Now that's true innovation! You can learn more about the company's formula for success by reading Access Insurance Holdings CEO and president Michael McMenamin's interview with Insurance & Technology, Data Mastery Drives Access Insurance's 'Instant Access' Business Technology Platform. Congratulations to Michael, Andy, Tim and the entire team at Access Insurance on this well deserved honor - and for your role as a technology leader for the industry. Helen Pitts is senior product marketing manager for Oracle Insurance.

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• Insurers Pushed to Transform Their Business

  - by Calvin Glenn

  Everyone in the P&C industry has heard it “We can’t do it.” “Nobody wants to do it.” “We can’t afford to do it.”  Unfortunately, what they’re referencing are the reasons many insurers are still trying to maintain their business processing on legacy policy administration systems, attempting to bide time until there is no other recourse but to give in, bite the bullet, and take on the monumental task of replacing an entire policy administration system (PAS). Just the thought of that project sends IT, Business Users and Management reeling. However, is that fear real?  It is a bit daunting when one realizes that a complete policy administration system replacement will touch most every function an insurer manages, from quoting and rating, to underwriting, distribution, and even customer service. With that, everyone has heard at least one horror story around a transformation initiative that has far exceeded budget and the promised implementation / go-live timeline.    But, does it have to be that hard?  Surely, in the age where a person can voice-activate their DVR to record a TV program from a cell phone, there has to be someone somewhere who’s figured out how to simplify this process. To be able to help insurers, of all sizes, transform and grow their business while also delivering on their overall objectives of providing speed to market, straight-through-processing for applications, quoting, underwriting, and simplified product development. Maybe we’re looking too hard and the answer is simple and straight-forward. Why replace the entire machine when all it really needs is a new part…a single enterprise rating system? This core, modular piece of the policy administration system is the foundation of product development and rate management that enables insurers to provide the right product at the right price to the right customer through the best channels at any given moment in time. The real benefit of a single enterprise rating system is the ability to deliver enhanced business capabilities, such as improved product management, streamlined underwriting, and speed to market. With these benefits, carriers have accomplished a portion of their overall transformation goal. Furthermore, lessons learned from the rating project can be applied to the bigger, down-the-road PAS project to support the successful completion of the overall transformation endeavor. At the recent Oracle OpenWorld Conference in San Francisco, information was shared with attendees about a recent “go-live” project from an Oracle Insurance Tier 1 insurer who did what is proposed above…replaced just the rating portion of their legacy policy administration system with Oracle Insurance Insbridge Rating and Underwriting.  This change provided the insurer greater flexibility to set rates that better reflect risk while enabling the company to support its market segment strategy. Using the Oracle Insurance Insbridge enterprise rating solution, the insurer was able to reduce processing time for agents and underwriters, gained the ability to support proprietary rating models and improved pricing accuracy.      There is mounting pressure on P&C insurers to produce growth and show net profitability in the midst of modest overall industry growth, large weather-related losses and intensifying competition for market share.  Insurers are also being asked to improve customer service, offer a differentiated value proposition and simplify insurance processes.  While the demands are many there is an easy answer…invest in and update the most mission critical application in your arsenal, the single enterprise rating system. Download the Podcast to listen to “Stand-Alone Rating Engine - Leading Force Behind Core Transformation Projects in the P&C Market,” a podcast originally recorded in October 2013. Related Resources: White Paper: Stand-Alone Rating Engine: Leading Force Behind Core Transformation Projects in the P&C Market Webcast On Demand: Stand-Alone Rating Engine and Core Transformation for P&C Insurers Don’t forget to keep up with us year-round: Facebook: www.facebook.com/oracleinsurance Twitter: www.twitter.com/oracleinsurance YouTube: www.youtube.com/oracleinsurance

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• Challenges and Opportunities to Drive Change in the Healthcare System Explored at America’s Health Insurance Plans Exchange Conference and Institute 2013

  - by elaine blog

  The program theme at the June America’s Health Insurance Plans (AHIP) Exchange Conference and AHIP’s Institute 2013 was Transforming Our Health Care System: Navigating and Succeeding in the New Marketplace.  Topics included care delivery transformation, innovation for a new healthcare eco system, Health Insurance Exchanges, the nexus of consumerism, retail and healthcare, driving value through improved operations and leveraging technology, data and innovation to transform care. Oracle participated as a sponsor of both conferences, signaling the significant investment and activity Oracle continues to make in helping health plans, providers and government agencies become more efficient and more relevant in the healthcare market place. AHIP is a national trade association representing the health insurance industry. AHIP’s members provide health and supplemental benefits to more than 200 million Americans through employer-sponsored coverage, the individual insurance market and public programs such as Medicare and Medicaid.   AHIP advocates for public policies that expand access to affordable health care. Health plans are focusing on the Health Insurance Exchanges and the opportunities they offer to provide better access and higher quality healthcare.  With the opportunities come operational challenges to implementation and innovative technology solutions to consider.   At the Exchange Conference, Oracle hosted a breakfast symposium on “Strategies for Success:  Driving Business Transformation in the Growing Health Insurance Exchange Market”. With Health Insurance Exchanges as catalysts for change, attendees learned about how to achieve integration within an Exchange and deploy new business strategies to support health reform initiatives. Discussion covered steps and processes to successfully establish and implement enrollment systems, quote to card activities, program pricing, claims billing, automated claims processing and new customer service tools. Piyush Pushkar, COO of Benefitalign, an Oracle partner that provides solutions to adopt innovative business models for retail, HIX, consumer-centric health plan and benefits administration, spoke on the state of the Exchanges in the U.S. and the activities health plans are engaged in to support individuals entering the healthcare system, including sales automation, member enrollment automation/portals and integration strategies with the Exchanges. The Oracle and Benefitalign partnership allows seamless integration between a health plan enrollment solution with the HIX individual market and allows for the health plan to customize and characterize the offerings available to the HIX that may or may not be available through other channels.  This approach can benefit the health plan through separation of interests, but also because some state-run HIXs require such separation. Janice W. Young, Program Director, Payer IT Strategies, IDC Health Insights, reviewed a survey of health plans on their investment priorities for this last year as well as this year.  She also identified the 2013-2015 strategies of go/get to market with front end and compliance investments; leveraging existing business processes and internal technologies; and establishing best practices.  Of key interest to the audience was a reform era payer solutions platform overview mapping technologies to support the business operations. David Bonham of the Oracle Health Insurance organization moderated the panel and spoke on Oracle’s presence in healthcare and products for payers to help them drive efficiencies and gain a competitive advantage in an ever changing market. Oracle serves healthcare stakeholders with applications such as billing, rating and underwriting, analytics, CRM, enrollment, and products for processing of health insurance claims including pricing and benefits administration, as well as payment of providers through alternative, non-fee for service reimbursement methods. Oracle in Healthcare….Did you know? More than 80 healthcare payers run Oracle applications. More than 300 leading healthcare providers run Oracle applications. 10 out of the top 12 fortune Global 500 healthcare organizations run Oracle applications. For more information on Oracle solutions for healthcare payers, please visit oracle.com/insurance or these individual solution pages: Oracle Health Insurance Components Oracle Insurance Insbridge Rating and Underwriting Oracle Insurance Revenue Management and Billing Oracle Documaker Oracle Healthcare Oracle CRM Related Resources Webcast On Demand: Strategies for Success: Driving Business Transformation in the Growing Health Insurance Exchange Market Strategy Brief: Executing on the Individual Mandate: Opportunities and Challenges for Healthcare Payers White Paper: White paper: Navigating Alternative Provider Reimbursement Models of the Future Strategy Brief: Enterprise Rating Agility Improves Payer Response to Healthcare Reform Podcast: Technology Implications of Healthcare Reform Don’t forget to keep up with us year-round: Facebook: www.facebook.com/oracleinsurance Twitter: www.twitter.com/oracleinsurance YouTube: www.youtube.com/oracleinsurance

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