Oracle Insurance Busines...

operational-specific marts allow carriers to aggregate insurance data out of the box.
Between the fl...

Cost savings
  •   Claims management – On average, 70 percent of each premium dollar goes

       lines of business. By analyzing both customer and sales behaviors, insurance
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Insurance Businesses


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Insurance Businesses

  1. 1. ORACLE DATA SHEET ORACLE INSURANCE BUSINESS INTELLIGENCE Oracle Insurance Business Intelligence is a complete insurance- specific warehouse-to-analytics solution, which allows Property & Casualty insurers to aggregate policy, claim, and customer data to gain a single view of the customer and the enterprise. With all the KEY BENEFITS • Gain a complete view of the data in a single location, insurance carriers can perform insurance business by line of business specific calculations and algorithms in order to optimize distribution or overall corporate insurance operations channels, identify cost-savings across departments such as claims, • Improve profitability by identifying cost savings and actuarial, and executive, and ultimately maximize profitability. revenue generating opportunities • Increase customer Oracle Insurance Business Intelligence Platform satisfaction and retention by Oracle Insurance Business Intelligence enables insurance organizations to become creating a single view of the truly insight-driven and customer-centric. The solution is comprised of an customer • Promote reporting efficiency enterprise, insurance-specific data warehouse (Oracle Insurance Insight) and a and data accuracy through powerful analytic application (Oracle Business Intelligence Enterprise Edition) with insurance-specific data pre-built insurance calculations, dashboards, and hundreds of metrics and key aggregation in a single location versus siloed legacy performance indicators (KPIs). A key technology driver among insurers today is systems predictive analytics, and Oracle Insurance Business Intelligence uses guided • Improve overall processes analytics to lead users along a path to discovery and action based on real-time with identifying and correcting GRC issues earlier business conditions. Relevant, Insurance-specific Data Aggregated for Improved Efficiency and Enhanced Accuracy Insurance companies face an enormous volume and complexity of data, which is fragmented and dispersed among departments. Digital data volumes are growing by 30% per year and will be approaching one zettabyte by 2010. Due to mergers and acquisitions, claims and policy data may reside in multiple legacy systems. Fifty- nine percent of companies maintain up to 30 data marts. Building bridges or integrations between the data sources can take valuable development time. Additionally, IT involvement is necessary to manage all the data stores and run queries against them. Oracle Insurance Business Intelligence aggregates claims and policy data from one or many core systems into an insurance-specific enterprise- wide data warehouse via flat file templates. Collecting data from multiple sources, transforming it into a common format, and consolidating it into a single source ultimately creates one view for better decision-making and faster responses to market changes. Pre-built Insurance-specific Data Marts for Accelerated Data Warehouse Creation Oracle Insurance Business Intelligence’s pre-built, line-of-business-specific and 1
  2. 2. ORACLE DATA SHEET operational-specific marts allow carriers to aggregate insurance data out of the box. Between the flat file entry point and the pre-built data mart lies a comprehensive staging warehouse for all claims and policy transactions. The combination of the transactions in a central location makes the creation of business specific marts significantly easier than creating separate mart structures on top of numerous source systems. In order to meet each insurer’s specific needs, the marts are fully customizable. Oracle Business Intelligence Solutions for Insurance Insurance-specific Calculations Segmented to Promote Profitability Insurance companies need to see their business not just across departments such as actuarial, underwriting, marketing/production, claims, and distribution channels, but also deeper into and across each line of business. A holistic view of the entire business promotes profitability by identifying areas to save costs and increase revenue. Oracle Insurance Business Intelligence’s pre-built line-of-business data marts and conforming dimensions allow organizations to identify and address specific business challenges such as: 2
  3. 3. ORACLE DATA SHEET Cost savings • Claims management – On average, 70 percent of each premium dollar goes toward claims cost. Having deep visibility into a claims cost can help insurers implement effective cost containment measures and control claims reserves. Using Oracle Insurance Business Intelligence, executives can gain insight into: • Claims breakdown by age, status, loss code and region • Claims expense metrics such as average expense amount, total expense payment, and ratio of expenses paid to total incurred • Claims reserve metrics such as average reserves, reserve adequacy ratio, and average reserves changed • Fraud detection – Oracle Insurance Business Intelligence provides the capability to identify fraudulent patterns and zero-in on past fraud cases. The system’s robust data access and warehousing capabilities help bring information from multiple sources together, thereby improving the efficiency and effectiveness of fraud detection and ultimately saving costs. Suspicious claims are flagged in real time, helping to identify fraudulent claims well before any payments are made and reducing legal costs. • Operational management – Oracle Insurance Business Intelligence provides contact center managers with real-time information on hold times, call handle times, service levels and repeat call rates. This helps managers streamline operations and set appropriate staffing levels. Revenue generation • Underwriting trends – With Oracle Insurance Business Intelligence carriers can quickly identify which policies are being written or rejected and why. Further use of the analysis can be made to identify new markets and grow the book of business portfolio. • Pricing analysis – Understanding the rating calculations and how policies are priced is key for pricing initiatives and product review. Actuaries use detailed attribute pricing information over multiple years to understand a carrier’s strong and weak pricing points, and identify areas of revenue generation. With Oracle Insurance Business Intelligence, actuaries can not only perform complex calculations on a myriad of data, but they can also export data for use in actuarial spreadsheet models that are used throughout the industry. • Distribution channel management – Independent agents, brokers and direct sales forces are responsible for new and retained business. Managing individual productivity, identifying which channels are most profitable, and monitoring quality of submissions, service and marketing activities allows specific programs to be developed and harness these important relationships. • Sales optimization – With Oracle Insurance Business Intelligence, arm your sales force with the tools they need to sell and cross-sell products in multiple 3
  4. 4. ORACLE DATA SHEET lines of business. By analyzing both customer and sales behaviors, insurance executives can create customized programs to help your sales force sell the products your customers need. Cross-functional and Relationship Reporting for Customer-centric Business Model Only with Oracle Insurance Business Intelligence can insurers gain a single view of the customer, with the ability to analyze relationships between policy and claims information. Rather than isolated, separate calculations, insurers can achieve relationship reporting such as: • Number of claims per policy coverage or policy attribute • Claim amounts per policy in each line of business • Policy premium versus claims costs at granular coverage or sub-coverage levels The ability to have a consolidated view of an insurer’s book of business opens opportunities for cross-selling, increased customer satisfaction and customer retention. Address Governance, Risk and Compliance for Improved Processes Stringent governance, risk, and compliance (GRC) requirements from corporate control to industry standards can slow operations with mundane processes. Oracle Insurance Business Intelligence allows GRC professionals to effectively plan, model, report, and analyze GRC activities so potential issues are identified earlier and corrective actions are more timely and informed. Additionally, built with ACORD and ISO standards in mind, Oracle Insurance Business Intelligence puts insurance companies one step ahead with built-in industry-compliant features. Contact Us For more information about Oracle Insurance Business Intelligence, please visit or call +1.800.ORACLE1 to speak to an Oracle representative. Copyright © 2008, Oracle and/or its affiliates. All rights reserved. This document is provided for information purposes only, and the contents hereof are subject to change without notice. This document is not warranted to be error-free, nor is it subject to any other warranties or conditions, whether expressed orally or implied in law, including implied warranties and conditions of merchantability or fitness for a particular purpose. We specifically disclaim any liability with respect to this document, and no contractual obligations are formed either directly or indirectly by this document. This document may not be reproduced or transmitted in any form or by any means, electronic or mechanical, for any purpose, without our prior written permission. Oracle is a registered trademark of Oracle Corporation and/or its affiliates. Other names may be trademarks of their respective owners. 1008 4