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. 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. 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
