Document 388351

Improving Agility in Product
Development and Pricing to Gain a
Competitive Edge
Copyright © 2014 Oracle and/or its affiliates. All rights reserved. | Oracle Confidential – Internal/Restricted/Highly Restricted
Safe Harbor Statement
The preceding is intended to outline our general product direction. It is intended for
information purposes only, and may not be incorporated into any contract. It is not a
commitment to deliver any material, code, or functionality, and should not be relied upon
in making purchasing decisions. The development, release, and timing of any features or
functionality described for Oracle’s products remains at the sole discretion of Oracle.
Copyright © 2014 Oracle and/or its affiliates. All rights reserved. | Oracle Confidential – Internal/Restricted/Highly Restricted
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Program Agenda
1
Embarking on a Journey of Policy Admin Transformation
2
Focus on Key Systems to Drive Profitable Growth
3
Enterprise Rating System
4
Enterprise Product Configuration
5
Q&A
Copyright © 2014 Oracle and/or its affiliates. All rights reserved. |
The Costanza problem
Copyright © 2014 Oracle and/or its affiliates. All rights reserved. |
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Packaged Apps
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POLICY CENTER
Copyright © 2014 Oracle and/or its affiliates. All rights reserved. |
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Simplified
Buy Software
Sales & Servicing
For non differentiating capabilities
Value
Working Software
“For something this complicated, it’s really hard to design products by focus groups. A lot of times,
people don’t know what they want until you show it to them.” – Steve Jobs
Keep it whole
Integrations
Out of the Box
Conformance
Copyright © 2014 Oracle and/or its affiliates. All rights reserved. |
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Rating Transformation
Legacy
Policy
Admin
Legacy
Policy
Admin
Legacy
Policy
Admin
Legacy
Policy
Admin
Rules
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Our Experience
• Build upon a solid foundation
• Discipline & consistency
What we did
• Automation
• Seeing is believing
• The 40-70 rule
What we learned
• “Oval pegs and rectangular holes”
Copyright © 2014 Oracle and/or its affiliates. All rights reserved. |
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Copyright © 2014 Oracle and/or its affiliates. All rights reserved. |
11
Program Agenda
1
Embarking on a Journey of Policy Admin Transformation
2
Focus on Key Systems to Drive Profitable Growth
3
Enterprise Rating System
4
Enterprise Product Configuration
5
Q&A
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Copyright © 2014 Oracle and/or its affiliates. All rights reserved. |
Improving Product Development and Pricing Can Create a
Distinct Competitive Advantage for Carriers
Product
Development
Rating
System
Claim
Distribution
Insurance
Lifecycle
Service
Issuance
Product
Configuration
Copyright © 2014 Oracle and/or its affiliates. All rights reserved. |
Rating System
Product
Development
Rating
System
Claim
Distribution
Insurance
Lifecycle
Service
Issuance
Product
Configuration
Copyright © 2014 Oracle and/or its affiliates. All rights reserved. |
Typical Carrier’s Rating Environment
ISSUES:
• Different quotes from
different channels and
longer time for
underwriting decisions
• Difficulty in delivering
products to market faster
• It is expensive to maintain
multiple systems
Copyright © 2014 Oracle and/or its affiliates. All rights reserved. | Oracle Confidential – Internal/Restricted/Highly Restricted
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Start Your Transformation with Rating Consolidation
SOLUTION:
Enterprise
Rating
System
• Invest in Enterprise Rating
System
• Consolidate your rating in
one place
• One source of truth for
Rating information
Copyright © 2014 Oracle and/or its affiliates. All rights reserved. | Oracle Confidential – Internal/Restricted/Highly Restricted
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Benefits of Single Enterprise Rating System
• Faster Speed to Market
• Enables business to make
rating changes in one place
instead of multiple places
• Reduce TCO
• Reduces data redundancy,
inaccuracies, and
duplication of resource
efforts to maintain multiple
systems
• Enhance Risk Management
• Provides detailed audit trail
of all rate creation, rate
changes, and versioning
Copyright © 2014 Oracle and/or its affiliates. All rights reserved. | Oracle Confidential – Internal/Restricted/Highly Restricted
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Oracle Insurance Insbridge Enterprise Rating
• Oracle Insurance Insbridge is a web-based
rating, rules and underwriting system
• Supports insurance lines of business including
all aspects of P&C personal and commercial
lines
• Consistent rating throughout the policy lifecycle
• Single point of rating for all systems
• Supremely accurate rating engine
• Easy to use, empowers business users to
create, deploy, and manage complex rates and
rules
Copyright © 2014 Oracle and/or its affiliates. All rights reserved. |
Product Configuration
Product
Development
Rating
System
Claim
Distribution
Insurance
Lifecycle
Service
Issuance
Product
Configuration
Copyright © 2014 Oracle and/or its affiliates. All rights reserved. |
If You Want to Modify Product Attributes, You Need to Do it
in Multiple Places
Agent Portal
User Interfaces
Rating System
Rating System
Doc System
Documents/ Forms
PAS
Policy Admin
System
Business Process
• Manual IT coding and testing
• Multiple product specifications
• No consistent development process
Copyright © 2014 Oracle and/or its affiliates. All rights reserved. | Oracle Confidential – Internal/Restricted/Highly Restricted
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Would it be Great if You Can Centralize the Product
Information in One Place?
Agent Portal
Rating System
Doc System
PAS
Product Configuration
Product Attributes
User Interfaces
Product Attributes
Rating System
Product Attributes
Documents/ Forms
Product Attributes
Policy Admin
System
• Manual IT coding and testing
• Multiple product specifications
• No consistent development process
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Product Configuration Allows User to Model/ Define the
Product
Product Configuration
• Product Configuration produces a
product definition that Oracle Insurance
apps or other third party apps will
consume and use as runtime attributes
and rules enforcement
Copyright © 2014 Oracle and/or its affiliates. All rights reserved. | Oracle Confidential – Internal/Restricted/Highly Restricted
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You Can Achieve Many Benefits
• Faster Speed to Market
• Rationalize product to reduce
duplication of product
information and enable faster
new product and product
changes
• Streamlined Product
Development Process
• Managing the entire product
development in one place
• Improve Performance
• Provide single source of truth
for analytics to make intelligent
product decision
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Oracle Insurance Product Configuration
 A flexible, scalable product development solution that
can be easily integrated with existing systems
 Externalizing all product data and validation rules from
multiple, hard-coded operational systems into a central
repository, where products can be easily configured and
modified.
 Re-usable product definitions include all important
product information - eligibility and underwriting rules,
packaging and forms attachment– not just rates and
rating rules.
 Allows carriers to react quickly and cost effectively to
consumer needs and market demands with relevant
profitable products.
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Q&A
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