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 3 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. | 5 Packaged Apps Copyright © 2014 Oracle and/or its affiliates. All rights reserved. | 6 POLICY CENTER Copyright © 2014 Oracle and/or its affiliates. All rights reserved. | 7 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. | 8 Rating Transformation Legacy Policy Admin Legacy Policy Admin Legacy Policy Admin Legacy Policy Admin Rules Copyright © 2014 Oracle and/or its affiliates. All rights reserved. | 9 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. | 10 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 12 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 15 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 16 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 17 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 20 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 Copyright © 2014 Oracle and/or its affiliates. All rights reserved. | Oracle Confidential – Internal/Restricted/Highly Restricted 21 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 22 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 Copyright © 2014 Oracle and/or its affiliates. All rights reserved. | Oracle Confidential – Internal/Restricted/Highly Restricted 23 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. Copyright © 2014 Oracle and/or its affiliates. All rights reserved. | Q&A Copyright © 2014 Oracle and/or its affiliates. All rights reserved. | Oracle Confidential – Internal/Restricted/Highly Restricted 25
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