Oracle announced the availability of Oracle Insurance Insbridge Rating and Underwriting 4.1, an adaptive enterprise solution for rating and underwriting rules management.
The latest release includes new features that support greater flexibility, adaptability and productivity for insurers, agents, and underwriters, including the ability to conduct mobile rating.
Oracle Insurance Insbridge Rating and Underwriting 4.1 enables users to conduct rating and quoting in an offline environment. This means agents and underwriters can now load the latest Oracle Insurance Insbridge rating content to their laptop or mobile device and provide more rapid and responsive service to customers in the field.
“[The new version] extends Oracle’s commitment to building adaptive insurance solutions that enable flexible, end-to-end business processes,” says Srini Venkatasantham, vice president, product strategy for Oracle Insurance. “With this release, we deliver the power of mobile rating, which enables agents, underwriters, and, ultimately, insurers, to work more efficiently and deliver more flexible and responsive service to potential and existing customers.”
This new functionality addresses the customer service needs of high-touch lines of business, such as healthcare insurance, where policies are more often sold by agents meeting face-to-face with clients in their homes.
Additionally, the product includes new Web 2.0 features that extend user communication and collaboration by allowing users to provide input on system functionality to Oracle developers and share ideas on new ways to use Oracle Insurance Insbridge.
“Much of the value of modern rating engines is the fact that they provide a user-friendly means to create, test and manage the pricing rules. This empowers the business analyst, product manager and actuary to focus on improving pricing through rule manipulation, insight into the impact of rule changes, and validating prices against existing policies,” said Kimberly Harris-Ferrante, vice president and distinguished analyst at Gartner. “Due to the nature of how rating engines sit within the core systems landscape, interoperability and ease of integration are critical.”