oracle insurance business intelligence

8/8/2019 Oracle Insurance Business Intelligence

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ORACLE INSURANCE BUSINESSINTELLIGENCE

KEY BENEFITS

Gain a complete view of the

business by line of business

or overall corporate insurance

operations

Improve profitability by

identifying cost savings and

revenue generating

opportunities

Increase customer

satisfaction and retention by

creating a single view of the

customer

Promote reporting efficiency

and data accuracy through

insurance-specific data

aggregation in a single

location versus siloed legacy

systems

Improve overall processes

with identifying and correcting

GRC issues earlier

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

data in a single location, insurance carriers can perform insurance

specific calculations and algorithms in order to optimize distribution

channels, identify cost-savings across departments such as claims,

actuarial, and executive, and ultimately maximize profitability.

Oracle Insurance Business Intelligence PlatformOracle Insurance Business Intelligence enables insurance organizations to become

truly insight-driven and customer-centric. The solution is comprised of an

enterprise, insurance-specific data warehouse (Oracle Insurance Insight) and a

powerful analytic application (Oracle Business Intelligence Enterprise Edition) with

pre-built insurance calculations, dashboards, and hundreds of metrics and key

performance indicators (KPIs). A key technology driver among insurers today is

predictive analytics, and Oracle Insurance Business Intelligence uses guided

analytics to lead users along a path to discovery and action based on real-time

business conditions.

Relevant, Insurance-specific Data Aggregated for Improved Efficiencyand 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 1 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 Intelligences pre-built, line-of-business-specific and


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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 insurers specific needs, the marts are fullycustomizable.

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, butalso 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 Intelligences pre-built line-of-business data

marts and conforming dimensions allow organizations to identify and address

specific business challenges such as:


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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

systems 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. Suspiciousclaims 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 carriers

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


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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 ModelOnly 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 insurers 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

www.oracle.com/insurance or call +1.800.ORACLE1 to speak to an Oracle

representative.

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