oracle insurance solution~
Insurance SolutionsPresenter’s Name Presenter’s Title
oracle insurance solution~
Safe Harbor StatementThe following 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 decision. The development, release, and timing of any features or functionality described for Oracle’s products remains at the sole discretion of Oracle.
oracle insurance solution~
Agenda
Leadership in Insurance Innovation in Insurance Solutions Results Achieved by Oracle Customers
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Oracle in Insurance
Did You Know?
20 of the top 20 insurance companies run Oracle Applications
1,000+ insurance companies run Oracle Applications
12 of the top 15 life insurers in the world run Oracle Applications
oracle insurance solution~
The Challenges We’re HearingGrow Business& Optimize Distribution“How can I increase the effectiveness and diversity of my distribution channels and policy service operations?”
“… the big challenge is now to double our effort and focus on operational excellence and growth.” -- James Schiro, CEO, Zurich Financial Services, January 2006
Compliance& Regulatory Pressures
“How can my organization meet increasing national and regional insurance department regulatory compliance demands?”
“In early 2005, the four largest brokerage firms negotiated regulatory settlements concerning, among other things, their compensation practices. Following their settlements, some firms altered their long-standing practices and restructured their operations.” - HRH 2005 Annual Report
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The Challenges We’re Hearing (cont’d)
Scale Costs& Price Products to Market Opportunity
“How can I improve combined ratios while providing greater value to our customers and still achieve continuous growth?”
“A chasm is growing between insurers using state-of-the-art analytics and those who aren’t… The‘haves’ will be able to write business at the margins they target. The‘have nots’ will fall victim to adverse selection…the bar will rise continually as competition drives weaker players from the field.” -- Frank J. Coyne, chairman, president and CEO, ISO - ISOtech, 2006
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Industry Quotes“Oracle’s Siebel Insurance Claims is an interesting choice for a mid-size to large insurer. It represents a combination of basic and extended claims functionality-extended with Siebel and Oracle components. It also brings a good deal of prepackaged functionality, with rules,scripting, and performance reporting capabilities.”– Donald Light, Insurance Analyst
"They (Oracle) have been very acquisitive in the last couple years, It's a good move for Oracle, buying both PeopleSoft and Siebel, in that it does give them that vertical presence.“– Marc Cecere, VP Insurance Practice
“Oracle’s PeopleSoft Enterprise General Ledger provides an established, well developed set of capabilities within
a broad and deep family of other accounting, financial, human resource, and supply chain applications.”– Donald Light, Insurance Analyst
oracle insurance solution~
Agenda
Leadership in Insurance Innovation in Insurance Solutions Results Achieved by Oracle Customers
oracle insurance solution~
Oracle Insurance SolutionsBringing a comprehensive, end-to-end solution to the insurance industryBusiness Intelligence Sales, Service,& Marketing Risk, Compliance& Performance
HCM& Financials
Core Systems
Technology& Architecture
Increase Revenue through Distribution Management and Customer Service Enable Flexible and Efficient Policy Lifecycle Management Improve Corporate Governance through BI and ERM Provide Efficient and Effective Operational Support Enable Next Generation Insurance Technology Platform
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Increasing Revenue through Distribution Management and Customer ServiceRequirementManage Multiple, Complex Distribution Relationships Support Balanced Marketing Campaigns across Agent, Broker, and Direct Channels, plus Streamline Lead Mgmt Increase Insurers’ Understanding of Customers, Market and Distribution
Oracle CapabilityOracle’s Siebel Insurance Partner Management
The Oracle DifferenceOracle Manages Agent, Broker, Customer and Policy Information Consistently and Securely Cross Channel Only Oracle Provides Multichannel Campaign Support with Integrated SFA and Customer Analytics Oracle Offers 140+Insurancespecific Dashboards, 200+ Reports and Objects to Analyze Key Customer Data Oracle Enables Collaboration Bet. Agents, Call Center and Policyholders with Real-Time Decisions for Cross-Sell/ Upsell
Oracle’s Siebel Marketing& Siebel Insurance CRM
Oracle Business Analytics and Universal Customer Master for Insurance
Enable Multi-Channel Service for Distribution Partners and Customers
Oracle’s Siebel Call Center for Insurance Service
oracle insurance solution~
Example:
Distribution ManagementOracle’s Siebel Insurance Oracle Siebel Call Center Oracle’s Siebel Marketing Analytics
Web Services
Comprehensive Distribution Insight and ManagementSiebel Insurance CRM/PRM Sales Process Mgmt Rapid Product Rollout Sales/Partner Credentials Book of Business
Siebel Marketing Customer Segmentation Program Management Channel Marketing Results Tracking
Siebel Insurance Service Caller Profiles Automated Screen Pops Interaction Logging Task-based UI Manage Escalation Managed Self-Service
Oracle Business IntelligenceCustomer Knowledge Channel Profitability Product Profitability Market Insight Insurance Dashboards
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COMPANY OVERVIEW Johannesburg, South Africa Annual revenue:$10 B
CHALLENGES/ OPPORTUNITIES Overwhelmed with paper Outmoded, paper-based sales processes hindered effective management of sales opportunities Wanted to improve consistency and quality of customer service
CUSTOMER PERSPECTIVE“One customer was delighted recently when, having submitted a claim online, he received a cal
l from one of our agents a few hours later to correct an error made on the form. It is instances like this that seal our reputation for outstanding customer service.”― Johan Reyneke, Managing Director RESULTS Reduced time to transfer leads from bank to brokerage from 3 days to seconds Increased penetration for home insurance from 15% to 65% Increased penetration for motor insurance from 18% to 40% Enabled accurate, near time forecasting Provided a single, 360-degree view of customer relationships to 200 sales staff and 45 customer service reps
SOLUTIONS Oracle Siebel Insurance
oracle insurance solution~
Oracle Insurance SolutionsBringing a comprehensive, end-to-end solution to the insurance industryBusiness Intelligence Sales, Service,& Marketing Risk, Compliance& Performance
HCM& Financials
Core Systems
Technology& Architecture
Increase Revenue through Distribution Management and Customer Service Enable Flexible and Efficient Policy Lifecycle Management Improve Corporate Governance through BI and ERM Provide Efficient and Effective Operational Support Enable Next Generation Insurance Technology Platform
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Enable Flexible and Efficient Policy Lifecycle ManagementRequirementRapidly Issue and Administer Insurance Policies
Oracle CapabilityOracle’s Policy Admin System for Life, P&C, and Reinsurance
The Oracle DifferenceOnly Oracle Provides Complete Policy Lifecycle Component Solutions Deployed on a Modern, Enterprise Architecture Only Oracle Personalizes the Claims Process and Reduces Cost through Process Improvement Oracle Uniquely Integrates Account Current Insurance Billing, Configurable Lapse Processing, and InsuranceSpecific Accounting Rules Oracle Provides the Most Complete ACORD-Compliant Toolkit to Deploy Secure, Stable, Business Oriented SOA ACORD Architectures For Insurers
Reduce Claims Expense while Improving Customer Interaction Experience
Oracle Insurance Claims, Content Services
Support Complex Direct and Agent Billing
Oracle Insurance Billing, EBS Financials, PSFT Financials, FSAH BPM, BEPL, Business Process Analysis Suite, Content Services, Identity Mgmt, App Server
Support Integrated, Auditable, Paperless Enterprise Business Processes
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Example:
Policy Lifecycle ManagementOracle Insurance Policy Administration Siebel Insurance Oracle Insurance Billing Oracle Customer Data Management
Web Services
End-to-End Insurance Policy Lifecycle ManagementSiebel Insurance
Oracle Policy Administration
Oracle Insurance BillingIndividual& Group Bills Account Current Agency Bill Rules-based lapse Financial Integration
Oracle Customer Data Management Maintain hierarchies and complex relationships Centralize customer data Scrub customer information
Sales Process Mgmt New Business Rapid Product Rollout Processing Sales/Partner Credentials Policy Issue Book of Business Cycle Processing Flexible policy rules Financial Integration
oracle insurance solution~
Example:
Enterpr
ise Claims ManagementOracle’s Siebel Insurance Claims Oracle Content Services Financial Services Accounting Hub Financials& Performance Management
Web Services
Relationship Driven, Integrated Claims ManagementSiebel Insurance Claims First Notice of Loss Process Management Fraud Detection Partner Integration Claims Resolution
PeopleSoft FinancialsClaims Reserve Accting Financial Reporting Claims Performance Payment& Fulfillment
Financial Services Acct Hub Reserve Management Detail Transactions Support Legacy Claims Systems Multiple Ledger Support
Oracle Content ManagementStore/Manage Docs Account Level Retrieval Enterprise CM Strategy Compliance Support
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Motorists MutualCOMPANY OVERVIEW Headquartered in Ohio Revenue of US$1.5B CHALLENGES/ OPPORTUNITIES Information scattered across 28 apps resulting in lengthy claims resolution Consolidating data from disparate systems - including claims, billing, and policy-management systems - would provide claims unit with a single, real-time view of customers’ claims file and enable increase in process automation SOLUTIONS Oracle Siebel Claims Implemented in claims center with 250 claims specialist and managers Used to manage end-to-end claims process from FNOL, to adjuster assignment to subrogation and legal CUSTOMER PERSPECTIVE“We have seen about$1 million in annual expense reduction as a result of Oracle’s Siebel Claims Implementation. Some of the benefits or our implementation are reduce staff, leakage, paper and improve agent’s productivity.”― Dave Kaufman, Senior VP and CIO
RESULTS Realized substantial productivity gains Reducing process expense (ongoing) Closed a branch office and reduced facilities expense
oracle insurance solution~
Oracle Insurance SolutionsBringing a comprehensive, end-to-end solution to the insurance industryBusiness Intelligence Sales, Service,& Marketing Risk, Compliance& Performance
HCM& Financials
Core Systems
Technology& Architecture
Increase Revenue through Distribution Management and Customer Service Enable Flexible and Efficient Policy Lifecycle Management Improve Corporate Governance through BI and ERM Provide Efficient and Effective Operational Support Enable Next Generation Insurance Technology Platform
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Improve Corporate Governance through Business Intelligence& Enterprise Risk MgmtRequirementProvide Actionable Customer& Product Profitability Insight
Oracle CapabilityCustomer& Product Profitability Engine (EPM, OFSA)
The Oracle DifferenceOracle Has a Fully Scalable Solution to Compute Individual Customer Profitability Delivered in Operational and Executive Dashboards Only Oracle provides Integrated Analytics Dashboards to Monitor Both Financials and Real-time Operational Process with Insurance-Specific KPIs
Deliver Financial& Operational Business Transparency
Oracle Business Analytics Balanced Scorecard with Insurance Data Model
Be th
e Foundation for Regulatory Compliance to Meet State& Federal Regulator Needs
BPEL, BPM, Internal Controls Manager, ICE, Stellent Content Mgt, Financial Services Accounting Hub
Oracle Delivers the Most Comprehensive Platform for Deployment of Transparent, Auditable and Bulletproof Insurance Processes
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Example:
Compliance, Enterprise Risk& PerformanceExtending business intelligence across the enterprise
Databases
BI Dashboards
Analytics Server
Analytic Engines Data Warehouse
Reveleus Ops Risk Solvency II compliance Operation Risk Modeling Risk& Compliance Reporting platform
OFSA Profitability Management Complete profitability suite Integrated with risk and finance solutions Multi dimensional profitability
Financial Services Acct Hub Next generation accounting rules engine Fully integrated with Oracle GL
Oracle GRC Manager Enterprise Business Process Management\Consolidat ed data repository Embedded internal controls
oracle insurance solution~
First Fire& Marine InsuranceCOMPANY OVERVIEW Headquartered in Seoul, South Korea Revenue: Over US$100M CUSTOMER PERSPECTIVE“Risk management encompasses more than just capital management; it is about managing overall company value. This means companies need to shift their focus from short-term profit maximization to longterm value. First Fire& Marine Insurance has laid the groundwork for value management by implementing Oracle Risk Manager on Oracle Database.“― Dong-Young Lee, Team Mgr, Risk Mgmt RESULTS Established a stable, secure market risk management system Optimized business information and risk management through property and debt analysis Ensured quick response to oversight agencies
CHALLENGES/ OPPORTUNITIES Has seen significant growth in the online car insurance market and has responded by expanding its range of products and services Effective asset and liability administration is essential in Korea’s fluctuating business environment
SOLUTIONS Oracle Risk Manager Oracle Database Deployed In 2003