January 27, 2011

Oracle (Redwood Shores, Calif.) has announced the availability of Oracle Insurance Insbridge Rating and Underwriting 4.1, which the vendor describes as 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, the vendor claims.

A Vendor statement says that Oracle Insurance InsbridgeRating and Underwriting 4.1 enables users to conduct rating and quoting in an offline environment – for example, when at a client’s home or office. 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, Oracle asserts. The solution includes expanded rate version name and foldering capabilities that promote usability, efficiency and accuracy.

“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,” says Kimberly Harris-Ferrante, VP and Distinguished Analyst at Gartner (Stamford, Conn.). “Due to the nature of how rating engines sit within the core systems landscape, interoperability and ease of integration are critical.”

Additionally, Oracle Insurance Insbridge Rating and Underwriting 4.1 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, the Oracle statement says. For example, RSS homepage snaps connect directly to Oracle Insurance Facebook, LinkedIn, Twitter, YouTube and Oracle Mix user forums, facilitating interaction and collaboration with Oracle and other users, according to the vendor.

“Oracle Insurance Insbridge Rating and Underwriting 4.1 extends Oracle’s commitment to building adaptive insurance solutions that enable flexible, end-to-end business processes. 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,” comments Srini Venkatasantham, vice president, Product Strategy, Oracle Insurance.

Anthony O'Donnell has covered technology in the insurance industry since 2000, when he joined the editorial staff of Insurance & Technology. As an editor and reporter for I&T and the InformationWeek ...