Provides an adaptive solution for product management, premium calculation, and underwriting rules management, enabling insurers to respond quickly to market changes and manage the policy lifecycle.
Customer Reviews
Consultant in Insurance
Advanced user of Oracle Insurance Insbridge Enterprise RatingThis is a great back-end solution to digitize insurance solutions especially for the Millennial generation! Millennials expect instant results as they tap through their smartphones. If they can
deposit a check or book a flight in seconds, they expect insurers to provide the same:
instant quote, policy issuance, and claims submission all through a mobile app.
Insurers need to evolve to deliver on millennial expectations, just like most industries
have already done. That means using digital technology to create simple, easy user
interfaces (UIs) and processes.
The fatal flaw of legacy systems is their inability to adapt and
thus, inability to support digital insurance. Too many
insurance companies continue using antiquated systems
created 30, even 40 years ago.
For many years, IT staffers have jerry-rigged solutions around
their legacy systems, which has further complicated IT
environments. They've also gone deeper in technology debt
by adding maintenance costs of multiple systems. Insurance
CIOs have come to accept that they can no longer extend the
lives of their legacy systems.
The fatal flaw of legacy systems is their inability to adapt and
thus, inability to support digital insurance. Too many
insurance companies continue using antiquated systems
created 30, even 40 years ago.
For many years, IT staffers have jerry-rigged solutions around
their legacy systems, which has further complicated IT
environments. They've also gone deeper in technology debt
by adding maintenance costs of multiple systems. Insurance
CIOs have come to accept that they can no longer extend the
lives of their legacy systems.
This company was having difficulty attracting digital business. With the Oracle Digital approach, we have been able to attract a new generation of insurance prospects. The Oracle insurance insbridge offers flexibility. Digital tools require two key components: (1) a simple, easy-to-use UI and (2) a flexible back end. Both elements can provide instant approvals and exceptional customer experience.
Impressive UI layers and mobile apps don't offer much value unless the processes
themselves are digital. Real transformation begins deep within the process layer and
data core processing systems.
