ORACLE DATA SHEET

ORACLE INSURANCE BUSINESS INTELLIGENCE
Oracle Insurance Business Intelligence is a complete insurancespecific warehouse-to-analytics solution, which allows Property & Casualty insurers to aggregate policy, claim, and customer data to
KEY BENEFITS
• Gain a complete view of the

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 Platform Oracle 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 Efficiency and 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. Fiftynine 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 enterprisewide 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 Intelligence’s pre-built, line-of-business-specific and

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

1

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. A holistic view of the entire business promotes profitability by identifying areas to save costs and increase revenue. 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. Oracle Insurance Business Intelligence’s pre-built line-of-business data marts and conforming dimensions allow organizations to identify and address specific business challenges such as: 2 . Between the flat file entry point and the pre-built data mart lies a comprehensive staging warehouse for all claims and policy transactions.ORACLE DATA SHEET operational-specific marts allow carriers to aggregate insurance data out of the box. but also deeper into and across each line of business. In order to meet each insurer’s specific needs. marketing/production. underwriting. the marts are fully customizable. claims. and distribution channels.

Further use of the analysis can be made to identify new markets and grow the book of business portfolio. Managing individual productivity. and identify areas of revenue generation. and monitoring quality of submissions. actuaries can not only perform complex calculations on a myriad of data. brokers and direct sales forces are responsible for new and retained business. Revenue generation • Underwriting trends – With Oracle Insurance Business Intelligence carriers can quickly identify which policies are being written or rejected and why. and average reserves changed • Fraud detection – Oracle Insurance Business Intelligence provides the capability to identify fraudulent patterns and zero-in on past fraud cases. service and marketing activities allows specific programs to be developed and harness these important relationships. The system’s robust data access and warehousing capabilities help bring information from multiple sources together. • Sales optimization – With Oracle Insurance Business Intelligence. executives can gain insight into: • • Claims breakdown by age. Using Oracle Insurance Business Intelligence. This helps managers streamline operations and set appropriate staffing levels. identifying which channels are most profitable. Actuaries use detailed attribute pricing information over multiple years to understand a carrier’s strong and weak pricing points. With Oracle Insurance Business Intelligence. total expense payment. and ratio of expenses paid to total incurred • Claims reserve metrics such as average reserves. loss code and region Claims expense metrics such as average expense amount. Having deep visibility into a claims cost can help insurers implement effective cost containment measures and control claims reserves. thereby improving the efficiency and effectiveness of fraud detection and ultimately saving costs. • Operational management – Oracle Insurance Business Intelligence provides contact center managers with real-time information on hold times. reserve adequacy ratio. Suspicious claims are flagged in real time. helping to identify fraudulent claims well before any payments are made and reducing legal costs. but they can also export data for use in actuarial spreadsheet models that are used throughout the industry. status. service levels and repeat call rates. 70 percent of each premium dollar goes toward claims cost. • Distribution channel management – Independent agents. • Pricing analysis – Understanding the rating calculations and how policies are priced is key for pricing initiatives and product review.ORACLE DATA SHEET Cost savings • Claims management – On average. call handle times. arm your sales force with the tools they need to sell and cross-sell products in multiple 3 .

and analyze GRC activities so potential issues are identified earlier and corrective actions are more timely and informed. Contact Us For more information about Oracle Insurance Business Intelligence. By analyzing both customer and sales behaviors. Risk and Compliance for Improved Processes Stringent governance. without our prior written permission. nor is it subject to any other warranties or conditions. please visit www. 1008 4 . separate calculations. whether expressed orally or implied in law. report.oracle. 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 insurer’s book of business opens opportunities for cross-selling. and compliance (GRC) requirements from corporate control to industry standards can slow operations with mundane processes. model. Rather than isolated.ORACLE1 to speak to an Oracle representative.ORACLE DATA SHEET lines of business. Other names may be trademarks of their respective owners. electronic or mechanical.800. Oracle Insurance Business Intelligence puts insurance companies one step ahead with built-in industry-compliant features. built with ACORD and ISO standards in mind. Oracle and/or its affiliates. Copyright © 2008. This document is not warranted to be error-free. This document is provided for information purposes only. Additionally. including implied warranties and conditions of merchantability or fitness for a particular purpose. risk. and no contractual obligations are formed either directly or indirectly by this document. for any purpose. All rights reserved. insurance executives can create customized programs to help your sales force sell the products your customers need. increased customer satisfaction and customer retention. and the contents hereof are subject to change without notice. We specifically disclaim any liability with respect to this document.com/insurance or call +1. This document may not be reproduced or transmitted in any form or by any means. Cross-functional and Relationship Reporting for Customer-centric Business Model Only 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. Oracle is a registered trademark of Oracle Corporation and/or its affiliates. Oracle Insurance Business Intelligence allows GRC professionals to effectively plan. Address Governance.

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