ORACLE DATA SHEET

ORACLE INSURANCE BUSINESS

INTELLIGENCE

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
KEY BENEFITS
• Gain a complete view of the
data in a single location, insurance carriers can perform insurance
business by line of business specific calculations and algorithms in order to optimize distribution
or overall corporate insurance
operations channels, identify cost-savings across departments such as claims,
• Improve profitability by
actuarial, and executive, and ultimately maximize profitability.
identifying cost savings and
revenue generating
opportunities
• Increase customer
Oracle Insurance Business Intelligence Platform
satisfaction and retention by Oracle Insurance Business Intelligence enables insurance organizations to become
creating a single view of the
truly insight-driven and customer-centric. The solution is comprised of an
customer
• Promote reporting efficiency enterprise, insurance-specific data warehouse (Oracle Insurance Insight) and a
and data accuracy through powerful analytic application (Oracle Business Intelligence Enterprise Edition) with
insurance-specific data
pre-built insurance calculations, dashboards, and hundreds of metrics and key
aggregation in a single
location versus siloed legacy performance indicators (KPIs). A key technology driver among insurers today is
systems predictive analytics, and Oracle Insurance Business Intelligence uses guided
• Improve overall processes
analytics to lead users along a path to discovery and action based on real-time
with identifying and correcting
GRC issues earlier 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. 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 Intelligence’s 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 insurer’s specific needs, the marts are fully
customizable.

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, but
also 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 Intelligence’s 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
system’s 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. Suspicious
claims 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 carrier’s
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 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. 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 insurer’s 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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