Insurance House Expands Into New Market and Enables Straight-Through-Processing with...

Insurance House Expands Into New Market and Enables
Straight-Through-Processing with Oracle(R) Insurance Solutions

LAKE BUENA VISTA, Fla., May 18 /PRNewswire-FirstCall/ -- ACORD LOMA Insurance
Systems Forum --

News Facts
-- Insurance House, a leading regional managing general agency (MGA) and
wholesale broker, is using Oracle(R) Insurance solutions, including
Oracle Insurance Data Capture, Oracle Insurance Insbridge Rating and
Underwriting and Oracle Documaker to support expansion into a new
geographic market by enabling straight-through processing for the
rate-quote-bind cycle.
-- In 2008, the company began offering Private Passenger Auto (PPA)
coverage in South Carolina on behalf of its carrier affiliate,
Southern
General - a move that represented an expansion into a new geographic
market.
-- Since nearly 80 percent of the company's new PPA business begins
via a comparative rater process, Insurance House wanted to provide
agents in South Carolina with a convenient and streamlined Web-based
system that allows them to effectively and efficiently quote, sell and
process policies distributed by Insurance House.
-- The system, known as IH Express(TM), enables agents to quickly request
a
quote from Insurance House; submit an application; select a payment
plan; bind a policy; create the necessary documentation and accept
initial payment - all from a single portal.
-- IH Express(TM) - built using Oracle Insurance Data Capture, a
Web-based,
intelligent data capture solution that facilitates straight-through
processing - provides immediate quote feedback to agents, saves time,
reduces the possibility of data entry errors and helps to improve
quote-to-sale ratios by providing early disqualification for
non-qualifying applicants and quicker time-to-quote.
-- Oracle Insurance Data Capture, leveraging ACORD XML, pulls information
from various external third-party systems, such as credit bureaus and
motor vehicle registration systems, as well as Insurance House's
internal systems. This data - utilized by Oracle Insbridge Rating and
Underwriting, a significant part of the core of IH Express(TM) to
calculate quote and rate information - is then passed back to Oracle
Insurance Data Capture for presentation to the agent.
-- To accelerate binding for new policies originating via IH Express(TM),
Oracle Insurance Data Capture, which also uses ACORD-based XML and Web
services request/response messages, integrates with Insurance
House's policy administration system.
-- After a policy has been issued, Oracle Insurance Data Capture sends
policy data and payment information to Oracle Documaker, enabling
agents
to rapidly create policy documentation.
-- Oracle Insurance solutions enable Insurance House to provide agents in
the South Carolina market with straight-through processing
capabilities
that enable them to efficiently sell and bind new policies for their
customers, all from a single Web presence.

-- Insurance House plans to expand IH Express(TM) later this year to
support the company's PPA products in Georgia and is looking ahead
to extending IH Express(TM) to its business and property lines.

Supporting Quotes
-- "IH Express(TM), built using Oracle Insurance Data Capture and
integrated with internal applications, is providing Insurance House
with
a competitive advantage as we enter a new geographic market. It
delivers
convenient Web access to the agent channel, helps accelerate the
entire
rate-quote-bind process and enables seamless integration with our core
systems, including Oracle Insurance Insbridge Rating and Underwriting,
Oracle Documaker as well as our policy administration system. As
important, it helps to drive down underwriting costs and sales
overhead,
critical factors in today's economic climate," said Wayne
Burney, director, Strategic Business Services, Insurance House.

-- "Oracle Insurance Data Capture is helping insurance industry
organizations like Insurance House to capitalize on the Web channel to
realize the many benefits of straight-through processing - from lower
operational costs to improved agent service. As important, it uses
ACORD
standards to facilitate integration with multiple systems out of the
box, including Oracle Insurance Insbridge and other ratings engines,
as
well as policy administration systems. These capabilities extend
existing IT investment and speed return on investment - benefits that
are more important than ever," said Srini Venkatasantham, vice
president, product strategy, Oracle Insurance Global Business Unit.

Supporting Resources
-- Oracle Insurance
-- Oracle Insurance Insbridge Rating and Underwriting

-- Oracle Documaker

About Oracle
Oracle (Nasdaq: ORCL) is the world's largest business software company. For
more information about Oracle, please visit our Web site at
http://www.oracle.com/insurance.

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Other names may be trademarks of their respective owners.

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SOURCE Oracle Corporation

Katie Barron, Oracle, +1-703-364-2488, katie.barron@oracle.com; or Mary Tobin,
O'Keeffe & Company, +1-503-658-7396, mtobin@okco.com