Time to Replace Your Rating Engine
I remember the first time I stepped foot into an insurance carrier's office. I had never seen a green screen before, or monochrome monitor for the youngsters out there. "This can't be 2006," I said to myself. It was very much 2006 and fortunately we were helping a carrier get out of 1986.
Fast-forward to 2018 and while green screens are mostly a thing of the past, there are still carriers dealing with outdated methods of rating insurance policies. Luckily, rating engines today are more powerful, easier to use, and easier to implement than ever.
So, what are some issues you are encountering that will tell you it's time to replace your rating engine?
- Maintenance is costly and burdensome, for a variety of reasons.
- The effort it takes to introduce new rates or products is too high.
- Rating is inefficient and takes hours to complete.
Oracle Insurance Insbridge Enterprise Rating (OIIER) is capable of addressing all of these concerns. Let's talk through these headaches and show how Oracle Insbridge may be the answer for you.
Reduce Maintenance Headaches
Rating and maintenance go hand-in-hand; you can't have one without the other. A couple of factors that play a role in increased maintenance costs include:
- Multiple, different rating systems in-house, and
- IT/development resources and coordination required for changes.
How does Oracle Insbridge address these issues?
Oracle Insbridge acts as a single source for all of your rating rules and logic. To give a quick example, some of our customers have used multiple versions of an Excel workbook scattered across the globe for their rating, which is a complete nightmare to track and maintain. This may be an extreme example, but it's not uncommon to have multiple systems of record when it comes to rating. With Insbridge, you can consolidate all of your rating into a single, web-based authoring environment from which you can deploy rating rules and logic to any number of rating environments.
Oracle Insbridge does not require development resources to maintain rating logic. While there are some components of Insbridge that require IT involvement, all of the development and deployment of changes is point-and-click. Insbridge is designed to simplify the development and testing of changes and empower business users to take ownership of their rating logic.
Easily Implement Rates and Rules
A decent starting estimate for an initial implementation is 2-3 months; the lines of business and number of states you're trying to implement can move the needle up or down. Most of this time is spent on requirements, integration, and testing. The actual development time is minimal in comparison. Once you have everything setup, rate changes can take hours instead of days/weeks. We've seen our customers turn around changes in one day, as opposed to one week.
Despite the ease at which you can implement your rating, Insbridge is not limited in what it can do. Oracle Insbridge can be used for any line of business with a ton of available options to users. Whether you're rating complex driver assignment for Personal Auto or anniversary rating for Workers Compensation, there is very little that Insbridge can't do to solve your business needs.
Improve Rating Performance
Oracle Insbridge is fast. We've seen massive Commercial Auto policies with thousands of vehicles across multiple states rate in a matter of seconds. Many of our customers run nightly batch cycles which previously took hours to complete with their legacy systems. With Insbridge, an entire book of business can be rated in a matter of minutes. Click here for a benchmarking study that Oracle released demonstrating Insbridge's scalability and performance across different configurations.
If you're struggling with an outdated rating engine, it may be time to consider replacing it with something that isn't stuck in the '80s. Whether it's maintenance headaches, large efforts to implement changes, or rating inefficiencies, Oracle Insbridge is capable of addressing these concerns. Schedule a demo today to find out more about Oracle Insbridge!