|
|
May 22, 2007
Oracle Launches Insurance Industry Strategy Council
ACORD LOMA INSURANCE
SYSTEMS FORUM, ORLANDO, Fla. 21-MAY-2007 05:05 AM
Oracle today announced the inaugural meeting
of the Oracle Insurance Industry Strategy Council, scheduled for
May 23-24, 2007, in Orlando, Fla., to coincide with
the ACORD LOMA Insurance Systems Forum, one of the
insurance industry's leading conferences. The Oracle Insurance Industry Strategy
Council meeting will convene a group of more than
10 leading global insurers to help drive Oracle's strategy
for the insurance industry.
"Customers have always told us
that they were eager to change their relationship with
Oracle from vendor/customer dependence to a long-term strategic partnership,"
said Paco Aubrejuan, Vice President of Industry Applications at
Oracle. "The role of the Industry Strategy Councils is
to facilitate the collaboration necessary to realize this strategic
alliance. Furthermore, this, and other Oracle Industry Strategy Councils,
will provide customers a forum to share experiences and
provide input and feedback to Oracle on product strategy."
Oracle Industry Strategy Councils include a select group of
senior executives from customer companies considered leaders in their
industries. Oracle today hosts councils for 10 industries with
plans to launch several more in the next year.
The councils exist to build and strengthen executive-level customer
relationships, validate Oracle's product direction, identify areas of concern
and enable customers to directly influence Oracle's strategic vision
for select vertical industries.
The Oracle Insurance Industry Strategy Council
will span all areas of insurance operations, all applicable
Oracle product lines and all geographies to provide Oracle
with guidance to continue to enhance and expand its
world-class, industry-leading applications.
Oracle Insurance Strategy Council members include
Commission de la Sante et de la Securite du
Travail (CSST), Country Insurance & Financial Services, Irish Life,
Sun Life Assurance Company of Canada and Swiss Re.
Strengthening
Oracle's Insurance Industry Applications
One of the topics for review
at this week's meeting will be the newly released
Siebel Claims 8 product, a comprehensive solution that delivers
end-to-end Web-based management of the entire claims lifecycle -
from intake through settlement. This newest release of Oracle's
Siebel Claims further strengthens Oracle's application capabilities in the
core insurance space. Combined with the Oracle(r) E-Business Suite
and Oracle's PeopleSoft Enterprise applications for financial and supply-chain
management, Oracle enables claims straight-through-processing, helping insurance carriers reduce
claims resolution time and costs.
"With nearly 80 percent of
premium income spent on claims and claims-related processing costs,
insurers seek ways to streamline processes while improving customer
service," said David Sardilli, Oracle Senior Vice President for
Financial Services, Industries Business Unit. "Siebel Claims 8 enables
carriers to use configurable business rules to automate manual
tasks across the entire claims lifecycle - helping to
drive faster and more cost-effective claims resolution. As important,
its powerful analytics capabilities deliver new insight into losses,
fraud, service and adjuster performance, helping insurers to elevate
their market position by reducing costs and elevating responsiveness
to customers."
Using Siebel Claims, insurers can automate coverage
determination, taking the guesswork out of the adjuster's job
and reducing claims leakage from potential misreads of coverage
limits, deductibles or other policy terms and conditions. In
addition, insurers can use Siebel Claims business rules to
automate recognition of recovery potential, allowing them to follow
up on appropriate activities within required time frames, lowering
loss adjustment expenses and significantly increasing amounts recovered. Siebel
Claims 8 represents a significant leap forward for Oracle
in the insurance market.
Paving the Way for New Opportunities
"With
its growing portfolio of industry-specific solutions across the insurance
enterprise, Oracle sees a strong need to formalize its
working relationship with key customers," said Srini Venkat, Senior
Director of Insurance Applications for Oracle. "The Insurance Industry
Strategy Council is a milestone event in Oracle's effort
to increase the strategic dialogue with these customers, enabling
the delivery of expanded vertical solutions and lifecycle support
tailored to the specific needs of insurers. Oracle is
committed to fostering an open dialogue with its customers
so that together we can build world-class insurance solutions."
All news and press releases
Top
More Carbon per Kilowatt
Shut Up! I'm Driving
Boeing Business Jets Debuts Interior Concepts for Its Largest Luxury Jet
Boeing Business Jets Wins Additional 787 VIP Order
Fokker Services becomes an Airbus-Approved outfitter
Airbus Corporate Jet Centre adds to cabin-outfitting choice
Airbus ACJ Family leads in top-of-the-line corporate jet sales
Canon Europe’s Consumer Imaging Business Improves Forecasting and Demand Planning with Oracle® Applications
Oracle® Utilities Customer Care and Billing Placed in Top Quadrant in Energy Insights Short List of Leading Utility Customer Information Systems
Oracle Simplifies User Management in Oracle Database 10g(R)
|
|
|
