Insurance House Expands Into New Market and Enables Straight-Through-Processing with Oracle® Insurance Solutions

20 octobre 2021 Pierre Perrin-Monlouis

ACORD LOMA Insurance Systems Forum, Lake Buena Vista, Fla. – May 17, 2009
News Facts
Insurance House, a leading regional managing general agency (MGA) and wholesale broker, is using Oracle® 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™, 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™ – 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™ 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™, 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™ later this year to support the company’s PPA products in Georgia and is looking ahead to extending IH Express™ to its business and property lines.
Supporting Quotes
“IH Express™, 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

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