CNA Deploys Oracle Insurance Insbridge Rating and Underwriting to Increase Rating Agility and Improve Competitive Edge
LAS VEGAS, NV -- (Marketwired) -- 05/07/13 -- ACORD LOMA 2013 -- Oracle (ORCL)
- CNA, a commercial property & casualty insurance company, deployed Oracle Insurance Insbridge Rating and Underwriting to support a new rating system that is designed to enable the company to respond more quickly to market changes and opportunities.
- CNA went live with Oracle Insurance Insbridge Rating and Underwriting for its commercial property insurance line in early 2013.
- The insurer replaced the rating portion of a legacy policy administration system with Oracle Insurance Insbridge Rating and Underwriting -- integrating the Oracle solution into its legacy system -- and built a new rating structure for its commercial property insurance line of business. The new environment provides CNA with greater flexibility to set rates that better reflect risk, and enables the company to support its customer segment strategy.
- The new rules-based system enables actuaries and analysts to easily and rapidly build, change and manage rates without IT team support. CNA's legacy system required hard coding to change rates which slowed time to market.
- Using Oracle Insurance Insbridge Rating and Underwriting, CNA reduced policy processing time for agents and underwriters and gained the ability to support proprietary rating models.
- The insurer worked with Oracle Consulting on the implementation, which continues to roll out.
- In the future, CNA has plans to use Oracle Insurance Insbridge Rating and Underwriting to support its general liability line. Additionally, with the Oracle solution, CNA plans to consolidate its rating engines for commercial and specialty products -- enterprise-wide.
- "Oracle Insurance Insbridge Rating and Underwriting is a rules-based system that makes it easier for business users, such as actuaries and analysts, to build and manage rates without IT team support. It forms the backbone for our new rating system that will enable us to improve rating ability and respond quickly to market changes, while meeting regulatory requirements," said Jim Segriff, Vice President, Property Underwriting, CNA.
- "To be successful in today's market, insurers -- like CNA -- need to put greater control in the hands of business users for expanded collaboration, greater flexibility, improved product development accuracy and faster speed to market. With Oracle Insurance Insbridge Rating and Underwriting, CNA has a user-friendly system to meet all those goals and more," said Srini Venkatasanthanam, vice president, product strategy, Oracle Insurance.
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