Penn National Insurance has implemented Oracle Insurance Insbridge Rating and Underwriting as part of an initiative to profitably grow its personal insurance lines through pricing precision and streamlined transaction processing.
With Oracle Insurance Insbridge, Penn National has consolidated on a single rating engine, streamlining the rating process. Prior to the company’s Personal Lines Replacement Project, Penn National utilized a front-end entry system and two separate rating engines, which required it to rate all new quotes twice – a cumbersome process when the rating engines were not in synch, said Oracle.
Penn National integrated Oracle Insurance Insbridge with its web-based agency portal and legacy mainframe-based policy administration platform to help ensure that a quote always matches the final issue price and to support seamless transactions, added Oracle.
Bill Jenkins, chief information officer of Penn National Insurance, said: Few mid-size carriers offer underwriting support systems that are as advanced as the system in place at Penn National. For a mid-sized firm, our successful, early adoption of a service-oriented architecture is a significant competitive advantage. We integrated Oracle Insurance insbridge with our web-based agency portal and policy administration system to support both new business and policy changes.
Rick Connors, senior vice president and general manager of Oracle Insurance, said: Oracle Insurance insbridge enables carriers to expand their current infrastructure with a highly scalable web-based rating, rules and underwriting system. Penn National has taken advantage of Oracle’s insurance business applications that can be implemented as components or a broader suite. In just a few months, the company has recognized immediate results that have had a positive impact on its business.