Oracle Insurance introduces Oracle Revenue Management and Billing for Insurance

Oracle's new solution enables insurers to meet the market demand for multi-channel strategies and increased cross-selling abilities by providing comprehensive and consolidated billing management capabilities.

The solution also helps insurers to improve enterprise revenue management, while efficiently supporting diverse lines of business on a single platform to reduce cost of ownership.

Oracle Revenue Management and Billing for Insurance is part of the Oracle Insurance solution footprint — a complete, end-to-end offering that includes support for core insurance operations, distribution channels, corporate operations, IT and enterprise performance management.

Oracle will demonstrate Oracle Revenue Management and Billing for Insurance this week at the IASA Educational Conference & Business Show, Booth 1011.

Features Enable High Service Levels and Lower Cost of Ownership:

Built on an open, standards-based architecture, Oracle Revenue Management and Billing for Insurance minimizes the manual back-office activities required to process bill inquiries and bill adjustments. It also easily integrates with existing policy administration, financial accounting and payment solutions to streamline business processes while incurring minimal costs.

The solution enables consolidated billing, providing a complete view of customer billing interactions to enable easy cross-policy adjustments that drive better customer satisfaction and retention.

Comprehensive Account Current and Group Bill Processing capabilities enable strong support for distribution channels and easy reconciliation for group bills, allowing faster cash realization and lower write-offs.

Oracle Revenue Management and Billing for Insurance provides configuration-driven business rules that enable business users to quickly and easily implement changes to the billing system — minimizing the cost of bringing new offerings to market.

Web-based self-service and e-billing capabilities give customers, agents and brokers improved access to information and a choice of channels for conducting business with insurers — helping to reduce the overall number of billing inquiries and bill adjustments, and increase overall customer satisfaction.

The solution provides comprehensive support for call center operations. It gives call center agents easy access to customer information, minimizing average service call times. In addition, the application includes access to online help resources and scripts that model best practices, helping to lower training costs for call center staff.

The system incorporates built-in business process management tools to ensure consistent interaction with customers and accelerate billing reconciliation.

Oracle Revenue Management and Billing for Insurance supports continued business growth for insurers by providing the scalability to handle customer bases ranging from a few thousand to millions in size.

Chuck Johnston, vice president, Strategy and Alliances, Oracle Insurance Global Business Unit, said:

"In today's competitive insurance market, insurers must balance multiple challenges including the need to improve revenue management and reduce IT total cost of ownership, while providing enhanced customer service that is critical to developing and maintaining long-term customer relationships and satisfying the agents and brokers that manage these relationships."

"Oracle Revenue Management and Billing for Insurance delivers a robust and flexible solution that helps insurers to expand and optimize use of distribution channels while supporting diverse lines of business on a single, cost-effective billing platform. As important, the solution supports delivery of universal, best-in-class service that today's customers demand," added Johnston.