Penn National Insurance have implemented Oracle Insurance Insbridge Rating and Underwriting from Oracle Corporation Australia as a part of an initiative to grow their personal insurance lines through higher pricing precision and streamlined transaction processing.
With Oracle Insurance Insbridge Rating and Underwriting, Penn National Insurance have consolidated on a single rating engine and streamlined the rating process.
Prior to the their personal lines replacement project, Penn National Insurance utilised a front-end entry system and two separate rating engines, which required them to rate all new quotes twice.
Penn National Insurance have integrated Oracle Insurance Insbridge Rating and Underwriting with their web-based agency portal and legacy mainframe-based policy administration platform to ensure that a quote always matches the final issue price and to support transactions.
Since deploying Oracle Insurance Insbridge Rating and Underwriting, Penn National Insurance have:
- increased new business quotes received from independent agents
- improved straight-through processing (STP) to reduce operating expenses and improve service
- increased their STP transaction rate
- streamlined rating system maintenance through consolidation.