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.
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