Oracle Integrates Oracle’s Siebel Insurance and Oracle® Content Database
Combined Solution Helps Insurers Improve Employee Productivity, Enhance the Customer Experience and Streamline Regulatory Compliance
REDWOOD SHORES, Calif. 28-JUN-2006 Oracle today announced the integration of its market-leading Siebel Insurance applications with Oracle(R) Content Database, enabling insurance companies to streamline core insurance processes, such as policy issuance and claims management, as well as improve customer service.
The integration of Oracle Content Services with Siebel Insurance applications delivers an automated content management solution that enables insurance organizations to effectively manage diverse forms of content to help improve employee productivity, enhance the customer experience and streamline regulatory compliance. In today’s challenging regulatory environment, insurers must be prepared to provide complete detail across diverse storage media on demand. With this integration, users can seamlessly access Oracle Content DB directly from Siebel Insurance.
“By uniting Oracle Content DB and Siebel Insurance, Oracle will help insurance companies improve the efficiency and effectiveness of their operations,” said David Sardilli, Senior Vice President, Financial Services Industry, Oracle. “Insurers can now manage diverse forms of content, including documents, emails, instant messages and images, directly from Siebel Insurance instead of having to access multiple systems. This helps insurers to provide faster and more efficient customer service while expanding access to critical content.”
Today, the insurance industry still largely relies on paper-based documents to support business processes. For example, the claims process typically involves several paper documents, including the First Notice of Loss report, police report, appraisal form and vehicle picture. To expedite processing, insurers increasingly need to manage unstructured documents in a structured way.
With the integration of Oracle Content DB and Siebel Insurance, an adjuster can enter all necessary claims information in Siebel Insurance and then access Oracle Content DB directly to upload documents associated with the claims. Insurers can then use Oracle Content DB features, such as access control, search and query, auditing and tracking to manage that content. The end result is a single claims file that includes up-to-date information about losses, policies, claimants, financial transactions and diverse associated documents that can be easily shared among all parties involved in settling a claim.
“The integration demonstrates Oracle’s commitment to assimilate Siebel products with Oracle assets to deliver new levels of value to our customers. In this case, we are helping insurers to address two important priorities, improving customer service and enhancing operational efficiency,” said Paco Aubrejuan, Vice President, Application Strategy for Oracle.
Oracle Content DB provides an enterprise wide, low-cost method for managing unstructured content, which can account for up to 80 percent of all business information. The solution helps organizations improve employee productivity by providing secure access to the right content in the context of business processes. It also helps organizations to facilitate compliance with regulatory requirements, such as Sarbanes-Oxley and the Gramm-Leach Bliley Act, by enabling improved control over and access to relevant content.
Siebel Insurance is a comprehensive suite of applications that enables insurance companies to manage, synchronize and coordinate all customer interactions across multiple channels. Using Siebel Insurance, organizations can consolidate information from disparate back office systems, such as underwriting, policy, claims and billing systems and provide insurance professionals with a single view of customer data.
About Oracle Content Database and Oracle Records Database
Oracle Content DB and Oracle Records Database are the first content and records management solutions capable of managing all data and metadata in a single database to enable organizations to more easily control and manage the rapidly growing volume of unstructured content. Built on the industry’s most scalable, reliable and secure database, Oracle Database 10g, Oracle Content DB and Oracle Records DB facilitate cost-effective, enterprise-wide deployment of content and records management to help customers increase productivity, meet regulatory compliance mandates, and reduce business risk.
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