Features

Oracle Integrates Siebel Insurance and Content Database to Simplify Compliance

By Sophia Mayengbam

Oracle has announced the integration of its Siebel Insurance application with Oracle Content Database, which the company claims would enable insurance company to streamline core insurance processes such as policy issuance.

Oracle said the integration will bring about an automated content management solution that will help insurance organisations to effectively manage diverse forms of content.

Oracle said the integration of Content DB on Siebel Insurance application will simplify the procedures of challenging regulatory environment.

It prepares the insurers to provide complete detail across diverse storage media on demand.

"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."

Most insurance companies still rely 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.

"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. It also helps organisations 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, synchronise and coordinate all customer interactions across multiple channels. Using Siebel Insurance, organisations 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.


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