IT priorities will be guided by demand by management for efficiency and transparency
BY CHUCK JOHNSTON, Oracle VP Strategy & Alliance-Insurance
While 2008 was a year that no company in the financial services industry would choose to repeat, property and casualty insurers fared better than their colleagues in other more volatile market segments.
But the p-c sector isn�t exempt from the turmoil facing the broader financial markets and other insurance sectors. In fact, we are seeing visible changes�including a hardening of certain markets-and should anticipate new regulation as legislators seek to prevent future crises in the financial services industry.
To maintain profitability in the new economic and regulatory climate, p-c insurers are getting back to fundamentals, focusing on operational excellence�including solid rating and underwriting-to reduce risk and maintain rates in a volatile market.
Supporting these requirements means insurers will more closely scrutinize their business processes and associated enabling technologies.
As technology continues to evolve, the market is becoming more comfortable with BPM and rules-based process control, which can yield improved efficiencies as well as new levels of customer care.
Chuck Johnston, Vice President of Strategy and Alliances, Oracle Insurance
Chuck Johnston is vice president of strategy and alliances for the Oracle Insurance Global Business Unit. In this role he is responsible for global strategy and alliances for the insurance industry, including Life & Health, Property & Casualty, Reinsurance, Pensions and Agent/Broker. Johnston, who joined Oracle in 2006 following the company�s acquisition of Siebel, brings more than 20 years of leadership and deep domain expertise in information technology, life insurance and financial services.
Oracle Insurance provides a complete and modern insurance software solution, from infrastructure to core insurance processing. Supporting more than 2,000 insurers globally and growing, Oracle Insurance offers end-to-end solutions encompassing sales, service, insurance administration, financials, and more. Oracle Insurance enables business transformation by helping you get new products to market faster and improving overall operational efficiencies. More at http://www.oracle.com/industries/insurance.