Penn National Insurance, a leading provider of property and casualty insurance faced the challenge of accurately rating and pricing business. The company had two separate rating engines that were not always in synch�sometimes resulting in differences from the quote to the final premium. The company turned to Oracle Insurance Insbridge Rating and Underwriting to provide Penn National a standalone rating engine with the capability to tie into multiple integration points and platforms.
By deploying a standalone rating engine, Penn National improved pricing accuracy and gained the ability to calculate rates based on more risk factors�opening up new business opportunities for the insurer. The Oracle solution also easily integrated into the company�s other critical business applications. Oracle�s rating engine has become an increasingly integral part of the company�s operations. Penn National is working to take its consolidated rating engine live in all six states in which it operates and expand its use of the application into additional lines of business.
To read the case study, click here.
Oracle Insurance
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.
