Oracle Insurance Data Exchange

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Overview

Oracle Insurance Data Exchange is one of the largest integration-as-a-service exchanges that connects insurers with producers, banks, and service providers in real time. This modern cloud application provides a single, secure touch point for insurers to exchange data with producers and service providers in real time, improving the ease of doing business and enabling straight-through processing.

Key Features

  • One of the largest integration-as-a-service exchange hubs for life and health insurance and annuities in North America
  • Single, secure touch point across distribution channels that provides increased visibility into the application, underwriting and issuance process
  • Established network of insurance carriers, independent producers and service providers
  • Support for custom and industry standard data formats, data aggregation and validation
  • Enables data format translation for seamless integration and distribution
  • Supports data communications throughout the policy lifecycle, including new business submissions, pending case status, service orders, and commissions
  • Enables carriers and producers to direct the optimum format and best access method for their data

Key Benefits

  • Enables insurers to provide faster, more efficient service to existing producers, while attracting new ones through a ready-made channel.
  • Provides a single, secure online service for data distribution, consolidation, and sharing among carriers, producers, and service providers
  • Automating manual processing to improve efficiency, reduce errors and accelerate new business submission
  • Reduce overall maintenance costs by using a single solution for multiple data services such as new business submissions, service orders and status, pending case status and commission statements
  • Accelerate quote-to-issue, improved placement ratios and increase profitability

Product/Service details

SOLUTION TYPE
Geographic Availability
Africa, Asia-Pacific, Central America, Europe, Middle East, North America, South America