SOURCE: Oracle Corporation

Oracle Corporation

September 29, 2014 11:01 ET

Insurers Can Increase Revenue Opportunities, Reduce Costs, and Improve Customer Service With New Oracle Insurance Revenue Management and Billing Cloud Service

Oracle Extends the Industry's Broadest and Most Advanced Portfolio of Cloud Offerings With New Cloud Service for the Insurance Industry

BOSTON, MA and SAN FRANCISCO, CA--(Marketwired - Sep 29, 2014) - - SIBOS and ORACLE OPENWORLD, SAN FRANCISCO -- Oracle (NYSE: ORCL)

News Summary
Today's insurance marketplace is evolving rapidly, with new reforms in healthcare, more-complex distribution channels, and group product bundling creating a challenging landscape for insurers with legacy systems that struggle to support accurate consolidated billing and revenue management. Oracle Insurance Revenue Management and Billing Cloud Service offers the simplicity and scalability of the cloud, while delivering important insurance-specific features such as improved transaction feed management, enhanced individual and aggregated stop loss calculations, and on-demand billing that make it easier for insurers to bill more efficiently and flexibly to meet customer needs.

News Facts

  • Oracle today introduced Oracle Insurance Revenue Management and Billing Cloud Service, combining the power of Oracle's modern, rules-based system for billing, payment and collections management with the simplicity, elasticity and security of the Oracle Cloud.
  • Oracle Insurance Revenue Management and Billing Cloud enables insurers to improve operational efficiency through seamless and secure application access and stay ahead of the competition with new enhancements including:
    • Improved transaction feed management: The new solution increases performance by evaluating claim transactions as they come in, fully calculating the fees or discounts daily rather than waiting for the weekly bill cycle. Oracle Insurance Revenue Management and Billing Cloud also improves user productivity by enabling price definition at the group and subgroup levels.
    • Enhanced individual and aggregate stop loss calculations: To support major health plans, the Oracle solution enables insurers to load claims from the plan's own customers or from a third-party carrier, where they can be aggregated toward specific stop loss (SSL) or aggregate stop loss (ASL) calculations.
    • On-demand billing: New cloud service capabilities enable users to create ad hoc invoices for a policy, making it possible for users to control which charges link to the resulting bill.

Supporting Quote

  • "Payers today are facing unprecedented change in their business driven by healthcare reform, the need for consumer-centricity, nontraditional products and market competition," said Sonny Singh, senior vice president and general manager, Oracle Financial Services. "Oracle Insurance Revenue Management and Billing Cloud helps insurers and payers rapidly deliver new business practices and products with minimal disruption to existing systems and offers comprehensive pricing, billing, payment reconciliation and collections capabilities on Oracle's secure public cloud infrastructure."

Supporting Resources

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