Oracle Insurance Claims Solution receives high marks from Novarica

Novarica, an analyst organization that provides insight on markets, operations and technology to financial services and insurance executives, profiled Oracle Insurance Claims Solution in a recent Novarica Vendor Solution Review, calling out the solution’s robust functionality, analytics capabilities, flexible interface and configurability as key strengths. 

The Oracle’s vision for the insurance industry is to provide adaptive, rules-driven systems that let insurance companies rapidly change business processes as their business needs change.  This positions insurers to readily respond to changing market conditions, and lets them quickly take advantage of new opportunities as they arise.  Receiving a positive review of Oracle Insurance Claims Solution in the Novarica Vendor Solution Review acknowledges our ability to execute on that vision. Our insurance claims solution gives insurers the flexibility and power they need to effectively and efficiently manage the vital claims process, which is key to building long-lasting customer relationships,” said Srini Venkatasantham, vice president, Product Strategy, Oracle Insurance.

Report highlights the solution’s extensive feature set, citing that “not only is Oracle Insurance Claims Solution bursting with robust end-to-end core functionality that demonstrates a thorough knowledge of claims, it delivers some unique features that stand out from the crowd.  The rich self-service customer and agent portals, embedded BI (business intelligence) and analytical tools, wizard guides, and Web 2.0 features mark it as a uniquely broad solution.”

Novarica notes that pre-integration with other Oracle solutions, such as Oracle’s Siebel customer relationship management (CRM) applications and Oracle Policy Automation engine, further extends functionality and reduces implementation risk.

The review calls out the solution’s flexible configuration, as well as its flexible and easy-to-navigate user interface, which enables significant customization, as key end-user benefits.

Additional strengths cited in the report include Oracle Insurance Claims Solutions’ SOA architecture which supports scalability, as well as Oracle’s robust research and development budget and extensive partner network, which support continued innovation.

Novarica created its report based on demonstrations of key product functionality, interviews with solution users, documents provided by Oracle and the industry expertise of Novarica principals.