To streamline and exchange the date among carriers, agencies and service providers to support straight-through processing
InsuranceExperts.com, a broker general agency for life, health and annuity products, and Quick Life, a direct marketing agency for life insurance, are using Oracle’s Insurance Data Exchange. The companies have implemented the application to improve their ease of doing business with multiple carriers and elevate overall customer service.
Oracle Insurance Data Exchange is a centralized data exchange hub for life and health insurance and annuities. It enables the secure exchange of real-time data such as policy applications and commission statements among carriers, agencies and service providers to support straight-through processing, said Oracle.
The Oracle Insurance solution enables InsuranceExperts.com and Quick Life to streamline communication among various stakeholders, helping to accelerate the quote-to-issue process and improve closure rates.
The application also eases the review process for new policies. InsuranceExperts and Quick Life both receive data feeds for pending case status updates and commission statements directly into their own agency management systems, eliminating the need to log in to multiple carrier sites for information. This seamless integration has enabled both companies to automate back-office processes and avoid costly and time-consuming data re-entry, claims Oracle.
Pat Wedeking, president of Quick Life, said: “Oracle Insurance Data Exchange has provided us with significant time savings. Checking case status and commission information from multiple carriers can be overwhelming for a company of our size, and Oracle Insurance Data Exchange delivers the timely and accurate data we need in a consolidated fashion directly to our lead relationship management system, which has improved our overall efficiency.”
Michael Collins, president of InsuranceExperts, said: “Oracle Insurance Data Exchange provides us with a robust solution that enables us to receive and organize information exactly how we need it to align with our specific business models which allows us to work with more than one company efficiently. With Oracle Insurance, we have gained the ability to further raise the bar on the level of service we provide to our clients.”