Atlantic Casualty Insurance, a North Carolina-based surplus lines insurer, has implemented Oracle's internet-based policy production capabilities of Oracle Documaker solution for its managing general agents to accelerate the issuance of new policies, such as Southern Insurance Underwriters (SIU).
Oracle said that the Atlantic Casualty and SIU are using a connector for Oracle Documaker that automates the flow of policy data between the MGA and the carrier.
According to the Oracle, the combined solution will enable the SIU to automatically populate web-based forms from Oracle Documaker with data from their agency management systems, without the need to rekey data from one system into another.
The automated information flow will help to accelerate policy issuance; reduces the time, effort and risk of errors and omissions (E&O) exposure associated with duplicate data reentry; frees staff to focus on new business instead of administrative tasks; and significantly reduces the time and resources SIU requires to maintain accurate, up-to-date forms.
Atlantic Casualty is piloting the new environment with SIU and plans to eventually make the connector available to the 100 other MGAs with which it does business as well as integrated Oracle Documaker with its in-house ACES rating system, further supporting straight-through processing initiatives.
The Simplified Policy Processing’s PPS Assistant connector includes an automated solution for updating policy libraries. PPS Assistant maps policy data to forms in seconds and those mappings are shared with all subscribers, eliminating the need for individual MGAs to map policy forms.
Atlantic Casualty Insurance chief information officer Greg Ricker said that carriers can now automatically manage forms and issuance libraries enabling MGAs to focus on what they do best – selling and servicing their customers.
Oracle Insurance Product Strategy vice president Srini Venkatasantham said that Oracle Documaker Desktop and Oracle Documaker enable efficient and economical policy issuance, providing insurers with the increased agility and flexibility they need to roll out new products quickly and remain competitive.