Oracle has launched new Oracle Insurance Insbridge Rating and Underwriting 4.0, an adaptive enterprise solution for rating, premium calculation and underwriting rules management.

The enterprise solution features a redesigned user interface that uses web 2.0 technology and places efficient control in the hands of business user for expanded collaboration and visibility, flexibility, enhanced product development accuracy and speed to market.

According to Oracle, the new release serves as a single point of rating truth for product, premium and underwriting data, which enables insurers to respond to market changes, manage lifecycle of a policy and meet regulatory requirements.

The specific enhancements of the new release include a new, tabbed authoring interface that enables all activities enabling users to manage all tasks without need to restart navigation; a new home screen that provides a customizable dashboard for users to resume recent tasks or begin a new activity; and a web 2.0-enabled ‘snaps’ on home screen that provide information to promote communication and collaboration.

The new solution also includes an enhanced technology support for improved performance and system efficiency, including support for Oracle Database 11g in Insbridge SoftRater calculation engine.

Srini Venkatasantham, vice president of product strategy at Oracle Insurance, said: “The latest release of Oracle Insurance Insbridge Rating and Underwriting takes a holistic approach to managing all rating functionality for all lines of business from a single system.

The result is a new level of business user empowerment that better supports collaboration, improved efficiency and product development accuracy.”