West Bend Mutual Insurance, a Wisconsin-based provider of property and casualty insurance, has selected Oracle Insurance Insbridge Rating and Underwriting to improve rating efficiency, flexibility and speed for agents to provide quotes to their customers.
Oracle claims that its platform will help West Bend to compete profitably in a changing market by enabling the insurance to improve the speed and agility of it rating and underwriting processes.
West Bend has selected Oracle Insurance Insbridge as its personal lines rating engine because of its intuitive, rules-based interface, and for its scalable engine, said Oracle.
These features make it easier for business users, such as actuaries and underwriters, to build and manage rates without IT support, helping insurers respond quickly to market changes, effectively manage the lifecycle of a policy and meet regulatory requirements.
Jim Schwalen, vice president at West Bend’s personal lines and marketing, said: Oracle Insurance Insbridge Rating and Underwriting will help us advance our mission of being the insurance company of choice for our associates, agents and policyholders.
”We expect the user-friendly system to improve our efficiency in managing our rating structures. This will allow us to bring new rating features to market more quickly and at lower cost, which benefits our associates, agents and policyholders. Since Oracle Insurance Insbridge is built on a service-oriented architecture, it will integrate easily with our other systems, including our policy administration system jump starting our return on investment.