ISOTech 2008 News: Penn National Insurance Deploys Oracle Insurance Insbridge Rating and Underwriting

Personal and commercial property-casualty insurer Penn National Insurance (Harrisburg, Pa.), has deployed Oracle Insurance (Redwood Shores, Calif.) Insbridge Rating and Underwriting as part of an initiative to profitably grow its personal insurance lines through greater pricing precision and streamlined transaction processing.

With Oracle Insurance Insbridge, Penn National has been able to consolidate onto a single rating engine, streamlining the rating process. Prior to the company's Personal Lines Replacement Project, Penn National utilized a front-end entry system and two separate rating engines, which required it to rate all new quotes twice — a cumbersome process when the rating engines were not in synch.

Penn National integrated Oracle Insurance Insbridge with its Web-based agency portal and legacy mainframe-based policy administration platform to help ensure that a quote always matches the final issue price and to support seamless transactions.

In the first few months following deployment, Oracle Insurance Insbridge and Underwriting, Penn National nearly doubled new business quotes from independent agents compared to the previous year, according to a press release. The insurer improved straight-through processing, increased its STP transaction rate and streamlined rating system maintenance through consolidation.

Peggy Bresnick Kendler has been a writer for 30 years. She has worked as an editor, publicist and school district technology coordinator. During the past decade, Bresnick Kendler has worked for UBM TechWeb on special financialservices technology-centered ... View Full Bio