Turner Construction Company's (New York) Risk Management Department, has deployed Oracle Insurance (Redwood Shores, Calif.) Insbridge Rating and Underwriting, Oracle Documaker and Oracle Insurance Data Capture to improve rating efficiency, flexibility and speed in providing insurance to the company's business units for all their insurance needs, according to a vendor statement.
"Using Oracle Insurance Insbridge Rating and Underwriting, Oracle Documaker and Oracle Insurance Data Capture gives us greater control for expanded collaboration and visibility, greater flexibility, improved rating accuracy and faster speed-to-market," comments David Lawton, director of IT, Turner Construction Company.
One of the nation's largest general builders, Turner manages risk internally through what Oracle refers to as a centralized and innovative approach to managing risk. The company's risk management department offers its nationwide network of business units insurance quotes for their Contractor Controlled Insurance Program (CCIP), Builders' Risk (commercial property), workers compensation, general liability and subcontractor default insurance.
Turner has replaced a legacy rating system -- which relied on manually updated Microsoft Excel workbooks to manage rates from multiple carriers -- with Oracle Insurance Insbridge Rating and Underwriting. The new rating engine allows turner to more quickly and easily update rates, executing some changes in minutes rather than the days the same changes could take in the legacy application, according to the vendor. The increased speed improves productivity and accuracy of rates for the company's internal customers, according to Oracle Insurance.
Oracle Insurance Insbridge also acts as a single source of rating truth, eliminating version control issues associated with distributing spreadsheets to 45 business units via the company's intranet, the Oracle statement relates. The rules-based system allows Turner to eliminate redundant data entry when preparing quotes and applications, and it also provides audit capability that lets turner trace and troubleshoot data and calculations. With Oracle Documaker, Turner has been able to provide printable documents for each project, giving business units the ability to analyze different insurance scenarios and the costs associated with them, according to Oracle.
Anthony O'Donnell has covered technology in the insurance industry since 2000, when he joined the editorial staff of Insurance & Technology. As an editor and reporter for I&T and the InformationWeek Financial Services of TechWeb he has written on all areas of information ... View Full Bio