Improving Agility in Product Development and Pricing to Gain a Competitive Edge

2. Improving Agility in Product Development and Pricing to Gain a Competitive Edge Oracle Confidential – Internal/Restricted/Highly Restricted

3. Oracle Confidential – Internal/Restricted/Highly Restricted

4. Program Agenda 1 Embarking on a Journey of Policy Admin Transformation Focus on Key Systems to Drive Profitable Growth Enterprise Rating System Enterprise Product Configuration Q&A 2 3 4 5

5. The Costanza problem

6. Application? Packaged Apps

7. POLICY CENTER

8. Simplified Sales & Servicing Buy Software For non differentiating capabilities Value Working Software “For something this complicated, it’s really hard to design products by focus groups. A lot of times, people don’t know what they want until you show it to them.” – Steve Jobs Out of the Box Conformance Keep it whole Integrations

9. Rating Transformation Legacy Policy Admin Legacy Policy Admin Legacy Policy Admin Legacy Policy Admin Rules

10. Our Experience • Build upon a solid foundation • Discipline & consistency • Automation What we did • Seeing is believing • The 40-70 rule • “Oval pegs and rectangular holes” What we learned

11. What is in your wallet?

12. Program Agenda 1 Embarking on a Journey of Policy Admin Transformation Focus on Key Systems to Drive Profitable Growth Enterprise Rating System Enterprise Product Configuration Q&A 2 3 4 5

13. Improving Product Development and Pricing Can Create a Distinct Competitive Advantage for Carriers • Product Development Rating System • Claim • Distribution Insurance Lifecycle Product Configuration • Service • Issuance

14. Rating System • Product Development Rating System • Claim • Distribution Insurance Lifecycle Product Configuration • Service • Issuance

15. Typical Carrier’s Rating Environment • ISSUES: • Different quotes from different channels and longer time for underwriting decisions • Difficulty in delivering products to market faster • It is expensive to maintain multiple systems Oracle Confidential – Internal/Restricted/Highly Restricted

16. Start Your Transformation with Rating Consolidation • SOLUTION: • Invest in Enterprise Rating System • Consolidate your rating in one place • One source of truth for Rating information Enterprise Rating System Oracle Confidential – Internal/Restricted/Highly Restricted

17. Benefits of Single Enterprise Rating System • Faster Speed to Market • Enables business to make rating changes in one place instead of multiple places • Reduce TCO • Reduces data redundancy, inaccuracies, and duplication of resource efforts to maintain multiple systems • Enhance Risk Management • Provides detailed audit trail of all rate creation, rate changes, and versioning Oracle Confidential – Internal/Restricted/Highly Restricted

18. Oracle Insurance Insbridge Enterprise Rating • Oracle Insurance Insbridge is a web-based rating, rules and underwriting system • Supports insurance lines of business including all aspects of P&C personal and commercial lines • Consistent rating throughout the policy life-cycle • Single point of rating for all systems • Supremely accurate rating engine • Easy to use, empowers business users to create, deploy, and manage complex rates and rules

19. Product Configuration • Product Development Rating System • Claim • Distribution Insurance Lifecycle Product Configuration • Service • Issuance

20. If You Want to Modify Product Attributes, You Need to Do it in Multiple Places Doc System PAS Rating System Agent Portal User Interfaces Rating System Documents/ Forms Policy Admin System Business Process • Manual IT coding and testing • Multiple product specifications • No consistent development process Oracle Confidential – Internal/Restricted/Highly Restricted

21. Would it be Great if You Can Centralize the Product Information in One Place? Doc System PAS Rating System Agent Portal Product Configuration Product Attributes Product Attributes Product Attributes Product Attributes User Interfaces Rating System Documents/ Forms Policy Admin System • Manual IT coding and testing • Multiple product specifications • No consistent development process Oracle Confidential – Internal/Restricted/Highly Restricted

22. Product Configuration Allows User to Model/ Define the Product Product Configuration • Product Configuration produces a product definition that Oracle Insurance apps or other third party apps will consume and use as runtime attributes and rules enforcement Oracle Confidential – Internal/Restricted/Highly Restricted

23. You Can Achieve Many Benefits • Faster Speed to Market • Rationalize product to reduce duplication of product information and enable faster new product and product changes • Streamlined Product Development Process • Managing the entire product development in one place • Improve Performance • Provide single source of truth for analytics to make intelligent product decision Oracle Confidential – Internal/Restricted/Highly Restricted

24. Oracle Insurance Product Configuration • A flexible, scalable product development solution that can be easily integrated with existing systems • Externalizing all product data and validation rules from multiple, hard-coded operational systems into a central repository, where products can be easily configured and modified. • Re-usable product definitions include all important product information - eligibility and underwriting rules, packaging and forms attachment– not just rates and rating rules. • Allows carriers to react quickly and cost effectively to consumer needs and market demands with relevant profitable products.

25. Q&A Oracle Confidential – Internal/Restricted/Highly Restricted