BOSTON, MA and SAN FRANCISCO, CA — (Marketwired) — 09/29/14 — – SIBOS and ORACLE OPENWORLD, SAN FRANCISCO — Oracle (NYSE: ORCL)
Today–s insurance marketplace is evolving rapidly, with new reforms in healthcare, more-complex distribution channels, and group product bundling creating a challenging landscape for insurers with legacy systems that struggle to support accurate consolidated billing and revenue management. Oracle Insurance Revenue Management and Billing Cloud Service offers the simplicity and scalability of the cloud, while delivering important insurance-specific features such as improved transaction feed management, enhanced individual and aggregated stop loss calculations, and on-demand billing that make it easier for insurers to bill more efficiently and flexibly to meet customer needs.
Oracle today introduced , combining the power of Oracle–s modern, rules-based system for billing, payment and collections management with the simplicity, elasticity and security of the Oracle Cloud.
Oracle Insurance Revenue Management and Billing Cloud enables insurers to improve operational efficiency through seamless and secure application access and stay ahead of the competition with new enhancements including:
The new solution increases performance by evaluating claim transactions as they come in, fully calculating the fees or discounts daily rather than waiting for the weekly bill cycle. Oracle Insurance Revenue Management and Billing Cloud also improves user productivity by enabling price definition at the group and subgroup levels.
To support major health plans, the Oracle solution enables insurers to load claims from the plan–s own customers or from a third-party carrier, where they can be aggregated toward specific stop loss (SSL) or aggregate stop loss (ASL) calculations.
: New cloud service capabilities enable users to create ad hoc invoices for a policy, making it possible for users to control which charges link to the resulting bill.
“Payers today are facing unprecedented change in their business driven by healthcare reform, the need for consumer-centricity, nontraditional products and market competition,” said Sonny Singh, senior vice president and general manager, Oracle Financial Services. “Oracle Insurance Revenue Management and Billing Cloud helps insurers and payers rapidly deliver new business practices and products with minimal disruption to existing systems and offers comprehensive pricing, billing, payment reconciliation and collections capabilities on Oracle–s secure public cloud infrastructure.”
Oracle engineers hardware and software to work together in the cloud and in your data center. For more information about Oracle (NYSE: ORCL), visit .
Oracle OpenWorld San Francisco is the most important business and technology conference of the year for Oracle customers, prospective customers, and partners. This educational conference is dedicated to helping businesses optimize existing systems and understand upcoming industry trends and breakthroughs driven by technology. Oracle OpenWorld offers more than 2,700 educational sessions, hundreds of demos and hands-on labs, and exhibitions from more than 450 partners and customers from around the world showcasing applications, middleware, database, server and storage systems, industries, management, cloud, and infrastructure solutions — all engineered for innovation. Oracle OpenWorld 2014 is being held September 28 through October 2 at the Moscone Center in San Francisco. For more information; to register; or to watch Oracle OpenWorld keynotes, sessions, and more, visit . Join the Oracle OpenWorld discussion on , , and the .
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Valerie Beaudett
Oracle
+1.650.400.7833
Mary Tobin
O–Keeffe & Company
+1.503.658.7396
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