Turner Construction Company Deploys Oracle Insurance Solutions to Enable One Point of Contact for All Insurance Needs
By ORACLEMonday, June 27, 2011
Turner Construction’s Risk Management Department Replaces Legacy Rating System with Centralized and Adaptive Solution to More Rapidly Modify and Efficiently Manage Rates
Redwood Shores, Calif. – June 27, 2011
News Facts
Turner Construction’s Risk Management Department, has deployed Oracle Insurance Insbridge Rating and Underwriting (www.oracle.com/us/industries/insurance/046643.html) , Oracle Documaker (www.oracle.com/us/industries/insurance/046637.html) and Oracle Insurance Data Capture (www.oracle.com/us/industries/insurance/046640.html) to improve rating efficiency, flexibility and speed in providing insurance to the company’s business units for all their insurance needs.
Turner is one of the largest general builders in the United States today with a centralized and innovative approach to managing risk. This department offers Turner’s 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 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. With the new rating engine, Turner can now more quickly and easily update rates, executing some changes in just minutes versus days with the legacy system. This improves productivity and enables Turner to provide its internal and external customers with more accurate rates.
Oracle Insurance Insbridge also acts as a single source of rating truth, eliminating version control issues associated with distributing the spreadsheets to 45 business units via the company’s intranet.
The rules-based system enables Turner to capture a greater range of data from a wide variety of jobs, giving the company a better understanding of costs and risks associated with construction projects.
Oracle Insurance Data Capture enables Turner to eliminate redundant data entry when preparing quotes and applications. In addition, it provides audit ability that enables Turner to trace and troubleshoot data and calculations.
Using Oracle Documaker, Turner has been able to provide printable documents for each project giving the business unit the ability to analyze different insurance scenarios and the costs associated with them.
Supporting Quotes
“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,” said David Lawton, director of Information Technology, Turner Construction Company.
“Oracle Insurance Insbridge Rating and Underwriting is an adaptive, rules-based system that helps customers like Turner Construction improve the accuracy, agility and efficiency of their rating and underwriting processes. The system helps business users build and manage rates without IT support – helping them to respond quickly to changes in the insurance market and meet regulatory requirements,” said Lindsay Fassett, Director, Industry Strategy, Oracle Insurance.
Supporting Resources
Oracle Insurance (www.oracle.com/industries/financial_services/insurance.html)
Oracle Insurance on Facebook (www.facebook.com/home.php?#!/OracleInsurance?ref=ts)
Oracle Insurance on Twitter (twitter.com/oracleinsurance)
Oracle Insurance on LinkedIn (www.linkedin.com/groups?home=&gid=2271161&trk=anet_ug_hm)
Oracle Insurance Blog (blogs.oracle.com/insurance/)
About Oracle
Oracle (NASDAQ: ORCL) is the world's most complete, open, and integrated business software and hardware systems company. For more information about Oracle, visit oracle.com (oracle.com)
Trademark
Oracle and Java are registered trademarks of Oracle and/or its affiliates. Other names may be trademarks of their respective owners.
# # #
Contact Info
Katie Barron
Oracle
+1.703.364.2488
katie.barron@oracle.com (mailto:katie.barron@oracle.com)
Mary Tobin
O’Keeffe & Company
+1.503.658.7396
mtobin@okco.com (mailto:mtobin@okco.com)
