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Redwood Shores, CA, United States, 2014/04/21 - Leading Insurance Provider Reduces Costs, Ensures High Availability and Maximizes Performance of New Claims System with Oracle. NYSE, NASDAQ: ORCL
Companies in the insurance industry must be able to process vast amounts of data efficiently, with little to no downtime. With stretched IT budgets and a highly competitive economic environment, they need solutions that not only accelerate performance, but also reduce costs. To address these challenges, American Modern Insurance Group implemented the Oracle Exadata Database Machine for a new claims management system from Guidewire Software.
American Modern Insurance Group is using Oracle Exadata Database Machine to augment the performance of its new claims system, while lowering total cost of ownership.
A leading insurance organization supporting over 1.7 million policyholders, American Modern Insurance Group needed to enhance its IT architecture to support a recently implemented claims system from Guidewire Software.
The company decided to implement Oracle Exadata for consolidation and to maintain high availability at a reduced cost. The company also tested the solution and witnessed significant performance gains, including 40 percent faster query response times.
Since consolidating its claims processing infrastructure onto a single Oracle Exadata machine, American Modern Insurance Group has also been able to reduce its batch processing time from five hours to under one hour, while answering claim queries in less than one second.
With plans to implement additional applications, American Modern Insurance Group will also benefit from Oracle Exadata’ s scalable architecture to support future growth.
American Modern Insurance Group worked with Guidewire, a Gold level member of Oracle PartnerNetwork, on the implementation.
"After beginning the transformation of our claims process with Guidewire, we quickly realized we needed an IT infrastructure solution that could support the system 24/7, while helping us reduce IT costs,” said Kyle Eversole, senior database administrator, American Modern Insurance Group. “The Oracle Exadata Database Machine has helped do that. With the new scalable platform, we can also ensure we’re able to support future growth.”
“We aim to provide our customers benefit from the advanced functionality of flexible solutions that can support the entire insurance lifecycle,” said Chris Elsmore, vice president, Alliances and Global Business Development, Guidewire Software. “American Modern Insurance Group’s ClaimCenter implementation, together with the results they have achieved with Oracle Exadata Database Machine, is testament to the potential of these solutions.”
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About American Modern Insurance Group
American Modern is a widely recognized specialty insurance leader with more than 48 years of experience. The company delivers specialized products and services for residential property--like mobile homes and specialty dwellings--and for consumers in the recreational market, including owners of boats, personal watercraft, classic cars, motorcycles, ATVs and snowmobiles. The company also provides products and services to protect financial institutions and their customers.
American Modern's enduring stability is reflected in its annual selection since 1999 as one of the Ward Group’s Top 50 property and casualty companies in America. It is licensed in all 50 states through six property and casualty companies, which share the A+ (superior) rating by am. Best of their parent, the Munich Re Group. The American Modern companies insure more than 1.7 million policyholders countrywide.
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Contact: Neil Desai, Blanc & Otus
P: +1 415-856-5150 - E: ndesai[.]blancandotus.com.