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Life Insurance

Accelerating Speed to Market with Product Templates

To drive competitive advantage, life insurance and annuity carriers must continuously innovate within their product portfolio to move new products to market...

To drive competitive advantage, life insurance and annuity carriers must continuously innovate within their product portfolio to move new products to market rapidly and efficiently. However, traditional lengthy product lifecycle management processes are still slowing the time required to launch new products to the market. Around 70% of small and mid-sized insurance businesses are still using manual or partially automated methods, taking several months to launch new products....

Core System Selection Process for Mid-Market Insurance Carriers – An unavoidable challenge? Or a great opportunity?

The insurance industry is going through a lot of changes and insurance carriers are looking for new avenues to create a competitive advantage – innovative...

The insurance industry is going through a lot of changes and insurance carriers are looking for new avenues to create a competitive advantage – innovative products, quicker time-to-market, better utilization of customer touch points, etc. Meanwhile the business context has changed both internally and externally. The challenge for the IT organization of a mid-market insurance carrier in this context is to enable such business initiatives while at the same time keeping costs...

Consolidating Legacy Systems on a Single Platform. Learn more at Oracle Industry Connect.

Dave Shively, Oracle's Senior Director of Life & Annuity Policy Administration, discusses how insurers can approach consolidation of legacy systems: Carriers...

Dave Shively, Oracle's Senior Director of Life & Annuity Policy Administration, discusses how insurers can approach consolidation of legacy systems: Carriers are faced with a growing portfolio of legacy core applications segmented by business line and tied together through a complex network of systems interfaces running on a multitude of platforms.  This is leading to high costs for infrastructure, operations, maintenance, support, and build activities.  It also forces...

Finding Peace of Mind in the Midst of Rapidly Changing Dynamics in Life and Annuity

There’s no doubt that the Life and Annuity industry has had its fair share of challenges over the years with new regulatory requirements as well as stiffer...

There’s no doubt that the Life and Annuity industry has had its fair share of challenges over the years with new regulatory requirements as well as stiffer competition from within and outside of the insurance industry, but there are signs of life as carriers tackle more strategic planning and attempt to deliver more innovative products. Dave Shively, Oracle's Senior Director of Life & Annuity Policy Administration, discusses the topic below: Even with new signs of life, there...

Upcoming Webcast: Transform Business Operations: BPS = Efficiency and Innovation

Transform Business Operations – buzz words in the insurance industry for sure.  But how can a carrier really accomplish this transformation?  How should you...

Transform Business Operations – buzz words in the insurance industry for sure.  But how can a carrier really accomplish this transformation?  How should you rethink the business you’re in and develop new ways to sustain a profitable, competitive advantage? How and where does BPS fit in this equation? Cognizant and Oracle have a long and tested partnership with Cognizant utilizing Oracle Insurance Policy Administration for Life and Annuities processing that supports several of...

New Business Now Available in Oracle Insurance Policy Administration for Life and Annuity

Oracle Insurance is excited to announce release 9.7 of Oracle Insurance Policy Administration for Life and Annuity. In addition to showcasing support of client...

Oracle Insurance is excited to announce release 9.7 of Oracle Insurance Policy Administration for Life and Annuity. In addition to showcasing support of client upgrades, release 9.7 streamlines the New Business application process from application receipt through approval with capability to integrate with external providers. Its unique requirement engine can automatically manage requirement ordering and receiving, approve simple cases and summarize data for underwriter and...

A case for not installing your own software

This week I watched some of the Oracle Open World presentations (from the comfort of my Oracle office) and happened on some of Larry Ellison’s comments about...

This week I watched some of the Oracle Open World presentations (from the comfort of my Oracle office) and happened on some of Larry Ellison’s comments about cloud computing and engineered systems.  Larry said he sees the move to these as analogous to the moves made by the original adopters of electricity.  The argument goes that the first consumers of electricity had to set up their own power plant.  Then, as the market and infrastructure for electricity matured, power...