Many insurers today continue to operate on rigid legacy systems that inhibit innovation efforts and lead to the continuation of slow manual workflows. This old infrastructure also often results in inefficient policy management, lack of visibility, poor customer data privacy, and the inability to scale efficiently.
However, insurers like other industries are embracing digital transformation efforts as they seek to improve efficiencies, reduce operating costs, and improve the digital experience for both employees and customers. An Accenture survey of insurance technology executives found 90 percent have a coherent, long-term plan for technology innovation that reaches across their entire company. It also found that 43 percent expect technology investments to improve employee retention, 40 percent expect it to improve customer loyalty, and 37 percent expect it to create new revenue streams.
To help insurers realize this vision and modernize their approach to core policy applications, Oracle Insurance and Equisoft have entered into a strategic partnership to sell their technology to help enable rapid digital transformation jointly. By providing complementary offerings to insurers, Oracle and Equisoft covers the back office, front office and everything in between.
For the back office, Oracle’s Insurance Policy Administration (OIPA) provides highly flexible, rules-based policy administration for life and annuity insurers, with applications covering new business and underwriting, producer management and compensation, policy administration and claims. For the front-end, Equisoft provides innovative applications, covering customer relationship management tools, financial analytics, policy quoting, illustrations and asset allocation, electronic applications and agency management systems, all on managed services and a cloud infrastructure.
Both Oracle and Equisoft’s platforms support a variety of innovative approaches, from completely retiring or replacing old legacy infrastructure to retooling or adding onto existing infrastructure. The solutions are designed with flexibility and configurability in mind, which supports faster new product development and time to market, and better serves the needs of customers and insurers’ sales channels.
Together Oracle and Equisoft’s offerings enhance customer centricity and enable agility and greater functionality. Customers can leave behind inefficient policy administration systems and replace costly legacy systems, which can lead to lower operating costs.
All the offerings can also be deployed using Oracle Cloud, which provides a highly scalable and secure environment that meets stringent regulatory requirements. Migrating Oracle OIPA customers to the cloud only takes a few weeks, and it enables customers to realize immediate cost and performance benefits. As part of the strategic partnership, Equisoft will be reselling Oracle’s Policy Administration system and its own managed services to potential customers.
The strategic collaboration has already resulted in customer successes. Hellenic Life, the life insurance arm of Hellenic Bank, selected Oracle’s Insurance Policy Administration (OIPA), Documaker and Equisoft/illustrate portal to improve operational efficiencies and streamline the customer experience. You can find out more here.
To learn more, feel free to message me to explore more, or have a conversation.
For more information, please visit:
Oracle Health Insurance: oracle.com/life-insurance
Oracle Financial Services: oracle.com/financial-services
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