Monday Sep 21, 2015

Webcast en vivo - Aprovechando las mejores prácticas tecnológicas en el mercado de seguros de vida de América Latina

Regístrese al Webcast hoy. Español | English
7 de Octubre, 2015
1:00 p.m. ET / 10:00 a.m. PT

Gracias a la tendencia consistente de reducción de pobreza, contracción de tasas de desempleo y crecimiento poblacional, el mercado de América Latina se ha convertido en uno de los más atractivos a nivel mundial para seguros de vida, salud y pensiones. Viendo lo atractivo de este mercado, muchas compañías aseguradoras están orientando sus planes de expansión hacia América Latina. Con el incremento de la competencia entre aseguradoras locales e internacionales, se espera que el crecimiento rentable constituya un reto en algún punto en el futuro.

Desafortunadamente, muchos sistemas legados de administración de pólizas carecen de la flexibilidad que les permita adaptarse a la dinámica de cambio constante del mercado. Es esencial entonces, para los aseguradores en mercados emergentes como América Latina, aprovechar las nuevas tecnologías invirtiendo en la modernización de sus sistemas de Administración de Pólizas.

Únase a nosotros en un webcast en vivo donde exploraremos como los aseguradores pueden:

  • Incrementar la eficiencia para mejorar sus servicios, manteniendo los costos bajo control
  • Lanzar nuevos e innovadores productos reduciendo el tiempo de puesta en mercado
  • Sacar provecho de las oportunidades de crecimiento potencial de los productos de vida y pensiones

En este webcast, ilustraremos como FONASA llevó a cabo este recorrido de transformación. FONASA es la entidad financiera encargada de recolectar, administrar y distribuir los fondos del estado destinados a la salud en Chile, proporcionando cobertura desde 1979 a más del 75% de la población chilena. Discutiremos los retos al competir en el mercado usando sistemas legados y las necesidades que los llevaron a adoptar un sistema basado en reglas con el fin de brindar servicios nuevos e innovadores de manera eficiente.

Regístrese al Webcast hoy. Español | English

Live Webcast - Leveraging Best Practices in Technology in the Latin America Life Insurance Market

Register for the webcast today. English | Español
October 7, 2015
1:00 p.m. ET / 10:00 a.m. PT
NOTE: Webcast will be conducted in Spanish.

With the continued long-term trend of reduced poverty, shrinking unemployment rates and population growth, the Latin America market has become one of the most attractive markets in the world for life, health and annuity products.  Because of the attractiveness of the market, many insurers are setting their sights on expanding into the Latin America market. With increasing competition from local players and international insurers, it is expected that growing profitability will be a challenge at some point in the future.

Unfortunately, many legacy policy administration systems are largely inflexible and unable to adapt to constantly changing market dynamics. Leveraging modern technology such as investing in a modern Policy Administration System has become essential for insurers in emerging markets such as Latin America.

Join us for a live webcast where we explore how insurers can:

  • Increase efficiencies to improve service, while controlling costs
  • Improve speed-to-market by launching new and innovative products
  • Take advantage of growth potential for life and annuity products

In this webcast, we will highlight FONASA’s transformation journey. FONASA is the financial entity entrusted to collect, manage and distribute state funds for health in Chile, providing coverage since 1979 to more than 75% of the Chilean population. We will discuss their challenges in competing in the market using legacy systems and how they decided to move to rules-based system in order to deliver new and innovative services faster.

Register for the webcast today. English | Español
NOTE: Webcast will be conducted in Spanish.

Wednesday Sep 09, 2015

Exploring the Opportunities of the Latin American Life Insurance Market

Latin America generates more than US$160 billion in annual gross written premium, which is more than the combined premiums of Central and Eastern Europe, the Middle East and Central Asia. With continued the long-term trend of reduced poverty, shrinking unemployment rates and population growth, the Latin America market becomes one of the most attractive markets in the world.

The market is ripe for all insurance products but one of the more promising is for the sale of life insurance products. The young populations across the region and low penetration rates in the growing middle market consumer segment make the long-term growth prospects of selling both life insurance and retirement products very compelling.

Because of the attractiveness of the market, many insurers are setting their sights on expanding into the Latin America market.  They open up subsidiaries or partnering with local insurers to penetrate the market. With increasing competition from local players and international insurers, it is expected that growing profitability will be a challenge at some point in the future.

If you are insurers that are looking to expand into Latin America market or currently competing in the life Insurance market in Latin America then you should download the new “Latin American Insurance Outlook” white paper to learn some of the ways to build competitive differentiation to be successful in this market.

  • Download the new white paper in English
  • Download the new white paper in Spanish

For more information on Oracle Insurance Policy Administration, visit

Don’t forget to keep up with us year-round:

Wednesday Sep 02, 2015

6 Sources of Gridlock in Insurance Product Development

Time is money. Benjamin Franklin said it back in 1748 not knowing how relevant that statement would be to insurance companies in the twenty-first century. Rapidly emerging market conditions in the last decade are driving high demand for new insurance products. Today, developing new insurance products is a matter of necessity for corporate survival, yet product development remains at a snail’s pace.

Insurers are well aware of this problem. They’re concerned that they’re not adapting fast enough to changing markets. Around the world, the average time needed to launch a new insurance product from concept to sale ranges from six to twelve months, according to RGA. The longer it takes to get these products out to market, the more revenue losses insurers face.

What’s the root cause of the sluggishness?

Every professional knows all too well the inherent delays coordinating multiple departments within an organization. In insurance, complexity is ingrained in the industry. The process starts with the product development team bringing together people from claims, IT, underwriting, state filings, sales, marketing, and legal. They meet, discuss ideas, and set up action items. They schedule future meetings, share drafts, get input, revise drafts. And the cycle continues for several months. More meetings, more documents, more revisions, and various sign-offs—all before filing to individual departments of insurance via SERFF. After filing, the approval process is at the mercy of each state DOI.

There is no single culprit responsible for the slow pace of product development. However, one thing is for sure: the day-to-day business processes that come as second nature to most of us are contributing to the gridlock.

Here are five ways insurers may unknowingly be slowing down product development:

  1. Creating manual reports with spreadsheets.
    Product development managers rely heavily on spreadsheet reports in order to stay informed, organized, and have a quick reference handy. Many people still rely on Excel spreadsheets to manually track state filings, historical filing data, and DOI forms. Managers typically create manual spreadsheets to track staff productivity.

    Spreadsheets are time-consuming and leave insurers vulnerable to data entry mistakes. Insurers need to avoid manual processes like creating and updating spreadsheets as much as possible, and instead, seek automated solutions with report-generating capabilities.

  2. Using e-mail to collaborate.
    Consider the hundreds of e-mails that insurance staffers exchange while collaborating on the development of a single insurance product:

    “I missed the last conference call. Could we go over the deadlines?”
    “Did legal confirm the status of their approvals?”
    “Marketing didn’t get cc-ed on the last email. Could you resend it?”

    With one central database accessible to all users, insurers can radically improve efficiency and eliminate the need for time-consuming internal correspondence. Lawyers, underwriters, actuaries, and others involved in product development need to be able to log into one place, share information and immediately make it accessible to all, and post messages to other staffers.

  3. Using Microsoft Word.
    Insurance product development is a very document-intensive operation. Documents go through multiple rounds of revision, passing from one department to another. Word has basic track changes functionality, but it’s not the ideal solution for product development. Just as messages need to be stored in a central place accessible to all users, so do all notes, drafts, and revisions.

  4. Researching GIs (general information requirements) by visiting each state DOI website.
    If you’ve bookmarked all the DOI websites for every state and jurisdiction on your browser or listed them in a spreadsheet, you might think you’ve created your own research shortcuts. There are smarter ways to research if you have the right tools. Your tech solution should provide all the information you need in one place.

  5. Having separate storage places for DOI correspondence, completed state filings, filings under development, forms, requirements, and more.
    Again, the importance of a central database cannot be overstated. These documents need to be accessible and searchable, especially for the key players in the product development process. State filing analysts need constant access to filings, and actuaries need access to filing forms and records of historical roadblocks in each state.

  6. Converting to pdf manually.
    In many cases, DOIs require that certain documents be submitted as pdfs. On the surface, creating pdfs might seem to be relatively easy to do with a couple clicks. However, depending on the file you’re working with, you can run into problems in the conversion process such as loss of image quality or complications from hyperlinks, layouts, or certain fonts.

    The ideal tech solution for insurance product development has the ability to not only convert automatically to pdf, but also allow for native Excel format when necessary.

It may be difficult to imagine eliminating the business processes above from your routine, but with the right tech solution, you can radically speed up product development, from the beginning stages all the way through approval.

Oracle Insurance Compliance Tracker, the only third party software integrated with SERFF, was designed specifically for the insurance industry to speed creation and submission of regulatory filings. Insurers who use Oracle Insurance Compliance Tracker have reported huge productivity boosts of up to 50 percent.

If you’re interested to see what Oracle Insurance Compliance Tracker can do for you

For more information on Oracle Insurance Compliance Tracker, visit

Don’t forget to keep up with us year-round:

Tuesday Aug 11, 2015

A Cloud-Based End-to-End Insurance Administration Solution for P&C Insurers

Property and Casualty insurers are embarking on a transformation journey to modernize their core systems in an effort to provide more flexibility, improve speed-to-market for rate changes and new product introductions, and increase revenue growth and profitability. Now is the right time for carriers to position themselves for the long term with technology solutions and capabilities that can be deployed to address today’s challenges and set a foundation for future success.

Oracle and Sunlight Solutions invites you to join us for a live webcast to learn about insurance administration solutions specifically tailored for P&C insurers. The combination of the Sunlight Suite – a flexible, cloud-based system – integrated with Oracle Insurance Insbridge Enterprise Rating and Oracle Documaker, provides end-to-end insurance administration, enterprise rating and rules, and document and forms management capabilities that can help you gain a competitive edge in the market place.  Sunlight Suite is built on open technology and can fit into a carrier’s environment to replace or supplement existing systems.

The webcast will feature:

  • Live product demonstration
  • Discussion on the insurance features offered and unique highlights
  • Exploration on the available deployment options

A Cloud-Based End-to-End Insurance Administration Solution for P&C Insurers
August 26, 2015
1:00 PM ET / 10:00 AM PT
Register today


Oracle’s solutions provide the modern, rules-driven flexibility insurers need to support Digital Insurance transformation, simplify their IT environments, and innovate to keep pace with changing demands.

For more information, visit


« October 2015