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Gain Insights into Current Technology Trends and Challenges Impacting Insurers and Healthcare Payers

Accelerating Speed to Market with Product Templates

Guest Author

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. This drives up development costs, delays ROI and leads to the loss of
potential new business.

What if you
could accelerate development and launch products to market in days rather than

By extending
each predefined product template (also called a chassis), insurers can quickly
define custom products, create user-defined transactions, and add new business
processes and regulatory requirements at the product, product line, and company
levels.

Use of templates
can help reduce time by providing a vision of what is possible within the
policy administration system. Also, it provides a starting point of common best
practices that can be adapted to business - so the carriers do not have to
start from scratch, allowing them to better align business processes to get the
most value out of new IT investments.

Product Templates:

Templates are
documented, predefined set of product definitions built out to demonstrate a
particular way to address policy life-cycle processing. The template
specifications include the definition of the underlying features, transactions,
calculations, tables and business processes. This will help carriers to get a
jump start of the product life cycle for implementation of traditional and
non-traditional life products, increasing the ability to help reduce the time
and cost to launch new products.

Key components to look forward from a

  • Wide variety of products need to be available as part of
    Templates
  • Pre-Configured (Reusable) calculations to support standard
    regulatory calculations
  • Pre-Configured (Reusable) set of standard life cycle
    events/transactions
  • Clear documentation for Product specifications and
    implementation design
  • Utilities to easily copy these templates to new plan/product

This template-based approach gives insurance carriers several benefits

  • Faster product life cycles with enhanced
    speed to market
  • New sources of ROI, delivered faster.
  • Efficient product management cycle.
  • Increased productivity with reduction in
    efforts for product-development stage.
  • Build better relations with distribution
    partners due to greater flexibility and market responsiveness.

Oracle Insurance Policy Administration (OIPA) Template Library

Template
Plan Name
Availability
NBU Term Life GA
Level Premium term GA
Indexed Universal Life GA
Group Disability GA
Group Term Life GA
Whole Life Will be
available soon
Life Bonus Variable Annuity Will be
available soon
Term Life ROP Will be
available soon

*GA – General
Availability

For more information on Oracle Insurance Policy Administration for Life and Annuity, visit oracle.com/insurance.

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