Tuesday Mar 01, 2016

Innovate or Perish

The days of the status quo in the life insurance industry are over.  With increased competition through the arrival of new all digital carriers, a rapidly changing customer base with little long-term loyalty and high customer service expectations, and the realization that cost pressure will never be a thing of the past, Insurance executives are realizing that continuing to do business in the same way as they have in the past will lead to certain failure.

Dave Shively, Oracle's Senior Director of Life and Annuity Policy Administration, discusses the topic in today’s blog post.

[Read More]

Wednesday Jan 27, 2016

Watch LOMA Webcast on Demand: A Progressive Approach to Insurance Policy Administration Transformation

Many carriers are embarking on a transformation journey to modernize their core policy administration systems in an effort to provide more flexibility, improve speed-to-market and increase revenue growth and profitability. However, there is simply nothing as daunting as a full policy administration system replacement project. These initiatives take multiple years to complete, and they are expensive and risky. There are many significant and high-profile policy administration system replacement programs that have ended in failure.

To reduce risk, some carriers are using progressive migration instead of full system replacement. These carriers implement some components of the system first – such as new business, commission or billing – then expand to full policy administration functionality once the technology is proven. This approach allows carriers to achieve incremental returns on the investment and minimize risk. It reduces the need for carriers to take a “big bang” approach to modernizing and gives the flexibility to implement the additional capabilities of the full policy administration system later, without having to rewrite all the rules, products and calculations.

In this webcast, Oracle and LOMA invite you to learn more about this approach and explore how insurers can use Policy Administration components to achieve enterprise agility while reducing risk.

For more information on Oracle Insurance Policy Administration, visit oracle.com/insurance.


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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 oracle.com/insurance.

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

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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 oracle.com/insurance.

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