Monday Nov 21, 2011

Smooth Sailing or Rough Waters: Navigating Policy Administration Modernization

Life insurance and annuity carriers continue to recognize the need to modernize their aging policy administration systems, but may be hesitant to move forward because of the inherent risk involved. To help carriers better prepare for what lies ahead LOMA's Resource Magazine asked Karen Furtado, partner of Strategy Meets Action, to help them chart a course in Navigating Policy Administration Selection, the cover story of this month’s issue.

The industry analyst and research firm recently asked insurance carriers to name the business drivers for replacing legacy policy administration systems. The top five cited, according to Furtado, centered on:

  • Supporting growth in current lines
  • Improving competitive position
  • Containing and reducing costs
  • Supporting growth in new lines
  • Supporting agent demands and interaction

It’s no surprise that fueling growth, both now and in the future, continues to be a key driver for modernization. Why? Inflexible, hard-coded, legacy systems require customization by IT every time a change is required. This in turn impedes a carrier’s ability to be agile, constraining their ability to quickly adapt to changing regulatory requirements and evolving market demands. It also stymies their ability to quickly bring to market new products or rapidly configure changes to existing ones, and also can inhibit how carriers service customers and distribution channels.

In the article, Furtado advised carriers to ensure that the policy administration system they are considering is current and modern, with an adaptable user interface and flexible service-oriented architecture. She said carriers to should ask themselves, “How much do you need flexibility and agility now and in the future? Does it support the business processes and rules that are needed for you to be able to create that adaptable environment?”

Furtado went on to advise that carriers “Connect your strategy to your business and technical capabilities before you make investment choices…You want to enable your organization to transform for the future, not just automate the past.”

Unlocking High Performance with Policy Administration Transformation also was the topic of a recent LOMA webcast moderated by Ron Clark, editor of LOMA's Resource Magazine. The web cast, which featured speakers from Oracle Insurance and Capgemini, focused on how insurers can competitively drive high performance by:

  • Replacing a legacy policy administration system with a modern, flexible platform
  • Optimizing IT and operations costs, creating consistent processes and eliminating resource redundancies
  • Selecting the right partner with the best blend of technology, operational, and consulting capabilities to achieve market leadership
  • Understanding the value of outsourcing closed block operations

Learn more by clicking here to access this free, one-hour recorded webcast.

Helen Pitts, is senior product marketing manager for Oracle Insurance's life and annuities solutions.

Friday Nov 04, 2011

Oracle Insurance Earns Two ACORD Achievement Awards for Life & Annuity

Oracle Insurance earned recognition for its continued leadership, adoption and implementation of ACORD (Association for Cooperative Operations Research and Development) industry data standards for life insurance and annuities. The recognition came during a special ceremony held on November 3 at the ACORD Implementation Forum in Fort Lauderdale, Fla.

Oracle received two awards specifically for its use of ACORD web services standards by Oracle Insurance Policy Administration for Life and Annuity:

  • Early Adopter Award - Life & Annuity Plug and Play (PnP)
  • Early Adopter Award - ACORD Web Services Profile (AWSP) standard

Oracle was cited by ACORD for developing, implementing and certifying its use of the AWSP standard in its policy administration system to support these ACORD LAH XML transactions:

  • Add Beneficiary (Life)
  • Add Beneficiary (Annuity)
  • Customer Contact (Client Record)

Earlier this year the company successfully demonstrated its use of the AWSP web standards during the ACORD PnP Tooling Jamboree at the 2011 ACORD LOMA Insurance Systems Forum.

"Oracle is to be congratulated not only for earning these awards, but for its continued leadership in showing the industry how beneficial ACORD data standards are for improving business, integration, and data flow,” said Lloyd Chumbley, Vice President, Standards, ACORD.

Oracle is a long-time member of ACORD and has been involved in the association’s working groups for life insurance and annuities, including the ACORD PnP Consortium Working Group. These latest awards from ACORD demonstrate Oracle’s ongoing commitment to the adoption of industry standards in its solutions for the insurance industry. Oracle previously received an ACORD Achievement Award in recognition of its use of ACORD messaging standards for the implementation of Oracle Insurance Policy Administration for Life and Annuity at Securian Financial Group.

Helen Pitts is senior product marketing manager for Oracle Insurance's life and annuities solutions.

About

Oracle's flexible solutions can help insurers navigate the change necessary to meet today’s challenges and have the business agility to be prepared for the future.

For mor information, visit oracle.com/insurance.

Search

Archives
« November 2011 »
SunMonTueWedThuFriSat
  
1
2
3
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
22
23
24
25
26
27
28
29
30
   
       
Today