Friday Feb 28, 2014

Consolidating Legacy Systems on a Single Platform. Learn more at Oracle Industry Connect.

Dave Shively, Oracle's Senior Director of Life & Annuity Policy Administration, discusses how insurers can approach consolidation of legacy systems:

Carriers are faced with a growing portfolio of legacy core applications segmented by business line and tied together through a complex network of systems interfaces running on a multitude of platforms.  This is leading to high costs for infrastructure, operations, maintenance, support, and build activities.  It also forces carriers to either employ a large workforce with very diverse skill sets or rely on third party service providers.  The need to support ever changing business requirements and to enable the business to enter new markets and launch new products continues but adding additional IT cost and complexity is not an option.

A number of carriers have found a way to address their short term need to support new products while at the same time beginning a journey to rationalizing their core system portfolio.  That solution is the Oracle Insurance Policy Administration (OIPA) platform.  Those who have been in the life insurance policy space for some time are probably familiar with the OIPA solution and its ability to support any type of individual life or annuity product regardless of complexity and the fact that new products or changes to existing products can be made in a matter of hours with OIPA.  What is new is the fact that Oracle has enhanced this solution to support Group lines of business.  Now a carrier can not only accelerate their time to market, they can also consolidate any type of business on to one modern platform.  For the first time, carriers can actually simplify their systems portfolio with the implementation of a new policy application rather than adding to an already complex web of interconnected legacy headache.

Does this sound too good to be true?  Don’t take my word for it; listen to the carriers that are in the process of taking this revolutionary step towards process and technological efficiency by watching our recent webcast or joining us in person at Oracle Industry Connect.

Oracle Industry Connect is a premier conference designed to promote innovation and transformation through open and provocative discussion within the Financial Services and Insurance communities. The event will take place March 25-26, 2014 in Boston and features sessions where you can talk to the leaders from the carriers who are embracing this innovation. Hear from the carriers themselves about how the OIPA platform is streamlining their business and technology operations. You’ll also have a unique opportunity to join your industry peers for in-depth discussions on trends, challenges and opportunities facing insurers today.

If you are unable to attend Oracle Industry Connect, we encourage you to download and watch our recent webcast on Consolidating Individual and Group Business on a Single Platform. In the webcast, you can hear from industry analyst Chad Hersh about why carriers are finally starting to address their core systems issues as well as Olivier Lafontaine from Equisoft about how they are helping Jamaica-based carrier NCB realize the potential of this transformational technology. 

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

Monday Feb 10, 2014

Finding Peace of Mind in the Midst of Rapidly Changing Dynamics in Life and Annuity

There’s no doubt that the Life and Annuity industry has had its fair share of challenges over the years with new regulatory requirements as well as stiffer competition from within and outside of the insurance industry, but there are signs of life as carriers tackle more strategic planning and attempt to deliver more innovative products.

Dave Shively, Oracle's Senior Director of Life & Annuity Policy Administration, discusses the topic below:

Even with new signs of life, there still remains the age-old challenge of getting new products to market quickly and managing those products across multiple systems. So why don’t insurers just bite the bullet and tackle the monumental task of replacing their legacy systems to support growth? I believe that sometimes what’s needed isn’t a complete overhaul, but a simple solution to a big problem. Here’s a prime example of the problem: the calculation of product pricing duplicated across multiple systems including New Business, Illustrations, Underwriting, Actuarial and Commissions. If a carrier wants to modify the pricing for the product they need to make changes across all of these applications.

And as if the IT challenges weren’t enough, the overall industry is still experiencing high expectations around growth rates as well as the need for improved profitability, customer service and competitive differentiation.

Here at Oracle, we love solving pressing challenges which is why we created the new Oracle Insurance Calculation Engine for Life and Annuity. The purpose-built software provides Life and Annuity carriers with a single engine on which to standardize their rules and calculations – without a complete policy administration transformation.

Oracle Insurance Calculation Engine for Life and Annuity enables carriers to gain a competitive advantage and accelerate time to market with a single environment for managing, maintaining and reusing complex calculation algorithms.  The highly configurable solution allows carriers to centralize their calculation algorithms on a single rules-based platform for use across lines of business by enabling the setup, copying, modifying and maintaining of calculations through configuration without additional costly and time-consuming code development.  The platform also enables users to test and debug their calculations without having to create complex test scenarios in legacy environments. 

So for insurers who aren’t ready for a total policy administration transformation, Oracle Insurance Calculation Engine for Life and Annuity offers peace of mind that a small step can alleviate a major challenge. 

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.

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