By Fahim Kazi-Oracle on Aug 12, 2014
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.
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 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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