Driving “The Need for Speed” for Insurance Carriers
By email@example.com on Oct 07, 2011
Yesterday while watching The Blue Angels take to the skies over San Francisco in preparation for San Francisco Fleet Week I was reminded of a conversation that I had earlier this week with a client from an insurance carrier attending Oracle OpenWorld. In particular, it reminded me of the iconic line delivered by Tom Cruise’s naval aviator “Maverick” and his RIO “Goose” in Top Gun: “I feel the need…the need for speed.”
This customer, a technology leader for a Tier I carrier and also a fan of The Blue Angels, explained how his company’s previous legacy policy administration system had limited its ability to support the “need for speed”--ultimately constraining the ability to evolve and grow their business. Since implementing the Oracle Insurance Policy Administration the carrier has dramatically reduced its product development cycle and time to launch annuity products to market. It is also differentiating how it conducts business with its customers and distribution channel through improved speed of service.
In their session, “Adapt, Transform and Grow: Oracle’s Vision and Strategy for the Life Market,” at Oracle OpenWorld this week Kevin Walma, Chuck Johnston and Kate Fowler discussed key trends impacting how insurers are conducting business. They also highlighted the recent and planned investments in Oracle’s adaptive insurance solutions for life, health and annuities, including policy administration, data-as-as-service distribution, business intelligence and more.
You can learn more about Oracle Insurance’s commitment to this segment of the industry—and how its solutions are helping insurers drive their “need for speed” by watching Oracle Insurance YouTube video interviews with Walma and Fowler and Johnson .
Helen Pitts is senior product marketing manager for Oracle Insurance's life and annuities solutions.