Marsh and Fidelity Speed Time to Market with SOA-based Policy Administration
By firstname.lastname@example.org on Jul 12, 2010
Migrations by insurers to modern policy administration systems based on service-oriented architecture (SOA) are continuing to pick up steam. Defined by its open communication standards, SOA promises to dramatically reduce integration and development costs over the long term.
In a recent Insurance Networking News article, "A Global View of SOA-based Policy Admin Systems," two large insurance companies Fidelity Investments Life Insurance Company and Marsh U.S. Consumer - discuss their migrations to SOA-based policy administration systems, and how it has helped them improve agility and speed to market.
In the article Don Cahalan, managing director and president of employer benefits at Marsh Global Consumer, noted the SOA-based Oracle Insurance Policy Administration system will help bring new customers quickly on board. "Once you have your framework in place and have built your product set, the additional products come at incremental speed," he says "Instead of quarters or years to bring products to market, its weeks to months."
"With the Oracle platform we're building, because of the SOA in the application, moving over that book of business will actually shrink to three weeks' worth of work on the actual conversion," adds Ted Hughes, SVP of IT, noting that Marsh will be better able to seamlessly integrate multiple products for customers, he says. You can find out more about Marsh's implementation of Oracle's policy administration and billing solutions during a special session at Oracle OpenWorld 2010.
Since deploying a SOA-based policy administration system, Fidelity has dramatically improved its time to market for new products. By leveraging the flexible, rules-based system to configure new annuity products the company has reduced its development time from 12 to four months - and enhanced its competitive advantage.
The company launched Fidelity Growth and Guaranteed Income, which took less than nine months to configure using the new policy admin system, in the fall of 2007. In contrast, new products took up to 12 months to roll out, according to Shawn Pate, vice president at Fidelity.
Fidelity has migrated its old products over to the new policy administration system, retiring its legacy platform in the summer of 2008. The benefits of having an SOA-based platform are continuing to make an impact, with its most recent product launch taking only four months.
"We've been able to leverage the architecture of the new system so we can [improve processes, such as inputting regulatory changes quickly,] and configure new products and bring them to market in record time," said Pate.
Learn from their experiences by downloading the full article here.
You can also learn more about the latest industry trends for life insurance and annuities and Oracle Insurance Policy Administration product news and events by joining the Oracle Mix online community today.
Helen Pitts is senior product marketing manager for Oracle Insurance focused on life/annuities and document automation.