Oracle Insurance Shares Strategy for Life Insurance and Annuities at OpenWorld
By email@example.com on Sep 21, 2010
Insurers recognize they must be adaptive in order to respond to shifting market dynamics and changing regulatory requirements. But it is not just about being reactive. In order to be competitive they must be able to proactively bring uniquely differentiated products and support diverse sales channels. Yet many life and annuity insurers often find their ability to adapt and change constrained by legacy technology that locks them into legacy business practices.
Oracle is focused on helping insurers break this architectural conundrum says Chuck Johnston, vice president, industry strategy and alliances. Johnston shared Oracle Insurance's modular, integrated approach to technology during the "Oracle's Vision and Strategy for the Life and Annuities Industry" session at Oracle OpenWorld this week in San Francisco, Calif. Oracle Insurance's approach enables carriers to deploy modern business systems that:
Assumes customer/channel business integration
Makes information transparent and available
Integrates to legacy and modern architectures
Leverages modern technology to do modern business
Rules-based Product Configuration:
In order to be ready for whatever comes next life and annuity carriers are increasingly leveraging flexible, rules-based policy administration systems says Kate Fowler, product strategy director. "Our vision for policy administration is focused on aligning technology and business processes, removing international barriers, reducing the risk of business transformation, and increasing business adaptability through powerful rules-based configuration and reusability."
She adds, "Separating the business rules from base code changes allows insurers to be more flexible and collaborative across their organization, from IT to actuarial to accountng to business."
Mitigating the Risk of Conversions:
The risk associated with data migration and conversion can be a daunting prospect to many insurers when they consider making the transition to a new system - particularly when it comes to migrating multiple blocks of business off decades-old or often multiple legacy policy admin systems. To help insurers address and ease this painpoint Roger Soppe,senior director, industry strategy, announced a new partnership with Universal Conversion Technologies (UCT).
The new solution combines Oracle Insurance Policy Administration with data conversion methodologies provided by UCT. It provides an alternative for insurance carriers looking to significantly reduce the risks associated with migrating off legacy systems. The partnership allows carriers to take data migration "off the critical path" and allow them to more quickly realize the benefits of a new, rules-based policy administration solution, like Oracle Insurance Policy Administration.
To learn more about the Oracle Insurance strategy for life insurance and annuities and the new Oracle partner UCT, watch a short interview featuring Kate Fowler and Roger Soppe, along with UCT's President and COO Rae Albertini.
Helen Pitts is senior product marketing manager for Oracle Insurance's life and annuities and enterprise document automation solutions.