Tuesday May 24, 2011

Telling Insurance Tales at ACORD LOMA

I had the pleasure of being part of the Oracle insurance platinum sponsor keynote presentation at this year's ACORD LOMA Systems Forum in San Diego on Monday. This year's conference has been very upbeat with a lot of great dialogue with customers, partners, analysts and press, but my favorite part of this conference is always to have the opportunity to share the Oracle Insurance story with our customers.

This year, we wanted to do something a little different in presenting the broad and deep solution footprint Oracle brings to the market. Our very creative marketing and industry teams put together a presentation of three vignettes, outlining three business areas where Oracle technology is showcased in the context of business challenges. We used Alamere Insurance, our composite insurance company, to illustrate how Oracle applications can help an insurance company address particular business challenges.

Roger Soppe presented the story of Patti, who needed to get immediate cash from her insurance policy. His narration highlighted how our CRM, Policy Administration and Financial solutions combined to help Patty get cash in 24 hours without losing the value and protection of her life insurance policy.

Lindsay Fassett then took us through the story of Hazel, who purchased a winter home in Florida and needed to be educated on and protected from hurricane risk in Florida. Lindsay showed how CRM, Rating, Billing and Claims solution combined to create a positive experience for Hazel.

Finally, I got to meet the Auditor in the third act, "The Devil & Mr Diaz," where I walked through the improvements Alamere Insurance made in their distribution compliance, operational audit, financial audit and risk management processes - with help from several Oracle solutions, including PeopleSoft FMS, Financial Accounting Hub and Reveleus Risk Management. It was a great way to explain the interaction between operational and financial systems necessary to meet regulatory requirements and effectively manage the business.

Thanks to the Oracle Insurance Industry and Marketing teams for creating an entertaining session (with popcorn!) and special thanks to Lynne Sampson for her theatrical skill in making our story come alive. 

Please watch the new videos posted on Alamere which illustrate these stories, at www.alamereinsurance.com.

Chuck Johnston is vice president of industry strategy for Oracle Insurance.

Monday May 23, 2011

Oracle Insurance Demonstrates Commitment to Customers, Innovation and Industry Standards at ACORD LOMA

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Wednesday Apr 13, 2011

The 2011 Life Insurance Conference Wrap-up

Having spent the past 20+ years in the life insurance industry, it's been a pleasure seeing this conference grow from its modest start 9 years ago.   Today, the Life Insurance Conference is a well established and premier industry event that draws over 500 interested attendees from various carriers, media and technology partners.       

Senan O'Loughlin,  SVP Clients Markets, Swiss Re noted in his General Session titled  "The Economic Environment of the Life Insurance Industry - Is It Time to Be All In?"  that "US expansion growth is moderate" and "Capital lost during the crisis has been restored but not at the same quality".  Senan's message reinforced a similar optimistic theme heard among speakers and attendees over the previous two days of the conference. He also provided a positive overview of New Business trends that included: overall sales have stabilized, annuity sales are growing - especially VA, a slight decline in term insurance due to fewer product offerings and some price increases and that Whole Life Insurance has seen steady growth over the past 5 years.        

Another conference theme continued from earlier sessions was Social Media.  Mike Fitzgerald, a Senior Analyst with Celent  shared the results of a pre-conference attendee survey that was conducted.  While there are risks and rewards of social media marketing, its clear carriers have a vested desire to connect with online consumers.   Mike noted " that from  2008 - 2010, the fastest growing demographic now using social networking sites are the Older Boomers".   

Gene Smaciarz,  Director- Creative Services at Thrivent Financial for Lutherans, offered a carrier's perspective on how his faith-based member organization was using online "Member Communities" to connect with its nearly 3 million members .  Gene spoke of the Five Basic Objectives of their Social Media needs that included:

  • Listening
  • Talking
  • Energizing
  • Supporting
  • Embracing

Brand protection and loyalty are key factors for insurance companies to consider and Social Media as a marketing tool will play an increasing role.

It's interesting to note that next month (May 22-24) at the 2011 ACORD LOMA Insurance Systems Forum, Biz Stone, American entrepreneur and author best known for co-founding Twitter will be the Monday morning key note speaker.  Again, emphasizing  the role Social Media plays in our industry.

Next year,  the Life Insurance Conference will be back in Orlando on April 23-25, 2012.

Roger A.Soppe, CLU, LUTCF, is the Senior Director of Insurance Strategy, Oracle Insurance.

 

 

Monday Mar 28, 2011

Game Changer for Insurers: An Adaptive Approach to Core Systems Migration

Improved speed to market, more competitive product offerings, better customer service - these are a few of the advantages that come with replacing an inflexible, aging policy administration system. So why do insurance companies still hesitate to undertake a replacement project and modernize?

One reason is the risk involved in migrating from an old policy administration system to a new one. New ways of thinking about core system migrations, including data conversions, can help insurers reduce this risk and realize the benefits of a modern core system, like Oracle Insurance Policy Administration for Life and Annuity. The concept of "adaptive migration" combines proven data conversion methodologies with an adaptive, highly configurable, rules-driven core system, turning programming code into business rules and inflexible processes into flexible ones.

You can read more about this new approach, and how it can reduce the risk and bring the benefits of migrating to a new policy administration system. Download the newest Oracle Insurance strategy brief "Changing the Rules of the Game: An Adaptive Approach to Core System Migrations" to learn more.

You can learn even more by stopping by Oracle partner's Universal Conversion Technologies' (UCTs') booth at The Life Insurance Conference, April 11-13, at Caesars Palace in Las Vegas. Representatives from both Oracle Insurance and UCT will be on hand to answer your questions and share best practices about adaptive core system migrations.

Not coming to The Life Conference next month?  Stop by and see us during the Life & Annuity sessions at the Core Systems Summit 2011, April 15 in Chicago, or join Oracle Insurance at ACORD LOMA 2011, May 22-24 in San Diego.   Find out more about Oracle Insurance Policy Administration for Life and Annuity and our other solutions for the industry by visiting the Oracle Insurance booth #225 and ACORD LOMA sessions featuring Oracle Insurance executives and our insurance customers.  We'll highlight more about what we have planned at ACORD LOMA this year in an upcoming Oracle Insurance blog. 

Helen Pitts is senior product marketing manager for Oracle Insurance's life and annuities solutions.

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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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