Friday Feb 28, 2014

Consolidating Legacy Systems on a Single Platform. Learn more at Oracle Industry Connect.

Dave Shively, Oracle's Senior Director of Life & Annuity Policy Administration, discusses how insurers can approach consolidation of legacy systems:

Carriers are faced with a growing portfolio of legacy core applications segmented by business line and tied together through a complex network of systems interfaces running on a multitude of platforms.  This is leading to high costs for infrastructure, operations, maintenance, support, and build activities.  It also forces carriers to either employ a large workforce with very diverse skill sets or rely on third party service providers.  The need to support ever changing business requirements and to enable the business to enter new markets and launch new products continues but adding additional IT cost and complexity is not an option.

A number of carriers have found a way to address their short term need to support new products while at the same time beginning a journey to rationalizing their core system portfolio.  That solution is the Oracle Insurance Policy Administration (OIPA) platform.  Those who have been in the life insurance policy space for some time are probably familiar with the OIPA solution and its ability to support any type of individual life or annuity product regardless of complexity and the fact that new products or changes to existing products can be made in a matter of hours with OIPA.  What is new is the fact that Oracle has enhanced this solution to support Group lines of business.  Now a carrier can not only accelerate their time to market, they can also consolidate any type of business on to one modern platform.  For the first time, carriers can actually simplify their systems portfolio with the implementation of a new policy application rather than adding to an already complex web of interconnected legacy headache.

Does this sound too good to be true?  Don’t take my word for it; listen to the carriers that are in the process of taking this revolutionary step towards process and technological efficiency by watching our recent webcast or joining us in person at Oracle Industry Connect.

Oracle Industry Connect is a premier conference designed to promote innovation and transformation through open and provocative discussion within the Financial Services and Insurance communities. The event will take place March 25-26, 2014 in Boston and features sessions where you can talk to the leaders from the carriers who are embracing this innovation. Hear from the carriers themselves about how the OIPA platform is streamlining their business and technology operations. You’ll also have a unique opportunity to join your industry peers for in-depth discussions on trends, challenges and opportunities facing insurers today.

If you are unable to attend Oracle Industry Connect, we encourage you to download and watch our recent webcast on Consolidating Individual and Group Business on a Single Platform. In the webcast, you can hear from industry analyst Chad Hersh about why carriers are finally starting to address their core systems issues as well as Olivier Lafontaine from Equisoft about how they are helping Jamaica-based carrier NCB realize the potential of this transformational technology. 

Don’t forget to keep up with Oracle Insurance year-round:

Friday Sep 16, 2011

Core Systems Modernization: Still a Top IT Priority for Insurers in Coming Decade?

Carrie Burns, editor of Insurance Networking News , wrote an interesting article this week highlighting Celent’s new report, “Reviving the Insurance Core Systems Business Case.”

 In “Core Systems Modernization a Concern for the Next Decade,” Burns notes that insurance technology experts have been discussing core systems modernization for the past decade—and based on Celent's research serious legacy modernization and transformation “will continue to be on insurers’ priority lists for the next decade.”

According to the article, the move towards action is a result of “more than just lack of functionality in legacy systems or the inability to quickly bring about organic growth by developing new products and markets. Difficulties in hiring qualified IT staff with the necessary skills to support legacy platforms are real, and most insurers expect this issue to get worse. Ultimately, Celent says, the business case for legacy modernization should support incremental improvements, which are realized as hard benefits, but also enable the strategic flexibility that will allow insurers to compete more effectively. 

“Some insurers know this and are moving forward, converting to modern approaches and languages, bringing new functionality online and enabling quick product introductions and organic growth.” Click here to read the full article. 

You also can learn more about how insurance carriers are modernizing their IT infrastructures with Oracle’s policy administration, revenue management and billing and other adaptive insurance solutions to better support their business during Oracle OpenWorld next month in San Francisco, Calif.  

The insurers I’ve spoken with who are already registered are looking forward to several key insurance-track sessions.  This includes the insurance keynote session “Make Your Next Move Count:  Priorities and Choices in Insurance Management” featuring Shohreh Abedi, CIO of Farmers Insurance, and Christopher Eberly, Distributor Services, Head of IT for ING.  Both will be joined for what promises to be a compelling and lively panel discussion by James Dewaker, Cognizant, and Oracle Insurance executives Don Russo and Chuck Johnston.  Click here to learn more or register for Oracle OpenWorld. 

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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