Monday Feb 10, 2014

Finding Peace of Mind in the Midst of Rapidly Changing Dynamics in Life and Annuity

There’s no doubt that the Life and Annuity industry has had its fair share of challenges over the years with new regulatory requirements as well as stiffer competition from within and outside of the insurance industry, but there are signs of life as carriers tackle more strategic planning and attempt to deliver more innovative products.

Dave Shively, Oracle's Senior Director of Life & Annuity Policy Administration, discusses the topic below:

Even with new signs of life, there still remains the age-old challenge of getting new products to market quickly and managing those products across multiple systems. So why don’t insurers just bite the bullet and tackle the monumental task of replacing their legacy systems to support growth? I believe that sometimes what’s needed isn’t a complete overhaul, but a simple solution to a big problem. Here’s a prime example of the problem: the calculation of product pricing duplicated across multiple systems including New Business, Illustrations, Underwriting, Actuarial and Commissions. If a carrier wants to modify the pricing for the product they need to make changes across all of these applications.

And as if the IT challenges weren’t enough, the overall industry is still experiencing high expectations around growth rates as well as the need for improved profitability, customer service and competitive differentiation.

Here at Oracle, we love solving pressing challenges which is why we created the new Oracle Insurance Calculation Engine for Life and Annuity. The purpose-built software provides Life and Annuity carriers with a single engine on which to standardize their rules and calculations – without a complete policy administration transformation.

Oracle Insurance Calculation Engine for Life and Annuity enables carriers to gain a competitive advantage and accelerate time to market with a single environment for managing, maintaining and reusing complex calculation algorithms.  The highly configurable solution allows carriers to centralize their calculation algorithms on a single rules-based platform for use across lines of business by enabling the setup, copying, modifying and maintaining of calculations through configuration without additional costly and time-consuming code development.  The platform also enables users to test and debug their calculations without having to create complex test scenarios in legacy environments. 

So for insurers who aren’t ready for a total policy administration transformation, Oracle Insurance Calculation Engine for Life and Annuity offers peace of mind that a small step can alleviate a major challenge. 

Monday Jun 20, 2011

Oracle Announces Oracle Insurance Policy Administration for Life and Annuity 9.4

Today's global insurers require the ability to provide higher levels of service and quickly bring to market life insurance and annuity products that not only help them stand out from the competition, but also stay current with local legislation. To succeed, they require agile and flexible core systems that enable them to meet the unique localization requirements of the markets in which they operate, whether in North America, Asia Pacific or the Pan-European Region.

The release of Oracle Insurance Policy Administration for Life and Annuity 9.4, announced today, helps insurers meet this need with expanded international market capabilities that enable them to reduce risk and profitably compete wherever their business takes them. It offers expanded multi-language along with unit-linked product and fund processing capabilities that enable regional and global insurers to rapidly configure and deliver localized products – along with providing better service for end users through a single policy admin solution.

Key enhancements include:

  • Kanji/Kana language support, pre-defined content, and imperial date processing for the Japanese market
  • New localization flexibility for configuring and managing international mailing addresses along with regional variations for client information
  • Enhanced capability to calculate unit-linked pricing and valuation, in addition to market-based processing and pre-configured unit linked content
  • Expanded role-based security and masking capability to further protect sensitive customer data
  • Enhanced capability to restrict processing specified activities based on time of day and user role, reducing exposure to market timing risks
  • Further capability to eliminate duplicate client records, helping to reduce underwriting risks and enhance servicing through a single view of the client

"The ability to leverage a single, rules-driven policy administration system for multiple global operation centers can help insurers realize significant improvements in speed to market, customer service, compliance with regional regulations, and consolidation efforts,” noted Celent's Craig Weber, senior vice president, Insurance. “We believe such initiatives are necessary to help the industry address service and distribution imperatives."

Helping our customers meet these mission-critical business imperatives is a key objective for Oracle Insurance. Active, ongoing dialogue with our customers is an important part of the process to help understand how our solutions are and can continue to help them achieve success in the marketplace. I had the opportunity to meet with several of our insurance customers at the Oracle Insurance Policy Administration Client Advisory Board meeting last week in Philadelphia, Penn. (View photos on the Oracle Insurance Facebook page.)   It was a great forum for Oracle Insurance and our clients. Discussion centered on the latest business and IT trends, with opportunities to learn more about the latest release of Oracle Insurance Policy Administration for Life and Annuity and other Oracle Insurance solutions such as data warehousing / business intelligence, while exchanging best practices for product innovation and servicing customers and sales channels.

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

Friday Oct 01, 2010

Insurance Networking News Profiles "Most Influential Women In Insurance"

In a recent Oracle Insurance blog, I highlighted the selection of Sallie Graves, head of Insurance and Distributed Services, ING U.S. Insurance, as one of the 2010 Women in Insurance Leadership.  Sallie was nominated for the recognition by Oracle Insurance.

Sallie was among 10 of the "the most influential women in insurance" who were recently honored at the Women Leadership Focus of Conference and are profiled in the current issue of Insurance Networking News.  The profile chronicles Sallie's career, including her current role in the life insurance division leading policy administration transformation.

Click here to read the full story about Sallie in the magazine's September / October digital issue. 

Congratulations again to Sallie and all those honored!

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

About

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.

Search

Archives
« April 2014
SunMonTueWedThuFriSat
  
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
   
       
Today