Monday Sep 21, 2015

Webcast en vivo - Aprovechando las mejores prácticas tecnológicas en el mercado de seguros de vida de América Latina

Regístrese al Webcast hoy. Español | English
7 de Octubre, 2015
1:00 p.m. ET / 10:00 a.m. PT

Gracias a la tendencia consistente de reducción de pobreza, contracción de tasas de desempleo y crecimiento poblacional, el mercado de América Latina se ha convertido en uno de los más atractivos a nivel mundial para seguros de vida, salud y pensiones. Viendo lo atractivo de este mercado, muchas compañías aseguradoras están orientando sus planes de expansión hacia América Latina. Con el incremento de la competencia entre aseguradoras locales e internacionales, se espera que el crecimiento rentable constituya un reto en algún punto en el futuro.

Desafortunadamente, muchos sistemas legados de administración de pólizas carecen de la flexibilidad que les permita adaptarse a la dinámica de cambio constante del mercado. Es esencial entonces, para los aseguradores en mercados emergentes como América Latina, aprovechar las nuevas tecnologías invirtiendo en la modernización de sus sistemas de Administración de Pólizas.

Únase a nosotros en un webcast en vivo donde exploraremos como los aseguradores pueden:

  • Incrementar la eficiencia para mejorar sus servicios, manteniendo los costos bajo control
  • Lanzar nuevos e innovadores productos reduciendo el tiempo de puesta en mercado
  • Sacar provecho de las oportunidades de crecimiento potencial de los productos de vida y pensiones

En este webcast, ilustraremos como FONASA llevó a cabo este recorrido de transformación. FONASA es la entidad financiera encargada de recolectar, administrar y distribuir los fondos del estado destinados a la salud en Chile, proporcionando cobertura desde 1979 a más del 75% de la población chilena. Discutiremos los retos al competir en el mercado usando sistemas legados y las necesidades que los llevaron a adoptar un sistema basado en reglas con el fin de brindar servicios nuevos e innovadores de manera eficiente.

Regístrese al Webcast hoy. Español | English

Live Webcast - Leveraging Best Practices in Technology in the Latin America Life Insurance Market

Register for the webcast today. English | Español
October 7, 2015
1:00 p.m. ET / 10:00 a.m. PT
NOTE: Webcast will be conducted in Spanish.

With the continued long-term trend of reduced poverty, shrinking unemployment rates and population growth, the Latin America market has become one of the most attractive markets in the world for life, health and annuity products.  Because of the attractiveness of the market, many insurers are setting their sights on expanding into the Latin America market. With increasing competition from local players and international insurers, it is expected that growing profitability will be a challenge at some point in the future.

Unfortunately, many legacy policy administration systems are largely inflexible and unable to adapt to constantly changing market dynamics. Leveraging modern technology such as investing in a modern Policy Administration System has become essential for insurers in emerging markets such as Latin America.

Join us for a live webcast where we explore how insurers can:

  • Increase efficiencies to improve service, while controlling costs
  • Improve speed-to-market by launching new and innovative products
  • Take advantage of growth potential for life and annuity products

In this webcast, we will highlight FONASA’s transformation journey. FONASA is the financial entity entrusted to collect, manage and distribute state funds for health in Chile, providing coverage since 1979 to more than 75% of the Chilean population. We will discuss their challenges in competing in the market using legacy systems and how they decided to move to rules-based system in order to deliver new and innovative services faster.

Register for the webcast today. English | Español
NOTE: Webcast will be conducted in Spanish.

Wednesday Mar 18, 2015

Oracle Insurance Policy Administration Named Leader in new Life and Annuity Policy Administration Systems by Two Analysts

In recent analyst reports by Gartner and CEB TowerGroup, two of the world’s leading IT research firms, Oracle Insurance Policy Administration for Life and Annuity has been named a leader among life and annuity policy administration systems.

Dave Shively, Oracle's Senior Director of Life and Annuity Policy Administration, discusses the topic in today’s post:

Obviously, this is very exciting news for us, as we have focused heavily on delivering a best-in-class policy administration system that can support both group and individual life policies and deliver any insurance product including life, annuities, group life and worksite/employee benefits, on a single platform. The latest release features expanded rules reuse capabilities that help insurers increase speed time-to-market and improve product agility for new products and plans.

We believe placement as a leader in these reports affirms that our focus aligns well with the needs of our customers as we innovate on a flexible, centralized and rules-based solution that supports end-to-end processes including policy setup and issue, enrollment, underwriting, billing, collections, policy processing and claims.

According to Gartner, Oracle Insurance Policy Administration for Life and Annuity was positioned in the Leaders Quadrant based on the combination of completeness of vision and ability to execute, the two primary criteria for the report. Oracle was ranked among the top 7 providers out of 17 competitors participated in the report.

Gartner wrote that “Vendors in the Leaders Quadrant have achieved significant market share, while demonstrating an ability to respond to customers’ needs. Leaders have robust, scalable products with a wide range of features, a large installed base, acceptable financial performance and good distribution. Leaders are doing well today and are prepared for the future.”

CEB TowerGroup, another leading IT analyst firm, published a new report that focuses on solutions for the life and annuity technology space. In this report, Oracle Insurance Policy Administration was ranked as best in class in two important categories: policy lifecycle attributes and enterprise support. The CEB TowerGroup report ranked Oracle number 1 and gave a perfect 5.0 out of 5.0 score in the policy lifecycle attribute category, outpacing 10 other competing solutions. Oracle also tied for first in the enterprise support category that helps position Oracle as a strong vendor in this space.

CEB TowerGroup found that Oracle Insurance Policy Administration provides product flexibility that is unmatched in the market. Oracle’s solution does not require any programmatic changes as all the rules and logic are built using the Rules Palette, a GUI configuration tool that uses drag-and-drop functionality, allowing the user to define and customize rules. The same configuration can be applied to underwriting, product management, audit trail, and other components of Oracle Insurance Policy Administration.

Over the years, Oracle has continued to enhance our policy administration solution and we maintain our commitment to being the leader in the market. We are convinced that the breadth and delivery of Oracle Insurance Policy Administration for Life and Annuity helps customers accelerate product development, improve operational efficiency and reduce time-to-market. We believe this is why these leading analyst firms continue to recognize and affirm our position of leadership in the life and annuity policy administration market.

Don’t forget to keep up with Oracle Insurance year-round via social media.

Thursday Feb 19, 2015

Oracle’s Dave Shively Offers His Thoughts on Core System Solution and Vendor Selection

Dave Shively, Oracle's Senior Director of Life and Annuity Policy Administration, discusses the topic of core system solution and vendor selection in today’s post:

Over the past ten years, the vendor landscape for back-office Insurance solutions has changed tremendously. The number of offerings based on modern technology has increased dramatically and the breadth of capabilities offered by these solutions has also improved significantly. As the market evolves, capabilities that were once cutting edge become default and new functionality becomes differentiating. Capabilities which once were “nice to have” are now “need to have.”   

The current vendor landscape can be broken down into the following classifications:

  • Emerging Players - newer vendors who are starting to gain a foothold in the marketplace, but do not yet have a proven track record.
  • Market Pillars - established players with very strong vendor credentials, but whose technology has not kept up with the competition.
  • Innovators - have demonstrated innovative product strengths that act as their competitive advantage in appealing to niche segments of the market but whose solutions may not yet be ready for enterprise level deployment.
  • Champions - have a strong market presence, modern competitive solution, and are the trendsetters for the industry.

When assessing the viability of a solution vendor, it is important to not only consider the strength of their product offerings, but also their strategy and reach. For their product offerings, evaluation criteria would include functionality, advanced features, affordability, usability and architecture. The other important parameter driving a product’s strength is its adaptability –providing fundamental business capabilities along with the ability to adapt to change and support growth and changing business and regulatory requirements over time.

But there are several factors that should be considered when choosing a vendor partner that go beyond the capabilities of the solution itself.  Carriers have to keep in mind that selecting a Core System ties you to the product vendor for years to come.  The average life-span of a Core System in a carrier is more than 30 years so it is important to consider not only the immediate need, for which the solution is being selected, but also the longer term needs and viability of the solution.  A few of the factors to consider include:

Financial Stability and Transparency

The long term stability of your vendor is critical to the success of your business. Vendors showing poor financial performance/statements are risky as there is a significant probability of acquisition or even insolvency. There are many examples of vendors who have created innovative solutions but could not weather market down cycles.  Vendors not willing to share audited financial information or shying away from providing an accurate picture of the past performance of their products/offerings are likely doing so for a reason. Hence, selecting vendors who can prove that they are financially stable, profitable is undoubtedly a critical criteria for selection.

Resources – Ongoing Product Investment

Significant levels of investment are required for sustained development of next generation products, maintenance of current products and customer support. Additionally, investments done in R&D that add to the performance, stability, functionality, reliability of the product demands depth of industry experience, true knowledge of the solution and a rich experience in implementing the solution. Hence, selecting a vendor who has industry experience, solution knowledge and product implementation expertise along with a proven track record of ongoing product investment is key. Additionally, as with anything you buy, there are fees and costs associated with investment products and services. Fees that seem small initially but over time grow, such as ongoing consulting fees, may have a major impact on your investment portfolio over time. All ongoing fees and charges should be well understood and vetted in order to ensure you are getting good value for each dollar paid over the life of the product.

Experience in Domain

Domain experience is critical not only to implementation success, but also to the long-term viability of the solution. Minute details of the industry are known only to those who’ve spent years in the Industry rather than having just researched it.  With regard to the implementation of the solution, you want to ensure the vendor team has the experience to quickly understand your business needs rather than your team having to educate them about basic insurance principles.  In addition, you want to make sure that the product development team understands the Insurance market so that the solution evolves with the market rather than stagnating and becoming irrelevant.  In addition, it is not only important that the vendor can put forward one or two industry experts, but rather you should look for a team of people supporting the solution who all have a solid understanding of the Insurance business.


While most vendors profess to have a scalable solution, it is important to look for proof points around this supposition.  A vendor should be able to provide large scale implementation references, have well documented scalability testing results, and be able to succinctly articulate how their solution achieves scalability.  They should be willing to let your technical team “under the hood” so they can understand the underlying architecture and how it responds as business volume increases.


Documentation detailing the use of product features and configuration capabilities are a basic requirement for a complete packaged solution. Guides providing installation and use instructions that are well-documented and readily available with the product are critical for the adoption of the solution by your organization.

Product Vendor versus IT Services Provider

A recent trend in the marketplace is the acquisition of industry products by services companies in order to drive services revenue.  The challenge is that services companies lack the basic product management disciplines such as providing technical support, packaging and rolling out software upgrades, supporting new releases of platform software (OS, DB, Web server), and generally having discipline around product strategy.  In addition, they are not incented to provide rich out-of-the-box functionality; rather they want to create solutions that drive services revenue by providing good core capabilities but requiring a carrier to pay for services to “customize” the solution to their needs.


Last, and perhaps most important, is the vendor’s relevant experience implementing their solution for similar carriers.  They should be able to provide both case studies and references for customers that are of a similar size and with similar product lines.  In addition, it is important to look at their list of customers that have the solution live and in production today to verify what they are telling you about their ability to successfully deliver their solution.  Just because they have sold to a lot of carriers does not mean they have a track record of success on the delivery side.

The Bottom Line

Following these criteria can result in creating long term partnerships and strategic engagements, the output of which can be the best business-product evolution in the industry. When insurers connect their business with a product and vendor well-equipped to meet today’s challenges and provide a platform for future growth, the best is sure to follow.

Tuesday Feb 10, 2015

Transform Your Enterprise through Core Systems Consolidation

The life insurance industry is facing decreasing revenues. Written premiums have been flat or even decreasing since 2012, and coupled with interest rates that have been falling, we are now at historic lows – making it harder for life carriers to grow the business. As regulations, industry, competitors, and consumer needs change, life insurance and annuity carriers must continue to adapt their product portfolios and introduce new products faster to market to gain competitive advantage and sustain growth.

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

Unfortunately for many carriers, their aging, legacy policy administration systems prevent or inhibit rapid changes to products or processes. Many carriers are struggling with policy administration systems that are over 30 years old. These aging systems impede carriers from capitalizing on growth opportunities or reacting to competitive pressures. These systems also require significant maintenance, thus reducing profits. However, insurers can overcome these challenges by consolidating distributed and aging policy administration systems into a modern, flexible system that can improve business agility.

There are many benefits that carriers can gain by replacing their old systems with a modern system such as Oracle Insurance Policy Administration for Life and Annuity. Our customers have achieved benefits such as faster time-to-market for new products, enhanced customer service, increased flexibility on product configuration, improved management and distribution by taking advantage of a modern system that is scalable and high-performance to support growth in the business.

In fact, one large multi-national carrier with tens of millions of active policies in several business units is currently implementing Oracle Insurance Policy Administration. They do business in more than 15 countries and wanted to standardize their solution into one modern policy administration system. The challenge facing the company was the urgent need for new modern systems to replace multiple aging policy admin platforms across the group. The carrier recognized that none of these legacy platforms met the requirements necessary to fulfill the strategy put forward, and they decided to standardize using the Oracle Insurance Policy Administration solution.

To learn more about how this company is achieving transformational results from policy modernization and is overcoming challenges by consolidating distributed policy administration systems, we invite you to watch the recent webcast hosted by LOMA and sponsored by Oracle.

Join Us for Oracle Industry Connect in Washington, DC, March 25-26, 2015

The impact of digital disruption is being felt in the financial services industry. Join us for open and provocative discussions during Oracle Industry Connect, an exclusive event taking place March 25–26, 2015 in Washington DC. The Financial Services and Insurance program brings together top business and IT executives from leading financial institutions including insurers, healthcare payers, and banks. Join your industry peers for in-depth conversations on trends, challenges and opportunities facing insurers today.

Don’t forget to keep up with Oracle Insurance year-round via social media.


Oracle’s solutions provide the modern, rules-driven flexibility insurers need to support Digital Insurance transformation, simplify their IT environments, and innovate to keep pace with changing demands.

For more information, visit


« November 2015