Avoid the “Big Bang” Approach to Legacy System Replacement by Utilizing Business Process Management Solutions along with Oracle Insurance Policy Administration
By Dave Punter-Oracle Insurance-Oracle on May 06, 2015
Insurance companies have long recognized that they have a need to adapt quickly to new market opportunities, regulations, and technologies as well as customer and corporate needs. Many have to carefully navigate modifications to their existing complex infrastructures and processes with the introduction of new ones. Business Process Management (BPM) allows for the introduction of new technologies and streamlined business processes that can improve costs and visibility while at the same time protecting investments in legacy systems.
Carriers that utilize any form of Business Process Management and Orchestration can be considered as operating in an Intelligent and structured manner, bringing the advantages of:
- Process orchestration
- Model driven
- Content management
- Human interactions
- Process management and Business Activity Monitoring (BAM)
- Effective implementation of Service Level Agreements (SLA)
- Knowledge repository
Using BPM solutions, business users and IT can more easily collaborate to implement and maintain a system that eliminates unnecessary manual processes and allows for end-to-end visibility of new streamlined, automated workflows. Together with the Oracle Insurance Policy Administration solution or Oracle Insurance Calculation Engine, BPM tools can be used to orchestrate new business, rating, underwriting, and claims processes while providing insight into key insurance performance measurements.
A catalogue of predefined and pre-integrated template product models and rules provided by Oracle Insurance Policy Administration can be easily integrated with predefined connectors for various third-party platforms and data services. With a good BPM suite, legacy systems can still be utilized and made part of a virtual service catalog allowing for a more manageable migration from older platforms and processes to newer ones. It reduces the need for carriers to take a “big bang” approach to legacy system replacement and gives the flexibility to migrate in phased manner and reduce the risk.
To learn more about Oracle Insurance Policy Administration and how Oracle’s solutions can be used to support and transform your business, visit oracle.com/insurance.
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