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.

 

 

 

 

 

 

 

 

 

 

 

 

 

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.

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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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