By Calvin Glenn-Oracle on Nov 20, 2014
Anton Wiryawan, Insurance Product Strategy Director, discusses the topic below:
In today’s competitive insurance market environment, the key to gaining and retaining market share is to introduce new and innovative products faster than your competitors. However, many carriers are unable to do this because the way they define, build and launch new products is not consistent. In a typical carrier’s environment, product data is scattered throughout the organization in spreadsheets and multiple systems, making it difficult and costly for carriers to introduce new, innovative products and product changes to market.
Oracle Insurance is pleased to introduce a new product called Oracle Insurance Product Configuration that can help carriers deliver product to market faster. Oracle Insurance Product Configuration is a web-based insurance product modeling solution that centralizes product data and validation rule definitions while providing a single product schema reference for integrated external systems.
Oracle Insurance Product Configuration helps insurers improve agility by externalizing all product data and validation rules from multiple, hard-coded operational systems into a central repository, where products can be easily configured and modified. With product information centralized in Oracle Insurance Product Configuration, carriers can accelerate new product introductions and bring changes to the market faster.
Some features of the Oracle Insurance Product Configuration 1.0 are:
- Product Configuration by business user – product data and validation rules are maintained in a central product repository where qualified business users can build and modify their own products with minimal IT support.
- Model Inheritance – users can inherit reusable components to easily make changes to existing products or create new, customized products from a common product model base.
- Approval Workflow – an approval workflow can be utilized if a product needs to be reviewed or approved prior to releasing.
- Product Definition Specification – for each insurance product, a product specification XSD can be generated from the repository providing a blue-print for integration among systems adhering to the specification.
Some of the benefits Oracle Insurance Product Configuration provides are:
- Creates a reusable hierarchical schema to define multiple insurance products that can be shared across multiple systems.
- Provides a centralized location for information so users do not have to chase down product-related data stored in spreadsheets, folders, e-mails, and other fragmented sources.
- Improves speed to market through a streamlined, consistent, and repeatable product development process.
What differentiates Oracle's offering from other Product Configuration in the market is integration with other Oracle products. For example in the first release, Oracle included Oracle Insurance Data Capture as part of Oracle Insurance Product Configuration. Oracle Insurance Data Capture (OIDC) is a web-based data capture application system built specifically for the insurance industry that streamlines data capture by allowing insurers to create and configure questions and rules through an intelligent front-end data capture web application. Both solutions allow your business users to easily define, make changes or add new products and create custom questions for those products. It allows you to build products in days not months, therefore improving agility for your organization and building competitive differentiation in the market.
To learn more about how Oracle Insurance solutions can benefit your business, visit oracle.com/insurance.
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