By email@example.com on Oct 14, 2011
Replacing legacy IT infrastructure with modern, rules-based core systems is a hot topic and is receiving much attention in the industry—just open up a recent insurance technology print or online publication.
One of the carriers I spoke with last week at Oracle OpenWorld said this barrage of information had some within his company questioning what really defines a true, rules-driven policy administration system
Olivier Lafontaine, director of strategy and solutions for EquiSoft, helped to bring some clarity to this topic during his Oracle OpenWorld session, Policy Administration Implementation Levers for Mid-tier Life Insurance Carriers.
Lafontaine explained what distinguishes a rules-driven system—one that has been built from the ground up—against those that are purported to be such systems (for example, a rules-engine inside a hardcoded system) is its capability to empower a team of business and technical users (actuaries, product managers, rules developers and others) to collaboratively configure transactions that support business process using business rules, without the need to customize or recompile the system’s core code or database structure.
Lafontaine went on to explain that a highly-configurable system that leverages business rules instead of requiring hard-coded customization can provide a carrier with newfound flexibility to:
React to market changes faster than the competition
Consolidate power in their niche—service is key to the mid-market
Support new products and new distribution channels
Reduce operating costs by eliminating redundant tasks, automating transactions over time, and consolidate / optimize user tasks
To find out the more about rules-based policy administration, like Oracle Insurance Policy Administration for Life and Annuity, watch Lafontaine’s session online at Oracle OpenWorld On Demand—along with all keynotes, general and breakout sessions). You can also check out his Oracle OpenWorld interview on the Oracle Insurance YouTube channel along with interviews conducted with Oracle Insurance product strategy and industry leaders to learn more about Oracle’s rules-based, adaptive systems.
Helen Pitts is senior product marketing manager for Oracle Insurance's life and annuities solutions.