Thursday Jun 04, 2015

Delivering Best of Breed Solution to Manage Policy Lifecycle

In recent years, we’ve seen increasing interest from small-to-mid-sized carriers in transforming their policy administration systems (PAS). The business case for transformation is clear as leading insurers are already showing the benefits of modern and flexible policy administration systems. PAS transformation simplifies the IT environment by reducing the number of redundant systems and processes as well as reducing overall IT costs. They can also improve market agility by creating a more flexible platform for quickly responding to customer needs and regulatory requirements.

Even though the business case is clear, one of the biggest considerations for PAS transformation is the selection of a technology partner for this transformation journey. Carriers must be aware that selecting a core system ties them to the product vendor for years to come, so picking the right vendor – one that can provide the latest features and technology that can support your specific business goals and optimal business processes – should be the main priority. Carriers should look at vendor’s functionality, advanced features, affordability, usability and architecture in detail and determine if the vendor provides the best solution for each of the policy lifecycle processes.

With the objective of helping small-to-mid-sized carriers reducing the risk and getting the best of breed solution to make them successful in their transformation journey, Oracle is partnering with Sunlight Solutions to deliver best-in-class insurance administration solution for P&C carriers. Sunlight Solutions is a new up and coming company that provides modern policy administration system for P&C market. The joint solution will deliver greater speed-to-market, business agility and lower cost while reducing the risk.

Additionally, Oracle will be exhibiting at the IASA conference in Las Vegas June 7-10th. Please stop by Oracle Booth #440 to learn more about the joint solution. Learn more about other activities at the conference by visiting

The Transition to Standard Software in the Insurance Industry

I spend a lot of time talking to a range of individuals within various financial services institutions (predominately Life & Annuity Insurance carriers in fact), directly and indirectly, about the “fun” aspects of maintaining and modernizing their business processing systems, especially when faced with the prospect of having to comply with  new and ever-evolving regulations requiring companies to

  • Maintain a regulated level of charges and demonstrate it
  • Reveal your audited processes to the outside world
  • Change how you remunerate your distribution network – for future business only, that is
  • Start providing enrolment services for your corporate clients
  • Be prepared for unannounced visits from compliance staff
  • And so forth

Actually, these tend not to present themselves individually  but seem to be a constant part of doing business. Companies’ responses to these requests from regulators are comfortably reliable and familiar as they rely on the resourcefulness of the in house team to adequately “polish up” the existing estate. In essence, companies are dependent on a group of long-term employees who are passionate about the systems they support (and may have built) for quick fixes instead of developing a strategy for modernizing.

Having been in this situation in the past, it’s not surprising to me that companies turn a blind eye to “how” things get done as long as 1) it gets done and 2) doesn’t interrupt business life as usual.

So how long have businesses left themselves in a vulnerable position by relying too heavily on in-house software maintained by these types of passionate teams?  Well I forget personally, but my sources have recently informed me that this has been perpetuated since the early nineties. This historically tried and tested development regime has a cumulative “agility strangulation” cost, as I learned from personal experience and regularly try to communicate to the aforementioned financial services institutions.

Being an Insurance industry expert helps when trying to convey this, but coming from a vendor they sometimes assume that I am biased. Imagine my joy when I came across the following from those nice people at McKinsey

I couldn’t have put it better myself, as Oracle is in an ideal position for many reasons to be an active partner in the transformation programs McKinsey so articulately and knowledgably describe as the “5 T’s”  in the “Lessons in standardization” section of the article. I recommend you read the McKinsey article as well as the most-recent Gartner Magic Quadrant report to anybody finding themselves caught up in this dilemma of how to transition to standard software.

You may also want to read a recent blog post on core system vendor selection.

If you want more information on Oracle’s comprehensive set of solutions for insurers and how they apply to individual parts of the business, visit

Thursday May 07, 2015

Webcast with FierceHealthPayer: The Changing World of Value Based Payments

The emergence of value-based contracting models represent an evolution in clinical and payment methodologies aimed at creating better quality outcomes, greater provider accountability, and improving cost efficiency. In this webcast we will examine the shift from fee for service to value based payments. Some of the issues being discussed are:

  • How the transitions to value based payments are being accomplished
  • Where are the success stories
  • How the new models of capitation are different from capitation of old
  • Integrating accountability into value-based payment models

We will also examine the technology needed to accomplish these payments, what types of systems/models are suited to this new paradigm and how can this technology be delivered to your organization. We will also discuss where and how cloud technology can fit into your transition.

Join us for the webcast:

  • Tuesday, May 19, 2015
  • 1:00 pm EDT / 10:00 am PDT
  • Register now

Wednesday May 06, 2015

Avoid the “Big Bang” Approach to Legacy System Replacement by Utilizing Business Process Management Solutions along with Oracle Insurance Policy Administration

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)
  • Connectivity
  • 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

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

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.


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


« October 2015