Tuesday Mar 01, 2016

Innovate or Perish

The days of the status quo in the life insurance industry are over.  With increased competition through the arrival of new all digital carriers, a rapidly changing customer base with little long-term loyalty and high customer service expectations, and the realization that cost pressure will never be a thing of the past, Insurance executives are realizing that continuing to do business in the same way as they have in the past will lead to certain failure.

Dave Shively, Oracle's Senior Director of Life and Annuity Policy Administration, discusses the topic in today’s blog post.

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Monday Sep 21, 2015

Webcast en vivo - Aprovechando las mejores prácticas tecnológicas en el mercado de seguros de vida de América Latina

Regístrese al Webcast hoy. Español | English
7 de Octubre, 2015
1:00 p.m. ET / 10:00 a.m. PT

Gracias a la tendencia consistente de reducción de pobreza, contracción de tasas de desempleo y crecimiento poblacional, el mercado de América Latina se ha convertido en uno de los más atractivos a nivel mundial para seguros de vida, salud y pensiones. Viendo lo atractivo de este mercado, muchas compañías aseguradoras están orientando sus planes de expansión hacia América Latina. Con el incremento de la competencia entre aseguradoras locales e internacionales, se espera que el crecimiento rentable constituya un reto en algún punto en el futuro.

Desafortunadamente, muchos sistemas legados de administración de pólizas carecen de la flexibilidad que les permita adaptarse a la dinámica de cambio constante del mercado. Es esencial entonces, para los aseguradores en mercados emergentes como América Latina, aprovechar las nuevas tecnologías invirtiendo en la modernización de sus sistemas de Administración de Pólizas.

Únase a nosotros en un webcast en vivo donde exploraremos como los aseguradores pueden:

  • Incrementar la eficiencia para mejorar sus servicios, manteniendo los costos bajo control
  • Lanzar nuevos e innovadores productos reduciendo el tiempo de puesta en mercado
  • Sacar provecho de las oportunidades de crecimiento potencial de los productos de vida y pensiones

En este webcast, ilustraremos como FONASA llevó a cabo este recorrido de transformación. FONASA es la entidad financiera encargada de recolectar, administrar y distribuir los fondos del estado destinados a la salud en Chile, proporcionando cobertura desde 1979 a más del 75% de la población chilena. Discutiremos los retos al competir en el mercado usando sistemas legados y las necesidades que los llevaron a adoptar un sistema basado en reglas con el fin de brindar servicios nuevos e innovadores de manera eficiente.

Regístrese al Webcast hoy. Español | English

Live Webcast - Leveraging Best Practices in Technology in the Latin America Life Insurance Market

Register for the webcast today. English | Español
October 7, 2015
1:00 p.m. ET / 10:00 a.m. PT
NOTE: Webcast will be conducted in Spanish.

With the continued long-term trend of reduced poverty, shrinking unemployment rates and population growth, the Latin America market has become one of the most attractive markets in the world for life, health and annuity products.  Because of the attractiveness of the market, many insurers are setting their sights on expanding into the Latin America market. With increasing competition from local players and international insurers, it is expected that growing profitability will be a challenge at some point in the future.

Unfortunately, many legacy policy administration systems are largely inflexible and unable to adapt to constantly changing market dynamics. Leveraging modern technology such as investing in a modern Policy Administration System has become essential for insurers in emerging markets such as Latin America.

Join us for a live webcast where we explore how insurers can:

  • Increase efficiencies to improve service, while controlling costs
  • Improve speed-to-market by launching new and innovative products
  • Take advantage of growth potential for life and annuity products

In this webcast, we will highlight FONASA’s transformation journey. FONASA is the financial entity entrusted to collect, manage and distribute state funds for health in Chile, providing coverage since 1979 to more than 75% of the Chilean population. We will discuss their challenges in competing in the market using legacy systems and how they decided to move to rules-based system in order to deliver new and innovative services faster.

Register for the webcast today. English | Español
NOTE: Webcast will be conducted in Spanish.

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 oracle.com/insurance.


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.

About

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 oracle.com/insurance.

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