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.

Wednesday Apr 13, 2011

The 2011 Life Insurance Conference Wrap-up

Having spent the past 20+ years in the life insurance industry, it's been a pleasure seeing this conference grow from its modest start 9 years ago.   Today, the Life Insurance Conference is a well established and premier industry event that draws over 500 interested attendees from various carriers, media and technology partners.       

Senan O'Loughlin,  SVP Clients Markets, Swiss Re noted in his General Session titled  "The Economic Environment of the Life Insurance Industry - Is It Time to Be All In?"  that "US expansion growth is moderate" and "Capital lost during the crisis has been restored but not at the same quality".  Senan's message reinforced a similar optimistic theme heard among speakers and attendees over the previous two days of the conference. He also provided a positive overview of New Business trends that included: overall sales have stabilized, annuity sales are growing - especially VA, a slight decline in term insurance due to fewer product offerings and some price increases and that Whole Life Insurance has seen steady growth over the past 5 years.        

Another conference theme continued from earlier sessions was Social Media.  Mike Fitzgerald, a Senior Analyst with Celent  shared the results of a pre-conference attendee survey that was conducted.  While there are risks and rewards of social media marketing, its clear carriers have a vested desire to connect with online consumers.   Mike noted " that from  2008 - 2010, the fastest growing demographic now using social networking sites are the Older Boomers".   

Gene Smaciarz,  Director- Creative Services at Thrivent Financial for Lutherans, offered a carrier's perspective on how his faith-based member organization was using online "Member Communities" to connect with its nearly 3 million members .  Gene spoke of the Five Basic Objectives of their Social Media needs that included:

  • Listening
  • Talking
  • Energizing
  • Supporting
  • Embracing

Brand protection and loyalty are key factors for insurance companies to consider and Social Media as a marketing tool will play an increasing role.

It's interesting to note that next month (May 22-24) at the 2011 ACORD LOMA Insurance Systems Forum, Biz Stone, American entrepreneur and author best known for co-founding Twitter will be the Monday morning key note speaker.  Again, emphasizing  the role Social Media plays in our industry.

Next year,  the Life Insurance Conference will be back in Orlando on April 23-25, 2012.

Roger A.Soppe, CLU, LUTCF, is the Senior Director of Insurance Strategy, Oracle Insurance.

 

 

Monday Mar 28, 2011

Game Changer for Insurers: An Adaptive Approach to Core Systems Migration

Improved speed to market, more competitive product offerings, better customer service - these are a few of the advantages that come with replacing an inflexible, aging policy administration system. So why do insurance companies still hesitate to undertake a replacement project and modernize?

One reason is the risk involved in migrating from an old policy administration system to a new one. New ways of thinking about core system migrations, including data conversions, can help insurers reduce this risk and realize the benefits of a modern core system, like Oracle Insurance Policy Administration for Life and Annuity. The concept of "adaptive migration" combines proven data conversion methodologies with an adaptive, highly configurable, rules-driven core system, turning programming code into business rules and inflexible processes into flexible ones.

You can read more about this new approach, and how it can reduce the risk and bring the benefits of migrating to a new policy administration system. Download the newest Oracle Insurance strategy brief "Changing the Rules of the Game: An Adaptive Approach to Core System Migrations" to learn more.

You can learn even more by stopping by Oracle partner's Universal Conversion Technologies' (UCTs') booth at The Life Insurance Conference, April 11-13, at Caesars Palace in Las Vegas. Representatives from both Oracle Insurance and UCT will be on hand to answer your questions and share best practices about adaptive core system migrations.

Not coming to The Life Conference next month?  Stop by and see us during the Life & Annuity sessions at the Core Systems Summit 2011, April 15 in Chicago, or join Oracle Insurance at ACORD LOMA 2011, May 22-24 in San Diego.   Find out more about Oracle Insurance Policy Administration for Life and Annuity and our other solutions for the industry by visiting the Oracle Insurance booth #225 and ACORD LOMA sessions featuring Oracle Insurance executives and our insurance customers.  We'll highlight more about what we have planned at ACORD LOMA this year in an upcoming Oracle Insurance blog. 

Helen Pitts is senior product marketing manager for Oracle Insurance's life and annuities solutions.

Thursday Jan 06, 2011

Fidelity Investments Life Insurance Executive Weighs in on Policy Administration Modernization

James Klauer, vice president of Client Services Technology at Fidelity Investment Life Insurance, weighs in on the rationale and challenges associated with policy administration system replacement in this month's digital issue of Insurance Networking News. 

In "The Policy Administration Replacement Quandary"  Klauer shared the primary business benefit that can be realized by adopting a modern policy administration system--a timely topic given that recent industry analyst surveys indicate policy administration replacement and modernization will continue to be a top priority for insurers this year. 

"Modern policy administration systems are more flexible than systems of the past," Klauer says in the article. " This has allowed us to shorten our delivery time for new products and product changes.  We have also had a greater ability to integrate with other systems and to deliver process efficiencies."

Klauer goes on to advise that insurers ensure they have a solid understanding of the requirements when replacing their legacy policy administration system. "If you can afford the time, take the opportunity to re-engineer your business processes.  We were able to drastically change our death processes, introducing automation and error-proofing."


Click here to read more of Klauer's insights and recommendations for best practices in the publication's "Ask & Answered" column.

You also can learn more the benefits of an adaptive, rules-driven approach to policy administration and how to mitigate risks associated with system replacement by attending the free Oracle Insurance Virtual Summit:  Fueling the Adaptive Insurance Enterprise, 10:00 a.m. - 6:00 p.m. EST, Wednesday, January 26.   

Insurance Networking News and Oracle Insurance have teamed up to bring you this first-of-its-kind event. This year's theme, "Fueling the Adaptive Insurance Enterprise," will focus on bringing you information about exciting new technology concepts, which can help your company react more quickly to new market opportunities and, ultimately, grow the business. 

Visit virtual booths and chat online with Oracle product specialists, network with other insurers, learn about exciting new product announcements, win prizes, and much more--all without leaving your office.  Be sure and attend the on-demand session, "Adapt, Transform and Grow: Accelerate Speed to Market with Adaptive Insurance Policy Administration," hosted by Kate Fowler, product strategy director for Oracle Insurance Policy Administration for Life and Annuity.

Register Now!

Helen Pitts is senior product marketing manager for Oracle Insurance's life and annuities solutions.

Friday Oct 01, 2010

Insurance Networking News Profiles "Most Influential Women In Insurance"

In a recent Oracle Insurance blog, I highlighted the selection of Sallie Graves, head of Insurance and Distributed Services, ING U.S. Insurance, as one of the 2010 Women in Insurance Leadership.  Sallie was nominated for the recognition by Oracle Insurance.

Sallie was among 10 of the "the most influential women in insurance" who were recently honored at the Women Leadership Focus of Conference and are profiled in the current issue of Insurance Networking News.  The profile chronicles Sallie's career, including her current role in the life insurance division leading policy administration transformation.

Click here to read the full story about Sallie in the magazine's September / October digital issue. 

Congratulations again to Sallie and all those honored!

Helen Pitts is senior product marketing manager for Oracle Insurance's life and annuities and enterprise document automation 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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