Monday Mar 10, 2014

Join Us in Boston this Month for Oracle Industry Connect

The global insurance industry is undergoing unprecedented change driven by an uncertain economic outlook, increased regulation, and changing consumer needs. In the midst of this volatility, Oracle’s customers and partners are achieving transformational growth and we want to share their insights with you.

Join us for Oracle Industry Connect, a premier conference designed to promote innovation and transformation through open and provocative discussion within the Life, Property & Casualty and Health Insurance communities. The event will take place March 25-26, 2014 in Boston and features sessions where you can talk to the leaders from the carriers who are embracing innovation. Hear from the carriers themselves about how the Oracle Insurance is helping them streamline their business and technology operations.

You’ll also have a unique opportunity to join your industry peers for in-depth discussions on trends, challenges and opportunities facing insurers today. Reasons to attend include:

  • A Different Kind of Event: Highlighting current industry challenges and opportunities as well as the role of technology in fostering business transformation. The content is discussed and presented through real life customer successes. Our goal is to create a close community of industry visionaries.
  • Content Relevant to the Current Business Environment: This year’s theme is “Time to Transform.” We will explore investments in different functional areas and present multiple approaches to IT investments covering both Business Transformation and IT Transformation.
  • Keynotes by Insurance Industry Leaders and Executives: Hear Celent CEO Craig Weber deliver the insurance program keynote and attend best practices sessions by executives from ING, HPHC, NCB, TIAA CREF, VGZ, Wellpoint and many others.
  • Over 25 Sessions: Focused on Insurers and Healthcare Payers: Insurance and healthcare leaders will discuss the impact of transformation and modernization efforts and how insurers can position themselves to achieve operational efficiency and cost reductions for competitive advantage. Review the full agenda.
  • Breakouts on Special Topics for Deeper Insight: Given the disruptive potential of the Affordable Care Act, we provide insight into technologies that can help leverage this regulation for growth.
  • Customer Appreciation Night: Join us for an electric evening of world-class entertainment, food, and drink at the legendary House of Blues. We are thrilled to present American pop-punk band the Gin Blossoms and the soulful Jermaine Paul.

Don’t forget to keep up with Oracle Insurance year-round:

Friday Oct 25, 2013

Insurers Pushed to Transform Their Business

Everyone in the P&C industry has heard it “We can’t do it.” “Nobody wants to do it.” “We can’t afford to do it.”  Unfortunately, what they’re referencing are the reasons many insurers are still trying to maintain their business processing on legacy policy administration systems, attempting to bide time until there is no other recourse but to give in, bite the bullet, and take on the monumental task of replacing an entire policy administration system (PAS). Just the thought of that project sends IT, Business Users and Management reeling.

However, is that fear real?  It is a bit daunting when one realizes that a complete policy administration system replacement will touch most every function an insurer manages, from quoting and rating, to underwriting, distribution, and even customer service. With that, everyone has heard at least one horror story around a transformation initiative that has far exceeded budget and the promised implementation / go-live timeline.   

[Read More]

Thursday May 30, 2013

Join Oracle Insurance at IASA 2013

Knowledge.Innovation@Work.

This is the theme for the 2013 IASA Annual Education Conference and Business Show that begins Sunday, June 2nd at the Gaylord National Resort & Convention Center in National Harbor, Maryland (Washington, DC area).  Oracle Insurance will be there connecting with industry friends including customers, partners, and fellow vendors.

With the uncertainty in the global insurance market caused by the global financial crisis, rapidly evolving technologies, as well as shifts in customer preferences, insurers realize that big changes are necessary in order to face today’s market dynamics as well as take advantage of opportunities to innovate and gain a competitive edge. Oracle invites you to stop by Booth #817 at the IASA Annual Educational Conference and Business Show to learn how its 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.  Oracle Insurance solutions represented include:

  • Rating and Distribution Management
  • Billing and Financial Management
  • Communications and Document Automation
  • Analytics Applications

Additionally, be sure to attend these Oracle Insurance Vendor Connect Tours during IASA:

  • Financial Software & Systems (#888)
    Monday, June 3, 9:50 a.m. – 10:50 a.m.
  • Rating, Product Definition & Configuration Tools (#986)
    Monday, June 3, 11:00 a.m. – 12:00 p.m.

We look forward to seeing you next week at IASA!

Don’t forget to keep up with us year-round:

Monday Nov 21, 2011

Smooth Sailing or Rough Waters: Navigating Policy Administration Modernization

Life insurance and annuity carriers continue to recognize the need to modernize their aging policy administration systems, but may be hesitant to move forward because of the inherent risk involved. To help carriers better prepare for what lies ahead LOMA's Resource Magazine asked Karen Furtado, partner of Strategy Meets Action, to help them chart a course in Navigating Policy Administration Selection, the cover story of this month’s issue.

The industry analyst and research firm recently asked insurance carriers to name the business drivers for replacing legacy policy administration systems. The top five cited, according to Furtado, centered on:

  • Supporting growth in current lines
  • Improving competitive position
  • Containing and reducing costs
  • Supporting growth in new lines
  • Supporting agent demands and interaction

It’s no surprise that fueling growth, both now and in the future, continues to be a key driver for modernization. Why? Inflexible, hard-coded, legacy systems require customization by IT every time a change is required. This in turn impedes a carrier’s ability to be agile, constraining their ability to quickly adapt to changing regulatory requirements and evolving market demands. It also stymies their ability to quickly bring to market new products or rapidly configure changes to existing ones, and also can inhibit how carriers service customers and distribution channels.

In the article, Furtado advised carriers to ensure that the policy administration system they are considering is current and modern, with an adaptable user interface and flexible service-oriented architecture. She said carriers to should ask themselves, “How much do you need flexibility and agility now and in the future? Does it support the business processes and rules that are needed for you to be able to create that adaptable environment?”

Furtado went on to advise that carriers “Connect your strategy to your business and technical capabilities before you make investment choices…You want to enable your organization to transform for the future, not just automate the past.”

Unlocking High Performance with Policy Administration Transformation also was the topic of a recent LOMA webcast moderated by Ron Clark, editor of LOMA's Resource Magazine. The web cast, which featured speakers from Oracle Insurance and Capgemini, focused on how insurers can competitively drive high performance by:

  • Replacing a legacy policy administration system with a modern, flexible platform
  • Optimizing IT and operations costs, creating consistent processes and eliminating resource redundancies
  • Selecting the right partner with the best blend of technology, operational, and consulting capabilities to achieve market leadership
  • Understanding the value of outsourcing closed block operations

Learn more by clicking here to access this free, one-hour recorded webcast.

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

Friday Nov 04, 2011

Oracle Insurance Earns Two ACORD Achievement Awards for Life & Annuity

Oracle Insurance earned recognition for its continued leadership, adoption and implementation of ACORD (Association for Cooperative Operations Research and Development) industry data standards for life insurance and annuities. The recognition came during a special ceremony held on November 3 at the ACORD Implementation Forum in Fort Lauderdale, Fla.

Oracle received two awards specifically for its use of ACORD web services standards by Oracle Insurance Policy Administration for Life and Annuity:

  • Early Adopter Award - Life & Annuity Plug and Play (PnP)
  • Early Adopter Award - ACORD Web Services Profile (AWSP) standard

Oracle was cited by ACORD for developing, implementing and certifying its use of the AWSP standard in its policy administration system to support these ACORD LAH XML transactions:

  • Add Beneficiary (Life)
  • Add Beneficiary (Annuity)
  • Customer Contact (Client Record)

Earlier this year the company successfully demonstrated its use of the AWSP web standards during the ACORD PnP Tooling Jamboree at the 2011 ACORD LOMA Insurance Systems Forum.

"Oracle is to be congratulated not only for earning these awards, but for its continued leadership in showing the industry how beneficial ACORD data standards are for improving business, integration, and data flow,” said Lloyd Chumbley, Vice President, Standards, ACORD.

Oracle is a long-time member of ACORD and has been involved in the association’s working groups for life insurance and annuities, including the ACORD PnP Consortium Working Group. These latest awards from ACORD demonstrate Oracle’s ongoing commitment to the adoption of industry standards in its solutions for the insurance industry. Oracle previously received an ACORD Achievement Award in recognition of its use of ACORD messaging standards for the implementation of Oracle Insurance Policy Administration for Life and Annuity at Securian Financial Group.

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