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.

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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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