Oracle Insurance Policy Administration

Oracle Insurance Policy Administration is a next-generation, flexible, rules-based insurance solution for life and annuities that supports sales, new business, and policy processing.

Insurers require the ability to quickly bring to market innovative products that stand out from the competition, capture more market share, and ultimately maximize profitability. Oracle Insurance Policy Administration gives insurers the ability to create practically limitless new products, unhampered by the limitations of legacy technologies. In addition, it is the first policy administration system on the market that enables insurers to drive transactions via business rules.

Customer success story: Using the flexible business rules engine in Oracle Insurance Policy Administration, a large eastern U.S. carrier developed a new, complex annuity product that, in its first year, accounted for 25 percent of the carrier's total sales.

Oracle Insurance Policy Administration's rules-based architecture enables rapid new product development, freeing insurers from the limitations of legacy policy administration systems. The rules-driven capabilities in Oracle Insurance Policy Administration are unmatched in the industry: about 95 percent of changes to the system—including products, fields, screens, languages, and currencies—can be made without ever touching the core code. The system does the heavy-lifting through product templates (or "chassis"), product cloning, and a visual rules palette with drag-and-drop functionality.

Customer success story: Since deploying Oracle Insurance Policy Administration, Securian Financial Group has issued 20 new release items, including Index Universal Life, Term, Variable Universal Life, and Fixed Survivor. The insurance carrier received an ACORD Achievement Award for its use of ACORD messaging standards in conjunction with its Oracle Insurance implementation.

Customer success story: Marsh U.S. Consumer, the leading insurance program broker and administrator in the United States, leverages Oracle Insurance Policy Administration and Oracle Financial Services Revenue Management and Billing for Insurance to help accelerate speed to market, increase customer data visibility, and enable product and market flexibility for its new business process outsourcing (BPO) offerings.

Many insurers have multiple policy administration systems supporting multiple lines of business. These systems are often inflexible, hard coded, and expensive to maintain. With Oracle Insurance Policy Administration, insurers can consolidate multiple policy administration systems, significantly reducing maintenance costs. The open, standards-based architecture also allows for easy integration with other third-party systems such as illustrations, new business and underwriting, claims, billing, customer communication management, rating, and more. Oracle Insurance Policy Administration is also fully compatible with Oracle Application Integration Architecture (AIA). This further enables easy integration with other back-office systems and existing legacy systems, so that insurers can progressively renovate their application portfolio while avoiding "big bang" system replacement.

Customer success story: A global carrier previously was running multiple policy administration systems in multiple countries. Today, this carrier is consolidating all of its worldwide lines of business onto Oracle Insurance Policy Administration, using the system's configurable business rules to account for regional differences—from language to currency—in the various countries in which it operates.

• Pre-configured product templates, or "chassis" — Provides support for a wide variety of insurance products
• Product cloning — Provides ability to quickly "clone" a product and reconfigure it to create a new product
• Line-of-business agnostic — Offers multi-line support on one system
• Unparalleled rules-driven flexibility — About 95 percent of changes to the system can be made using business rules, without ever touching the core code
• Rules engine and calculation architecture — Delivers consistency and accuracy reducing the time required for development, testing, and maintenance
• Web-based — Provides real-time access to policy data, enhancing 24/7 self-service capabilities for customers and distribution channels
• Rules palette — Includes user-friendly, visual configuration tool with drag-and-drop functionality, minimizes the need to know XML, and simplifies debugging
• Multi-lingual and multi-currency support — Enables international carriers to comply with local regulations, improve speed-to-market, and reduce IT costs