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New SVP Discusses Oracle's Strategy for Insurance Companies
Against a backdrop of economic uncertainty, heightened pressures to quickly bring new products to market, and the accelerating demands of government regulators, insurance companies gathered recently to hear Rick Connors, new senior vice president and general manager of Oracle's Insurance Global Business Unit, discuss the details of Oracle's multifaceted approach to addressing the industry's challenges.
In addition to unveiling Oracle Insurance, the company organized a series of sessions at the recently concluded Oracle OpenWorld conference that highlighted its insurance industry expertise and an end-to-end line of insurance products and technologies.
"We've assembled a group of people who have a strong domain knowledge gained from their many years of dealing with core insurance-company issues," says Connors.
Oracle's insurance industry expertise and product offerings have been further strengthened by the recent acquisitions of AdminServer and Skywire Software, market leaders in their respective insurance application areas, Connors adds.
"We now have experts whose knowledge ranges from the details of policy administration to people with decades of industry experience who can advise insurance companies about creating total solutions for their customers," he says.
In addition, "Oracle Insurance provides the essential technology components needed to support an insurance company, including both the applications and underlying technologies, such as databases and middleware."
An important element in addition to the applications themselves is Oracle's Application Integration Architecture (AIA), which is reducing the cost and time required for integrating insurance applications together to work in end-to-end systems, Connors says.
For more details on Oracle's insurance industry strategy, watch the replay of the Oracle Insurance launch held at Oracle OpenWorld.
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