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New Global Business Unit Tackles Insurance Industry's Biggest Challenges
During the Oracle OpenWorld conference in September, Oracle formally launched Oracle Insurance in a special session hosted by Oracle President Charles Phillips and Rick Connors, senior vice president and general manager of the new Oracle Insurance Global Business Unit.
"While the general financial services marketplace is going through uncertain times, Oracle's insurance customers are demanding more than ever from their technology partners, and the creation of a focused business unit is one way that Oracle is responding to these challenges," Connors says.
The launch event was part of a series of industry sessions that also detailed Oracle's set of insurance products, integration strategies, customer case studies, and analyses of insurance industry trends.
Oracle Insurance brings industry-specific products to Oracle in the core areas of policy administration, customer communication management and document creation, new business rating and underwriting, and agency systems.
Combined with Oracle's existing insurance solutions for claims, billing, and customer relationship and financial management, Oracle now offer customers both best-in-class solutions and an integrated suite of insurance applications, Connors says.
The launch presentation covered the new Insurance Global Business Unit's vision and strategy, which includes as a milestone the introduction of a preconfigured complete insurance portfolio that solves specific problems and ultimately supports business transformation.
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