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Oracle Insurance Provides a Complete, End-to-End Solution for Insurers
With the recent acquisitions of AdminServer and Skywire Software, Oracle expanded its applications footprint into systems that insurers rely on for their core business and give them the ability to manage the full lifecycle of policies.
The new technologies complement Oracle's existing insurance products, such as Oracle Billing, Siebel Claims, and Siebel CRM for Insurance. Additionally, Oracle's technology infrastructure augments these applications, providing a complete solution for insurers.
AdminServer brings a suite of policy administration, illustration, and new business software based on a centralized, XML-based business rules engine. The products can be used together to replace legacy policy administration systems or to provide new capabilities in existing applications.
"The AdminServer suite helps insurers more quickly develop and deploy new products, improve operational efficiency, and reduce IT maintenance costs," according to Rick Connors, Oracle senior vice president and general manager of its Insurance Global Business Unit.
With the acquisition of Skywire Software, Oracle gains applications that strengthen two key areas: customer communications management and new business generation.
Oracle Documaker automates the design, production and multichannel distribution of customer-facing insurance communications. Oracle Insurance Insbridge Rating and Underwriting is a single, Web-based rating, rules, and underwriting system that facilitates complex rating and underwriting logic based upon multiple factors.
Oracle's insurance offerings support ACORD, ISO, NASD, and NAIC standards, among others, and can manage state filings and compliance, enable data exchange and straight-through processing, and expand distribution channels.
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