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On May 13, 2008, Oracle announced it has entered into an agreement to acquire AdminServer, a rapidly growing provider of insurance policy administration solutions. The combination will result in a comprehensive, end-to-end insurance policy management solution that can service multiple insurance product lines such as life, annuities and reinsurance. The transaction is expected to close in the first half of 2008, subject to regulatory and other approvals. Until the deal closes, each company will continue to operate independently, and it is business as usual.
AdminServer’s product offering will become a core component of Oracle’s leading insurance portfolio that is already used by more than one thousand customers, including 20 of the top 20 global insurance companies. The AdminServer product line will significantly accelerate Oracle’s investment in the insurance industry and be complemented by Oracle’s existing insurance products such as Oracle Billing, Siebel Claims, Insure³ for property and casualty, and Siebel CRM for Insurance. AdminServer provides the most functionally rich and technologically advanced policy administration system for the industry. Its flexible and rules-based insurance solutions are built on modern technology that supports sales, new business and policy processing across multiple lines of business.
Together, Oracle and AdminServer plan to deliver the most modern, comprehensive, standards-based and well-integrated enterprise software suite for the insurance industry. The combined solution is expected to help insurers meet growth and profitability goals by enabling them to bring new products to market faster and at a lower cost, gain greater business insight, support diverse sales channels, and ultimately increase customer loyalty.
AdminServer’s management and employees will form a dedicated global business unit within Oracle focused on providing critical operational applications to the insurance industry.
We are dedicated to delivering solutions that help global insurance customers address their enterprise software requirements. To learn more about the proposed combination of Oracle and AdminServer, please visit oracle.com/adminserver.
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The above is for informational purposes only and may not be incorporated into a contract.