Going Global with Oracle Insurance Policy Administration 9.0
With Oracle Insurance Policy Administration 9.0, insurers gain new capabilities for supporting globalization, accelerating time to market, and providing better customer service. The latest release builds on the revolutionary architecture of Oracle Insurance Policy Administration, a rules-based insurance solution for life and annuities that supports the complete policy life cycle from policy issue through claims.
The powerful, business rules-driven capabilities in Oracle Insurance Policy Administration are unparalleled in the industry. Virtually all of the changes to the system—including products, fields, screens, languages, and currencies—can be made without ever touching the core code. As a result, insurers can create innovative, new products rapidly, unhampered by the limitations of traditional systems.
Insurers and industry analyts have long recognized the solution as one of the insurance industry's most modern systems. Gartner, a leading IT market research and advisory organization, recently gave Oracle a "Positive" rating in its June 2009 MarketScope for North American Life Insurance Policy Administration System Vendors.
And, now, the new functionality in Oracle Insurance Policy Administration 9.0 helps insurance companies compete even more effectively by addressing several critical business requirements.
Rising to the Challenges of Globalization
With the globalization capabilities in the newest release of Oracle Insurance Policy Administration, multinational insurers can use a single system for multiple countries. It also gives regional insurers the ability to conduct business in virtually any combination of languages and currencies with the new, Unicode character set. This enables international carriers to comply with local regulations, speed time to market, and reduce IT costs.
Rules-based configuration allows insurers to display system-based data in multiple languages and accurately allocate funds in different currencies according to varying exchange rates—without the need for complex coding. The system is configured with XML rules to provide comprehensive support for all business conditions, complex calculations, and product needs—providing flexibility to meet country- or region-specific requirements.
Supporting Unit Linking for International Stock Exchanges
Oracle Insurance Policy Administration 9.0 offers enhanced global unit linking support for investment fund-backed products—including multi-currency support within and across branches and allocations—and the ability to manage a variety of regional valuation methods. This functionality makes it possible to use any stock exchange methodology for unit value updates, not just the New York Stock Exchange. This is especially significant for insurers outside the United States, where stock exchanges may not update unit values on a scheduled basis. Unit value updates are critical to insurance products that are based on variable funds, such as life and annuities products. Insurers can also apply money to multiple funds that are in different currencies within a single allocation.
Accelerating Customer Service and Time to Market
Oracle Insurance Policy Administration 9.0 embraces the latest standards in modern, configurable user-interface design. With a completely redesigned user interface, insurance companies can rapidly deploy role-based user screens for a variety of products and business processes, enabling more personalized service via call center, online, and other sales and service channels. Improved navigation makes it easier for customer service representatives, actuaries, underwriters and other business users to locate policy information and drill down into customer detail. This allows companies to respond more rapidly to customer inquiries, reduce call times, and improve customer service. Additionally, the new release lets insurers expose any data field via the Web, allowing them to expand their Web-based service capabilities.
Moving to a Modern and Flexible Architecture
A policy administration system is the information backbone of any insurance company. Insurers need modern systems that allow them to automate and manage the entire insurance policy lifecycle in the most cost-effective way. The open, standards-based architecture of Oracle Insurance Policy Administration also allows for easy integration with third-party systems and is compatible with Oracle Application Integration Architecture (AIA).