Oracle Press Release

Oracle Insurance Announces Availability of Oracle Insurance Policy Administration 9.5

Release Helps Insurers Support Growth Plans and Respond to Changing Market Needs

ORACLE OPENWORLD, SAN FRANCISCO – October 2, 2012


News Facts

Oracle Insurance today introduced Oracle Insurance Policy Administration for Life and Annuity 9.5 to support the rapidly changing global insurance environment around Life, Annuity and Retirement products.
The latest release of Oracle’s adaptive policy administration solution includes market-driven enhancements that:
Can help speed new product introduction: The solution accelerates configuration for Index Fund products and benefit split processing, helping insurers bring new products to market faster. It also offers broader support for complex Life and Annuities products, including fund allocation models.
Can help foster product innovation: New functionality ‒ including the ability to mirror existing plans and then rapidly modify them to jumpstart new product development ‒ helps insurers to accelerate product configuration.
Can help reduce policyholder servicing costs: The solution enables customer service representatives (CSRs) to respond to customer inquiries and process transactions with fewer clicks, shortening service times. In addition, insurers can offer their customers improved self-service capabilities via the Web.
Can help Boosts employee productivity: Enhanced policy overview screens, advanced tool tips and access to policy data with fewer clicks make it easier for employees to work faster and more productively, leading to improved customer service levels.

Supporting Quote

“Within the past year, conversations with life insurers and policy administration vendors indicate that insurers are increasingly moving toward positioning themselves for growth. This adds pressure to the already strong reasons for policy administration purchasing…. Many of these growth plans require new products, new distribution channel relationships and services, new underwriting models, and new customer service functions, fundamentally increasing the demand for new policy administration solutions,” said Steven Leigh, Principal Research Analyst, Gartner. [SOURCE: “MarketScope for North American Life Insurance Policy Administration Vendors,” Gartner, June 2012]
“Insurance executives are looking to transform their organizations for growth. Increasingly, their core systems do not provide the agility they need to offer competitive products and provide outstanding customer service. We continue to enhance Oracle Insurance Policy Administration for Life and Annuity that helping carriers create innovative products, introduce nimble business processes, improve customer service and modernize their business models,” said J.P. James, vice president of insurance, Oracle.

Supporting Resources

Like Oracle OpenWorld on Facebook
Follow Oracle OpenWorld on Twitter

About Oracle

Oracle engineers hardware and software to work together in the cloud and in your data center.  For more information about Oracle (NASDAQ:ORCL), visit www.oracle.com

About Oracle in Industries

Oracle industry solutions leverage the company’s best-in-class portfolio of products to address complex business processes relevant to financial services, helping speed time to market, reduce costs, and gain a competitive edge.

About Oracle OpenWorld

Oracle OpenWorld San Francisco is the most important educational and networking event of the year for Oracle technologists, customers, and partners. This information technology event is dedicated to helping businesses optimize existing systems and understand upcoming technology breakthroughs. The conference, which draws more than 50,000 attendees from over 140 countries, offers more than 2,100 educational sessions, 400 product demos, exhibitions from 450 partners and customers showcasing applications, middleware, database, server and storage systems, industries, management and infrastructure – all engineered for innovation. Oracle OpenWorld 2012 is being held September 30-October 4 at The Moscone Center in San Francisco. For more information please visit www.oracle.com/openworld. Watch Oracle OpenWorld keynotes, sessions and more live on YouTube. Join the Oracle OpenWorld discussion on Twitter, Facebook and the Oracle OpenWorld Blog.

Trademarks

Oracle and Java are registered trademarks of Oracle and/or its affiliates. Other names may be trademarks of their respective owners.

Contact Info

Carla Foster
Oracle
+1.650.506.8611
carla.croghan@oracle.com

Mary Tobin
O’Keeffe & Company
+1.503.658.7396
mtobin@okco.com