New Release of Oracle Insurance Policy Administration for Life and Annuity Helps Insurers Reduce IT Costs and Complexity and Speed Time-to-Market
New Version Enables Insurers to Support Nearly Any Product Configuration from a Single, Rules-based Platform
ORACLE OPENWORLD, SAN FRANCISCO – September 24, 2013
Today, life insurance and annuity carriers require the ability to rapidly adapt to changing regulatory requirements and market demand for new and improved products. At the same time, they are looking to reduce operational costs and complexity by reducing the number of systems required to support their business. To position insurers to best achieve this, Oracle announced that Oracle Insurance Policy Administration for Life and Annuity version 10 will be generally available on October 4, 2013. The new version enables insurers to support nearly any insurance product – group or individual – via a single platform, and features expanded rules reuse capabilities that help speed time-to-market.
Oracle today announced that Oracle Insurance Policy Administration for Life and Annuity version 10 – a flexible, centralized and rules-based solution that supports end-to-end processes including policy setup and issue, enrollment, underwriting, billing, collections, policy processing and claims – will be generally available on October 4, 2013
The latest release enables insurers to support virtually any insurance product including life, annuities, group life and worksite/employee benefits, on a single platform.
The solution now features expanded rules reuse capabilities that help insurers to speed time-to-market and increase product agility for new products and plans.
Oracle Insurance Policy Administration for Life and Annuity delivers the extreme performance that today’s insurers require and is available on multiple hardware and middleware platforms for greater flexibility.
“To capture more market share and maximize profitability, today’s insurers need a solution to help them accelerate product development and reduce time-to-market, improve operational efficiency through centralized policy management and record keeping and better service their customers and sales channels. Oracle Insurance Policy Administration for Life and Annuity version 10, with its expanded functionality to support virtually all insurance product configurations from a single platform, enables insurers to bring new products to market faster while reducing IT costs and complexity, helping them to thrive in the market today and into the future,” said J.P. James, general manager, Insurance and Healthcare, Financial Services Global Business Unit, Oracle.
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