Oracle Press Release

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

News Summary

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.

News Facts

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.

Supporting Quotes

“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.

Supporting Resources

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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 is expected to draw more than 60,000 attendees from over 145 countries, offers more than 2,500 educational sessions, 400 product demos, exhibitions from 500 partners and customers showcasing applications, middleware, database, server and storage systems, industries, management and infrastructure – all engineered for innovation.  Oracle OpenWorld 2013 is being held September 22-26 at The Moscone Center in San Francisco.  For more information, to register, or to watch Oracle OpenWorld keynotes, sessions and more live, please visit www.oracle.com/openworld. Join the Oracle OpenWorld discussion on Twitter, Facebook and the Oracle OpenWorld Blog.

About Oracle in Industries

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

About Oracle

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

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Contact Info

Valerie Beaudett
Oracle
+1.650.506.5170
valerie.beaudett@oracle.com

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