Insurance Carriers Simplify Product Calculations and Speed Time to Market with Oracle Insurance Calculation Engine for Life and Annuity
Service-oriented Architecture-, Rules-based Solution Supports Easier Integration with Third-party Back Office Systems and Helps Reduce Total Cost of Ownership
Redwood Shores, Calif. – February 11, 2014
To compete profitably in a competitive marketplace, life insurance and annuity carriers must be able to respond quickly to changing customer needs with new products and offerings. This can be challenging for heavily siloed organizations in a highly regulated industry. Oracle Insurance Calculation Engine for Life and Annuity, a new solution, helps carriers to gain a competitive advantage and accelerate time to market with a single environment for managing, maintaining and reusing complex calculation algorithms.
Oracle today introduced Oracle Insurance Calculation Engine for Life and Annuity, a new, highly configurable solution that allows carriers to centralize their calculation algorithms on a single rules-based platform for use across lines of business, helping to accelerate speed to market for new products and reduce IT total cost of ownership.
Insurers can set up, copy, modify and maintain calculations through configuration without additional costly and time-consuming code development. The platform also enables users to test and debug their calculations without having to create complex test scenarios in legacy environments.
The Oracle solution includes prebuilt life and annuities insurance functions and calculations supporting virtually all insurance lifecycle processes, including origination, rating and underwriting, premium management, billing, re-insurance, claims and payouts.
Oracle Insurance Calculation Engine for Life and Annuity’s rules-driven architecture makes the solution highly flexible and configurable to support complex products, including variable universal life and indexed annuity products.
The standalone calculation engine also allows carriers to consolidate calculations across products and systems to help reduce total cost of ownership.
“Insurance carriers today require the ability to rapidly adapt to demand for new and improved life insurance and annuity products. Oracle Insurance Calculation Engine for Life and Annuity meets those needs by enabling carriers to validate calculations and formulas for reuse, while reducing development cycles, testing and maintenance. And because the solution is built on a SOA, carriers can easily integrate it with their back-office systems – ultimately enabling them to remain competitive through the rapid roll-out of simple to highly complex insurance products,” said J.P. James, general manager, Insurance and Healthcare, Financial Services Global Business Unit, Oracle.
“EquiSoft is very excited by the ability to use the Oracle Insurance Calculation Engine for Life and Annuity. EquiSoft has been developing custom solutions for the Oracle Insurance community using the calculation engine for ten years now. We have never been confronted with an insurance product that could not be configured using the powerful calculation engine. The ability to license the calculation engine outside of the policy admin opens a world of new business opportunities for EquiSoft and its clients. EquiSoft has already invested in an illustration solution that uses Oracle Insurance Calculation Engine, offering an ideal flexible solution to the industry,” said Luis Romero, CEO of EquiSoft, an Oracle Insurance Specialized Integrator.
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