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New Release of Oracle Insurance Policy Administration Helps Insurers Position Themselves for Growth
Oracle recently 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 core policy administration solution includes market-driven enhancements that help speed new product introduction, foster product innovation, reduce policyholder servicing costs, and boost employee productivity.
The need for flexible, rules-driven core systems is growing in importance, industry analysts say. “Within the past year, conversations with life insurers and policy administration vendors indicate that insurers are increasingly moving toward positioning themselves for growth,” according to Steven Leigh, principal research analyst, Gartner. “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.”1
The latest version of Oracle Insurance Policy Administration for Life and Annuity is designed to accelerate configuration for index fund products and benefit split processing, which helps insurers bring new products to market faster. It also offers broader support for complex life and annuities products, including fund allocation models.
In addition, the application now offers the ability to mirror existing plans and then rapidly modify them to jumpstart new product development. This helps insurers to accelerate product configuration.
Enhanced policy overview screens, advanced tool tips, and access to policy data with fewer clicks also make it easier for employees to work faster and more productively, which leads to improved customer service levels.
Get more details aboutOracle Insurance Policy Administration for Life and Annuity.
1.“MarketScope for North American Life Insurance Policy Administration Vendors,” Gartner, June 2012.