Oracle Insurance Policy Administration for Life and Annuity

Oracle Insurance Policy Administration for Life and Annuity is an adaptive policy administration system that provides full record keeping and support for all policy lifecycle transactions—from policy issue, billing, collections, and policy processing to claims. With Oracle's policy administration system, insurers can rapidly adapt to changing business needs and regulatory requirements while supporting straight-through processing throughout the policy lifecycle. Oracle Insurance Policy Administration for Life and Annuity is used by leading insurers globally to accelerate product development and speed time to market for differentiated products through rules-based configuration. The system enables insurers to provide real-time policy servicing of customers and sales channels throughout the policy lifecycle for increased retention and loyalty. It also helps insurers reduce risk and support compliance while better managing the business to optimize performance through use of a single powerful system for life, health, and annuities.

Insurers require the ability to quickly bring to market innovative products that stand out from the competition, capture more market share, and ultimately maximize profitability. Oracle Insurance Policy Administration for Life and Annuity gives insurers the ability to create practically limitless new products, unhampered by the limitations of legacy technologies. In addition, it is the first policy administration system on the market that enables insurers to drive transactions via business rules. It also provides real-time access to policy data, enhancing self-service capabilities for your customers and distribution channels.

Customer Success Stories:

• Using the flexible business rules engine in Oracle Insurance Policy Administration for Life and Annuity, a large eastern U.S. carrier developed a new, complex annuity product that, in its first year, accounted for 25 percent of the carrier's total sales. The company has since retired its legacy system and migrated other products to the Oracle solution, significantly decreasing its overall product development cycle to less than a third of the time required using the previous system.

Oracle Insurance Policy Administration's rules-based architecture enables rapid new product development, freeing insurers from the limitations of legacy policy administration systems. The rules-driven capabilities in Oracle Insurance Policy Administration are unmatched in the industry; almost all changes to the system—including products, fields, screens, languages, and currencies—can be made without ever touching the core code or recompiling. The system does the heavy-lifting through templates, product cloning, and a visual rules palette with drag-and-drop functionality.

Customer Success Stories:

• Since deploying Oracle Insurance Policy Administration for Life and Annuity, Securian Financial Group has issued multiple new release items, including Index Universal Life, Term, Variable Universal Life, and Fixed Survivor. The insurance carrier received an ACORD Achievement Award for its use of ACORD messaging standards in conjunction with its Oracle Insurance implementation.
• An insurance carrier based in the Midwestern United States found its ability to create and bring to market new, complex insurance products constrained by its inflexible legacy policy administration system. To accelerate product development and support its business objectives, the company selected Oracle Insurance Policy Administration for Life and Annuity. The carrier rapidly rolled out a complex product, resulting in positive market response and an increased volume in new applications. It has subsequently continued to roll out several other new products with multiple options and new riders, dramatically accelerating overall speed to market.

Many insurers have multiple policy administration systems supporting multiple lines of business. These systems are often inflexible, hard coded, and expensive to maintain. With Oracle Insurance Policy Administration for Life and Annuity, insurers can consolidate multiple policy administration systems, significantly reducing maintenance costs. The open, standards-based architecture also allows for easy integration with other third-party systems such as illustrations, new business and underwriting, claims, billing, customer communication management, rating, and more. This further enables easy integration with other back-office systems and existing legacy systems so insurers can progressively renovate their application portfolio while avoiding "big-bang" system replacement.

Customer Success Stories:

• A global carrier previously was running multiple policy administration systems in multiple countries. Today, this carrier is consolidating all of its worldwide lines of business onto Oracle Insurance Policy Administration for Life and Annuity, using the system's configurable business rules to account for regional differences—from language to currency—in the various countries in which it operates.
• Learn More. Visit Alamere Insurance to learn more about Oracle’s adaptive policy administration solution. Alamere is a model office created by Oracle to demonstrate potential uses of Oracle Insurance applications.

• Pre-configured Product Examples—Provides product configuration examples that may be adapted by insurer based upon the specific product and /or business requirements
• Product Cloning—Provides ability to quickly "clone" a product and reconfigure it to create a new product
• Line-of-business Agnostic—Offers multi-line support on one system
• Unparalleled Rules-driven Flexibility—Almost all changes to the system can be made using business rules without ever touching the core code, reducing the cost of configuring products and installing upgrades
• Rules Engine and Calculation Architecture—Delivers consistency and accuracy, reducing the time required for development, testing, and maintenance
• Web-based—Provides real-time access to policy data, enhancing 24/7 self-service capabilities for customers and distribution channels
• Rules Palette—Includes a user-friendly-visual configuration tool with drag-and-drop functionality that minimizes the need to know XML and simplifies debugging
• Integrated Debugger Tool—Provides validation of calculations and formulas, contributing to reusability and reduced development cycles, testing, and maintenance time
• Traceability of Data—Aids with audits and compliance
• Multi-language and Multi-currency Support—Enables international carriers to comply with local regulations, improve speed-to-market, and reduce IT costs
• Deep Insurance Domain and Technology Expertise—Helps align your technology investment with core business processes
• Release Management—Provides governance of rules migration from development to test to production