Oracle Insurance Policy Administration for Life and Annuity meets changing market demands with a modern, rules-based life insurance policy administration solution. It supports new business underwriting, policy issuance, billing, collections, policy processing, and claims for individual life and annuity and group insurance—all on a single platform.
Manage rules configuration without the technical expertise of a programmer. Define your rules, then create and modify products without changing the base code, and customize the experience to reflect your brand.
Comply with market audits using a solution that stores all transactions, including reversals, and provides full traceability of that data.
Use prebuilt product templates and components for common individual life insurance products. Share business rules across the product lifecycle, clone products, and copy plans to reach your customer base ahead of your competitors.
Define and customize rules with easy drag-and-drop functionality, and use a data dictionary to keep naming conventions consistent. Validate calculations and formulas for reuse with a calculation engine and integrated debugger.
Scale insurance policy administration as business demand grows—up to 100 million policies—with a solution that integrates with existing legacy systems and supports large—scale deployments.
Offer different products to different employee classes of group members using a policy administration system that supports group billing, defines group customer relationships, and enables product cloning.
Update group census information with a few clicks, and rely on the insurance policy management software to validate fields, calculate differences, and examine files before running the changes in the system.
Set up a workflow for creating and completing tasks associated with policies, policy activities, or clients. Organize tasks based on a user’s role and designate access.
Collaborate across retail and group business to combine product features and create hybrid products using Oracle’s single platform for individual and group products.
Gain a complete view of a member’s existing insurance coverage during the underwriting process, and benefit from workflow support.
Enforce regulatory mandates, underwriting rules, and validation rules during plan design. The policy administration system also drives process automation to reduce manual intervention and support risk analysis decisions.
Oracle’s solution allows actuaries, product managers, and underwriters to create, test, and deploy complex rules and create products and underwriting logic without programming expertise.
Gain a centralized place for defining rules across multiple administration systems as well as support for multiple application functionalities and lines of business.
Using drag-and-drop functionality, deploy tools—including a debugger, data dictionary, and release management and plan copying tools—to promote greater accuracy, testing, and reuse within the product development cycle.
Integrate easily with service-oriented architecture environments and enable straight-through processing across the entire policy and annuity lifecycle. Oracle Insurance Calculation Engine also gives you the flexibility to migrate to the full Oracle Insurance Policy Administration solution.
Multilanguage and multicurrency support in a single instance of the system helps regional and global carriers comply with localization requirements.
Engage your customers and sales channels with real-time access to policy data for more-efficient customer sales and service experiences.
Support multiple lines of business with one policy administration system, and gain a unified view of all clients to help evaluate total risk exposure.
Collaborate easily on product development and increase speed to market by using business rules and reusable templates for product updates.
Improve the customer experience and decrease loss adjusting expenses by delivering quick, accurate claims processing for group and individual products.
Mitigate business risks and enable company-specific insights with prebuilt dashboards that aggregate policy and claims data for end-to-end analysis.
Enable an omnichannel experience with centralized life insurance policy management, and use insights to improve customer experience.
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Perform complex and sophisticated rating logic for all lines of business and deliver products to market faster.
Enable real-time connectivity between banks and insurers with a single touchpoint to exchange data and manage policies.
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Talk to a team member about Oracle’s policy administration system.