Empowering Life Insurers for Modernization
Meet changing market demands with a modern, rules-based life insurance policy administration solution that 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.
2021 Gartner® Magic Quadrant™
Eighth time Oracle has been named a Leader in the Gartner® Magic Quadrant™ for Life Insurance Policy Administration.
“We believe this report validates our commitment to delivering the capabilities our customers need to innovate and succeed in the market,” said Sonny Singh, EVP and general manager, Oracle Financial Services. Learn why Oracle was named a leader in the 2021 Gartner® Magic Quadrant™ for Life Insurance Policy Administration Systems, North America.
Explore the Oracle Life Insurance Policy Administration Solution
Policy Administration Solution for Individual Life and Annuity
Rethink your business by consolidating policy processes for optimal, long-term efficiency. Scale up or down with a rule-based, life insurance policy management system that creates a digital ecosystem for an improved customer experience.
Policy Administration Solution for Group Insurance
Rapidly configure, manage, and bring group insurance products to market through a highly flexible, rules-driven policy administration solution.
New Business Underwriting
A life insurance policy management system on a single platform for individual & group that creates hybrid products and collaborates across businesses. Increase business agility with a componentized solution that shares business rules to increase speed to market and drives process automation reducing operational costs.
Oracle Insurance Calculation Engine
The Oracle Calculation Engine is a rules-based product configuration tool that enables carriers to achieve agile business practices by externalizes rules and calculations across multiple life policy administration systems.
Key benefits
Open all Close allDigital Transformation
- Engage your customers and sales channels with real-time access to policy data for more efficient customer sales and service experiences
- Automation for straight-through processing around new business and underwriting
- Support your distribution channels with simplified products
Solid Foundation for Your Digital Transformation
Modern Platform
- Transform your business with a modern platform built on web technology and based on industry standards
- Leverage a single life policy administration system to support multiple lines of business and allow a single view of all clients for total risk exposure and administrative support
- Improve operational efficiency throughout the policy lifecycle and reduce total cost of ownership
Modern Platform to Grow Your Business
Flexible System
- Bring new products to market faster through collaborative product development
- Increase speed to market by leveraging business rules for product updates
- Accelerate new product development through reuse of rules and templates
Flexibility to Bring Your Product to Market Faster
Claims Management
- Provide full lifecycle claims management, supporting both group and individual products
- Deliver quick and accurate claims processing
- Simplify the claims handling experience, improve loss ratios and customer service levels, and decrease loss adjusting expenses
Faster Claims Processing to Improve Your Customer Service
Business Insight
- Reduce implementation times and enable rapid creation of company-specific insight with prebuilt dashboards
- Aggregate policy and claims data for an end-to-end analysis and improved visibility
- Gain insight into compliance and operations to help mitigate business risks
Analytics to Improve Your Business Decision Making
Differentiated Experience
- Enhances customer experience with prebuilt web applications
- Enable omnichannel experience with centralized life insurance policy management capabilities
- Use customer policies’ insight to design and improve customer experience
Better Experience for Your Customers
