Policy Administration System

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.

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Explore Oracle’s life insurance policy administration solution

Flexible, rules-based engine

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.

Detailed audit trail

Comply with market audits using a solution that stores all transactions, including reversals, and provides full traceability of that data.

Product configuration capabilities

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.

Rules palette

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.

Datasheet: Policy Administration Solution for Life Insurance (PDF)

Support for large volumes

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.

Group functionality

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.

Reliable data intake

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.

Task management

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.

Datasheet: Policy Administration Solution for Group Insurance (PDF)

Single, integrated platform

Collaborate across retail and group business to combine product features and create hybrid products using Oracle’s single platform for individual and group products.

Case and application capture

Gain a complete view of a member’s existing insurance coverage during the underwriting process, and benefit from workflow support.

Requirements engine

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.

Visual editing

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.

Datasheet: New Business Underwriting (PDF)

Externalize rules and calculations

Gain a centralized place for defining rules across multiple administration systems as well as support for multiple application functionalities and lines of business.

Rules palette

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.

Modern architecture

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.

Support for localization requirements

Multilanguage and multicurrency support in a single instance of the system helps regional and global carriers comply with localization requirements.

Datasheet: Oracle Insurance Calculation Engine (PDF)

Key benefits of Oracle’s policy administration system

Expedite digital transformation

Engage your customers and sales channels with real-time access to policy data for more-efficient customer sales and service experiences.

Improve operational efficiency

Support multiple lines of business with one policy administration system, and gain a unified view of all clients to help evaluate total risk exposure.

Adapt the system to fit your needs

Collaborate easily on product development and increase speed to market by using business rules and reusable templates for product updates.

Simplify claims management

Improve the customer experience and decrease loss adjusting expenses by delivering quick, accurate claims processing for group and individual products.

Use analytics for business insights

Mitigate business risks and enable company-specific insights with prebuilt dashboards that aggregate policy and claims data for end-to-end analysis.

Enhance your customer experience

Enable an omnichannel experience with centralized life insurance policy management, and use insights to improve customer experience.

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Policy Administration System

Explore Oracle’s life insurance policy administration solution

Optimal lifecycle management for individual life and annuity

Policy administration solution for group insurance

New business underwriting

Oracle Insurance Calculation Engine

Flexible, rules-based engine

Detailed audit trail

Product configuration capabilities

Rules palette

Support for large volumes

Group functionality

Reliable data intake

Task management

Single, integrated platform

Case and application capture

Requirements engine

Visual editing

Externalize rules and calculations

Rules palette

Modern architecture

Support for localization requirements

Key benefits of Oracle’s policy administration system

Expedite digital transformation

Improve operational efficiency

Adapt the system to fit your needs

Simplify claims management

Use analytics for business insights

Enhance your customer experience

Additional treasury management software solutions

Health insurance management

Insurance rating software

Bancassurance solutions

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