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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.

Oracle Insurance Policy Administration for Life and Annuity

2020 Gartner Magic Quadrant

Seventh time Oracle has been named a Leader in Gartner’s 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 2020 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

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Digital Transformation

    Solid Foundation for Your Digital 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 digital transformation

Modern Platform

    Modern Platform to Grow Your Business

  • 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

    Flexibility to Bring Your Product to Market Faster

  • 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
accelerate new product development

Claims Management

    Faster Claims Processing to Improve Your Customer Service

  • 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 claim processing

Business Insight

    Analytics to Improve Your Business Decision Making

  • 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 business decision making

Differentiated Experience

    Better Experience for Your Customers

  • 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
enhance customer experience