Get to market faster and improve your operations with flexible, rule-based policy administration. Manage new business underwriting, policy issuance, policy processing, billing, collections, and claims—all on a single life insurance system.
Life insurance carriers: Fast track to a digital-first strategy
Modernize your back office with a greenfield approach, enabling a digital-first strategy and improving speed to market by up to 75%.
Oracle is recognized by Gartner for its completeness of vision and ability to execute
Explore Oracle Insurance Policy Administration—a Leader in the Gartner® Magic Quadrant™ for Life Insurance Policy Administration Systems for eight consecutive years.
Eliminate the costs of maintaining multiple policy administration systems. Rapidly configure individual and group insurance products using a common set of business rules and administer them from a single life insurance system.Explore Policy Administration
Easily analyze up-to-date policy data through our dashboard or by using your BI tool of choice. Track the health of your books of business and perform what-if scenarios to model the potential impact of strategic changes or unexpected events. Protect the performance and security of your core systems by running analyses from a separate data store, rather than directly from operational systems.Explore Data Integration and Reporting (PDF)
Reduce average policy application and issuance times by integrating critical data streams among all stakeholders. Automate key aspects of the application and quote-to-issue process.Explore Insurance Data Exchange
Easily integrate with federal and private exchanges to bring new products to market faster. Centralize rating data and eliminate anomalies between quoting engines and policy administration with Oracle life insurance software.Explore Enterprise Rating
“We wanted a system to provide all of the table-stakes functionality that our customers and businesses required, and we wanted it to be flexible enough to grow with our product mix. Oracle has all the functionality we need.”
Vice President and Chief Information Officer, American Fidelity Assurance
Automate processes and deliver tailored policyholder responses while balancing self-service and assisted customer service models. Allow customers to buy insurance and receive service when and where they need it.Explore Customer Experience Solutions
Meet global regulatory requirements with an approach that incorporates risk assessments as part of your compliance strategy. Link data, models, systems, and processes between actuarial and accounting functions and a review potential risks without the need to build integrations between various point solutions.Explore IFRS 17 and LDTI Solutions
Reduce risk and simplify regulatory compliance by centralizing the policy rules that drive calculations used by multiple existing systems for illustrations, new business, and underwriting.Explore Calculation Engine Solutions (PDF)
In recent years, the insurance industry has been finding new ways to simplify. Complex products are prone to low discoverability by distribution channels. There’s a higher chance of customer fatigue in the fulfillment process. It’s hard to build resiliency for product changes and compliance. Increased reliance on digital distribution is also forcing carriers to simplify their offerings and adjust to risk-based atomic selling compared to ‘catch all-risks’ products.Read the complete post
Learn how this partnership has helped life insurance carriers transform their legacy systems for more efficiency, visibility, scalability, and better customer data privacy.
Oracle was cited for a wide internal ecosystem of complementary products and preintegrated services such as risk, finance, and customer experience.
Create sustained improvements through true digital transformation for insurance.