Oracle has acquired AdminServer, a Pennsylvania-based provider of insurance policy administration software. Financial terms of the deal were not disclosed.
Oracle says AdminServer's product will become a core component of existing insurance industry software.
The combination of Oracle and AdminServer will result in a comprehensive, end-to-end insurance policy management system that can manage multiple insurance product lines such as life, annuities and reinsurance, says the vendor.
"Most insurers still rely on legacy policy administration applications that are extremely inflexible and impede enterprise agility and efficiency," says Oracle president Charles Phillips. "Together, Oracle and AdminServer plan to deliver the most modern, comprehensive, standards-based and well-integrated enterprise software suite for the insurance industry."
AdminServer's management and employees will form a dedicated global business unit within Oracle that will focus on providing critical operational applications to the insurance industry. AdminServer's CEO Rick Connors will lead the business unit as general manager.
The transaction is expected to close in the first half of 2008.