Oracle Insurance today introduced Oracle Insurance Policy Administration for Life and Annuity 9.5 to support the rapidly changing global insurance environment around Life, Annuity and Retirement products.
The latest release of Oracle's adaptive policy administration solution includes market-driven enhancements that:
Can help speed new product introduction: The solution accelerates configuration for Index Fund products and benefit split processing, helping insurers bring new products to market faster. It also offers broader support for complex Life and Annuities products, including fund allocation models.
Can help foster product innovation: New functionality ‒ including the ability to mirror existing plans and then rapidly modify them to jumpstart new product development ‒ helps insurers to accelerate product configuration.
Can help reduce policyholder servicing costs: The solution enables customer service representatives (CSRs) to respond to customer inquiries and process transactions with fewer clicks, shortening service times. In addition, insurers can offer their customers improved self-service capabilities via the Web.
Can help Boosts employee productivity: Enhanced policy overview screens, advanced tool tips and access to policy data with fewer clicks make it easier for employees to work faster and more productively, leading to improved customer service levels.
"Within the past year, conversations with life insurers and policy administration vendors indicate that insurers are increasingly moving toward positioning themselves for growth. This adds pressure to the already strong reasons for policy administration purchasing.... Many of these growth plans require new products, new distribution channel relationships and services, new underwriting models, and new customer service functions, fundamentally increasing the demand for new policy administration solutions," said Steven Leigh, Principal Research Analyst, Gartner. [SOURCE: "MarketScope for North American Life Insurance Policy Administration Vendors," Gartner, June 2012]
"Insurance executives are looking to transform their organizations for growth. growth. Increasingly, their core systems do not provide the agility they need to offer competitive products and provide outstanding customer service. We continue to enhance Oracle Insurance Policy Administration for Life and Annuity that helping carriers create innovative products, introduce nimble business processes, improve customer service and modernize their business models," said J.P. James, vice president of insurance, Oracle.