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Today's global insurers require
the ability to provide higher levels of service and quickly bring to market life
insurance and annuity products that not only help them stand out from the
competition, but also stay current with local legislation. To succeed, they
require agile and flexible core systems that enable them to meet the unique
localization requirements of the markets in which they operate, whether in
North America, Asia Pacific or the Pan-European Region.
The release of Oracle Insurance Policy Administration for Life and Annuity
9.4, announced today, helps insurers meet this need with
expanded international market capabilities that enable them to reduce risk and
profitably compete wherever their business takes them. It offers expanded multi-language along with
unit-linked product and fund processing capabilities that enable regional and
global insurers to rapidly configure and deliver localized products – along
with providing better service for end users through a single policy admin
solution.
Key enhancements include:
Kanji/Kana language support, pre-defined content, and imperial date processing for the Japanese market
New localization flexibility for configuring and
managing international mailing addresses along with regional variations for
client information
Enhanced capability to calculate unit-linked
pricing and valuation, in addition to market-based processing and
pre-configured unit linked content
Expanded role-based security and masking
capability to further protect sensitive customer data
Enhanced capability to restrict processing
specified activities based on time of day and user role, reducing exposure to
market timing risks
Further capability to eliminate duplicate client
records, helping to reduce underwriting risks and enhance servicing through a
single view of the client
"The ability to leverage a
single, rules-driven policy administration system for multiple global operation
centers can help insurers realize significant improvements in speed to market,
customer service, compliance with regional regulations, and consolidation
efforts,” noted Celent's Craig Weber, senior vice president, Insurance. “We believe such initiatives are necessary to
help the industry address service and distribution imperatives."
Helping our customers meet these
mission-critical business imperatives is a key objective for Oracle Insurance. Active, ongoing dialogue with our customers is an important part of the
process to help understand how our solutions are and can continue to help them achieve
success in the marketplace. I had the opportunity to meet with several of our
insurance customers at the Oracle Insurance Policy Administration Client
Advisory Board meeting last week in Philadelphia, Penn. (View photos on the Oracle Insurance Facebook page.) It was a great forum for Oracle Insurance
and our clients. Discussion centered on the latest business and IT trends, with
opportunities to learn more about the latest release of Oracle Insurance Policy Administration for Life and Annuity
and other Oracle Insurance solutions such as data warehousing / business intelligence, while exchanging best practices for product
innovation and servicing customers and sales channels.
Helen Pitts is senior product marketing manager for
Oracle Insurance's life and annuities solutions.
