Oracle Insurance today announced the availability of Oracle Insurance Policy Administration for Life and Annuity 9.4, the newest version of its rules-based policy administration system for life, health and annuity insurers.
This release includes expanded multi-language, unit-linked product and fund processing capabilities that enable regional and global insurers to rapidly configure and deliver localised products and provide better service for end users with a single, adaptive policy administration solution.
To further support insurers in the growing Japanese market, Oracle Insurance Policy Administration for Life and Annuity 9.4 includes Kanji/Kana language support and pre-defined content, as well as imperial date processing.
For the broader global market, Version 9.4 includes new localisation flexibility for configuring and managing international mailing addresses as well as regional variations for client information.
The solution now enables insurers to calculate unit-linked pricing and valuation, in addition to market-based processing and pre-configured unit linked content – enabling insurers operating in international markets to rapidly configure unit-linked products and ensure accurate fund pricing and valuations for their customers.
Oracle Insurance Policy Administration for Life and Annuity 9.4 includes new features that facilitate compliance and reduce insurer risk, such as expanded role-based security and masking capability to further protect sensitive customer data.
The solution can be configured to restrict processing of specified activities based on time of day and user role, reducing exposure to market timing risks.
This newest version enables insurers to eliminate duplicate records of clients, helping to reduce underwriting risks and providing a single view of the client for improved service.
“Despite the turmoil in financial services generally, and among life, health and annuity insurers in particular, there is still keen interest in renewing and/or replacing policy administration systems,” said Craig Weber, Senior Vice President, Insurance, Celent.
“The ability to leverage a single, rules-driven policy administration system for multiple global operation centers can help insurers realise significant improvements in speed to market, customer service, compliance with regional regulations, and consolidation efforts. We believe such initiatives are necessary to help the industry address service and distribution imperatives.”
“Today’s global insurers require the ability to provide higher levels of service and quickly bring to market innovative products that stand out from the competition, and also stay current with local legislation. To succeed, they require agile and flexible systems that enable them to meet the unique localisation requirements of the markets in which they operate, whether in North America, Asia Pacific or the Pan-European Region. Oracle Insurance Policy Administration for Life and Annuity 9.4 meets this need with expanded international market capabilities that enable insurers to reduce risk and profitably compete wherever their business takes them,” said Kevin Walma, Vice President, Insurance Products, Oracle Insurance.