In today’s insurance landscape, staying ahead requires more than offering competitive products—it demands adaptability to changing rules and regulations, streamlined processes, and superior customer service.
Oracle Insurance provides a comprehensive solution tailored to evolving business and industry needs, empowering insurers to manage policies while boosting customer satisfaction.
Read on to learn more about Oracle Insurance and how our senior-level Oracle consultants can help you make the most of the technology you already own.
What is Oracle Insurance Policy and Administration?
Oracle Insurance Policy Administration for Life and Annuity supports new business underwriting, billing, policy processing, individual life and annuity claims, group insurance, collections, and policy issuance—all on one platform. The Oracle Insurance platform keeps up with the evolving market demands by leveraging an up-to-date, rules-based life insurance policy and administration solution.
Features of Oracle Insurance Policy and Administration Solution
Let’s take a look at a few key features of the Oracle Insurance and Administration platform:
Ideal Lifecycle Management for Individual Life and Annuity
Thorough audit trail
Adhere to market audit requirements by utilizing tools that save all transactions, such as reversals, in a single, unified platform and allow complete identification of the associated data.
Adaptable, rules-based engine
Execute critical rules arrangement processes without requiring a programmer’s technical expertise. Designate rules, build and alter products without modifying the base code, and personalize experiences to reflect the brand.
Rules palette
Leverage a data dictionary to maintain consistency with naming conventions and change rules with intuitive drag-and-drop features. Confirm the formulas and calculations for rule reuse with an integrated debugger and calculation engine built into the Oracle Insurance platform.
Product arrangement abilities
Utilize premade product templates and elements for typical individual life insurance products. Share business rules across the product life cycle, copy plans, and clone products to reach the consumer base before competitors.
Current Business Underwriting
One integrated solution
Combine group and retail business operations to consolidate product features and curate hybrid products in Oracle’s single product management platform.
Requirements engine
Implement validation rules, regulatory mandates, and underwriting requirements during plan design. Leverage the policy administration system to accelerate process automation, reduce manual intervention, and support risk analysis initiatives.
Visual modifications
Oracle’s Insurance solution enables underwriters, actuaries, and product managers to build, test, and implement complex rules and product and underwriting logic without extensive programming knowledge.
Application and case capture
Gain a comprehensive view of a member’s current insurance coverage during underwriting operations and benefit from built-in workflow support.
Group Insurance Policy Administration Solution
Support large capacities
Scale insurance policy administration activities to support increasing business demands, handling up to 100 million policies. Seamlessly integrate with existing legacy systems to facilitate extensive deployments and improve enterprise connectivity.
Mass functionality
Provide various product options tailored to specific employee categories within group memberships using an intuitive policy administration system. Facilitate efficient group billing, enable product cloning, and establish clear relationships with group customers.
Task Management
Establish a workflow for building and creating tasks related to policies, clients, or policy activities. Sort tasks based on a user’s access permissions and role requirements.
Dependable data intake
Easily refresh group census details with just a few clicks and leverage intelligent insurance policy management software to verify fields, compute variances, and review files before implementing modifications within the system.
Oracle Insurance Estimation Engine
Externalize calculations and rules
Access a single platform for recognizing rules across various administration systems and support various application features and business sectors in the same place.
Current architecture
Integrate with service-oriented architecture environments and allow seamless processing throughout the entire policy and annuity lifecycle. Leverage the flexible Oracle Insurance Calculation Engine to transition smoothly to the complete Oracle Insurance Policy Administration solution.
Rules palette
Deploy tools like a data dictionary, debugger, and release management, and improve rule duplication with drag-and-drop functionality. Enhance data accuracy, reuse, and testing during the product development cycle.
Assistance in meeting localization requirements
Support multi-currency and multi-language operations in a single system instance to improve compliance with global and regional localization rules.
Top 8 Benefits of Oracle Insurance
1. Accelerate the process of digital transformation
Involve your customers and members of various sales channels by providing real-time access to policy data and enhancing the efficiency of customer sales and service interactions.
2. Curate health insurance experiences that align with members’ expectations
Enhance member satisfaction by streamlining premium billing, enrollments, and claims adjudication processes in a comprehensive digital insurance platform. Optimize provider contract models to lower costs and improve service quality for key stakeholders.
3. Efficiently manage life and annuity insurance for individuals and groups
Centralize underwriting, policy processing, billing, and claims handling processes on a unified insurance management platform. Streamline operations to minimize costs and gain the flexibility to respond quickly to evolving industry requirements and business needs.
4. Sell and manage policies through preferred customer channels
Utilize automation tools to streamline operations and provide personalized responses to policyholders, maintaining a balance between self-service and assisted customer service models through a single digital insurance platform. Allow customers to purchase insurance policies and gain access to services anytime, anywhere.
5. Enhance the speed, uniformity, and dependability of your bancassurance offerings through a digital insurance platform
Effortlessly facilitate the complete bancassurance journey with instantaneous connectivity between banks and insurers, streamlining every stage from sales initiation to policy management, commission settlement, and everything in between.
6. Take a strategic stance towards compliance with IFRS 17 and LDTI regulations
Ensure compliance with international regulatory standards by integrating risk assessments into the overall compliance strategy. Establish connections among data, models, systems, and processes across actuarial and accounting functions and evaluate analytical needs without creating integrations between various point solutions.
7. Ensure timely and accurate billing by contracts consistently
Improve member satisfaction by leveraging a unified insurance management system to manage pricing, billing, and collections for various insurance categories—exchange, individual, group, government, and ASO with stop loss—and achieve operational efficiency.
8. Source the right talent and centralize HR functions throughout the organization
Recruit, nurture, and inspire individuals who drive business progress. Cultivate an engaging employee environment and effectively handle compliance obligations, thus enhancing decision-making for critical HR processes.
How Can We Help
Whether you need help implementing new Oracle applications for the first time, navigating complex integrations between Oracle and non-Oracle systems, or just getting started on your journey with Oracle, Surety Systems has you covered.
Our senior-level Oracle consultants have the functional expertise and years of experience to understand your critical project needs and lead you toward long-term success. We are your one-stop shop for maximizing productivity, improving knowledge transfer, and achieving optimal user adoption.
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