Oracle Insurance Policy Administration for Life and Annuity
Overview
Oracle Insurance Policy Administration for Life and Annuity helps carriers consolidate multiple policy systems and transform their business. It is also used for New Business Underwrtitng , when carriers adopt a greenfield approach and need to launch new products in a short amount of time. OIPA support Individual and Group for both Life and Annuity business in a single platform. Using OIPA carriers can simplify their systems with a modern, rules-based policy administration solution that supports policy issuance, billing, collections, policy processing, and claims for Individual and Group for both Life and Annuity business.
Key Features
- Highly flexible, rules-based engine to support configuration, separate from source code.
- Prebuilt insurance products templates for faster product development
- User-friendly rules palette lets you drag and drop to configure business rules
- A comprehensive task managementsolution
- Product cloning capabilities enable users to reuse rules and components
- Calculation engine and integrated debugger validates calculations and formulas for reuse
- Full traceability of data with comprehensive audit trail
- Able to handle large volumes up to 100 million policies
- Release management tool provides visibility and control of rules migrations and standards
- Multilanguage and multicurrency functionality to comply with localization requirements
Key Benefits
- Improve operational efficiency and reduce total cost of ownership
- Increase speed to market by leveraging business rules for product updates
- Accelerate new product development through reuse of rules and templates
- Service your customers and sales channels through real-time access to policy data
- Improve compliance with a detailed audit trail of every transaction
- Allow a single view of all clients for total risk exposure and administrative support
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