Oracle Insurance Policy Administration for Life and Annuity

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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