Oracle Insurance has announced the release of Oracle Insurance policy Administration 9.0, the latest release of its rules-based policy administration system for life and annuities.
This release supports multiple languages and currencies within a single instance of the system, which enables global insurers to roll out one policy administration system in multiple countries. The system also gives regional insurers the ability to conduct business in virtually any combination of languages and currencies.
Insurers gain open access to all policy administration system processes and data through the product's Web-based service-oriented architecture. It also includes a rules palette editing tool that makes the applications easy to configure and administer without the need for complex coding.
"Insurance carriers increasingly are seeking new ways to contain costs and improve business agility," says Chuck Johnston, vice president, strategy and alliances for Oracle Insurance. "[The product] gives life carriers the ability to save money by consolidating systems, because with it they can roll out a single system across multiple regions. At the same time, it lets life and annuity carriers in any country react quickly to market changes, using business rules to configure products, languages, currencies, and to comply with local regulations."
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