Product Overview

Oracle Insurance Policy Administration (OIPA) is an adaptive, rules-based policy administration system that provides full record keeping and support for all policy lifecycle transactions (such as policy issue, billing, collections, policy processing and claims). With Oracle's policy administration system, insurers can rapidly adapt to changing business needs and regulatory requirements while supporting straight-through processing throughout the policy lifecycle.

OIPA is used by leading insurers globally to accelerate product development and speed up time to market for differentiated life insurance, unit-linked and annuity products. The system enables insurers to provide real-time policy servicing of customers and sales channels throughout the policy lifecycle for increased retention and loyalty. It also helps insurers reduce risk and support compliance, while better managing the business to optimize performance through use of a single system.

Accelerates Speed to Market for New and Adapted Products

Insurers require the ability to rapidly bring to market innovative products that stand out from the competition, capture more market share, and ultimately maximize profitability. They can no longer rely on inflexible, aging legacy systems that require heavy IT intervention and hamper their ability to quickly adapt to evolving market dynamics and regulatory conditions.

OIPA enables insurers to accelerate product development and time to market for differentiated life insurance, unit-linked and annuity products globally. The system's rules-driven configuration capabilities are unmatched in the industry. Almost all changes to the system—including products, fields, screens, languages, and currencies—can be made without ever touching the core code or recompiling the data base structure. The system does the heavy-lifting through a user-friendly Rules Palette visual configuration tool, pre-configured product examples, the ability to reuse rules and clone products, and release management.

Improves Customers and Channel Loyalty through Better Servicing

Delivering better service to customers and sales channels throughout the policy lifecycle is critical to promote loyalty and retention. OIPA can help insurers improve servicing by enabling them to provide real-time access to policy information and the ability to process transactions or events through Web Services integration to self-service portals and other systems. It also provides a single view of the customer through full record keeping and support of all policy lifecycle transactions. Additionally, it can help insurers reduce manual processing by customer service representatives (CSRs) and drive consistency by automating support of business processes and validation of transactional information for improved customer servicing.

Reduces Risk While Better Managing the Business for Growth

It is not uncommon for insurers to have multiple, disparate policy administration systems supporting multiple lines of business, including closed blocks. These systems are often inflexible, hard coded, and expensive to maintain.

With Oracle Insurance Policy Administration for Life and Annuity, insurers can consolidate from multiple systems to a single platform to support life, health, unit-linked and annuity products, significantly reducing maintenance costs. Its highly extensible and open architecture also allows for easy integration with front and back-office systems so insurers can progressively renovate their application portfolio while avoiding "big-bang" system replacement.

Insurers can further mitigate their risk during conversions by leveraging proven best practices and a broad industry ecosystem including Oracle Insurance and technical resources and industry partners.

Eases Integration with Other Systems

The open, standards-based architecture of OIPA allows for integration with other third-party systems such as illustrations, new business and underwriting, claims, billing, enterprise document automation / customer communication management, rating, and more. In addition, OIPA is compatible with Oracle Application Integration Architecture (AIA), which enables rapid, low-risk integration with other back-office systems and existing legacy systems.

OIPA also integrates with Oracle's service automation, enterprise document automation and content management solutions. This gives customer service representatives a 360-degree view of the customer, including associated documents, correspondence, confirmations, statements, and policy data—increasing productivity and customer satisfaction.