Policy Administration System

Flexible, rules-based engine

Manage rules configuration without the technical expertise of a programmer. Define your rules, then create and modify products without changing the base code, and customize the experience to reflect your brand.

Detailed audit trail

Comply with market audits using a solution that stores all transactions, including reversals, and provides full traceability of that data.

Product configuration capabilities

Use prebuilt product templates and components for common individual life insurance products. Share business rules across the product lifecycle, clone products, and copy plans to reach your customer base ahead of your competitors.

Rules palette

Define and customize rules with easy drag-and-drop functionality, and use a data dictionary to keep naming conventions consistent. Validate calculations and formulas for reuse with a calculation engine and integrated debugger.

• Datasheet: Policy Administration Solution for Life Insurance (PDF)

Support for large volumes

Scale insurance policy administration as business demand grows—up to 100 million policies—with a solution that integrates with existing legacy systems and supports large—scale deployments.

Group functionality

Offer different products to different employee classes of group members using a policy administration system that supports group billing, defines group customer relationships, and enables product cloning.

Reliable data intake

Update group census information with a few clicks, and rely on the insurance policy management software to validate fields, calculate differences, and examine files before running the changes in the system.

Task management

Set up a workflow for creating and completing tasks associated with policies, policy activities, or clients. Organize tasks based on a user’s role and designate access.

• Datasheet: Policy Administration Solution for Group Insurance (PDF)

Single, integrated platform

Collaborate across retail and group business to combine product features and create hybrid products using Oracle’s single platform for individual and group products.

Case and application capture

Gain a complete view of a member’s existing insurance coverage during the underwriting process, and benefit from workflow support.

Requirements engine

Enforce regulatory mandates, underwriting rules, and validation rules during plan design. The policy administration system also drives process automation to reduce manual intervention and support risk analysis decisions.

Visual editing

Oracle’s solution allows actuaries, product managers, and underwriters to create, test, and deploy complex rules and create products and underwriting logic without programming expertise.

• Datasheet: New Business Underwriting (PDF)

Externalize rules and calculations

Gain a centralized place for defining rules across multiple administration systems as well as support for multiple application functionalities and lines of business.

Rules palette

Using drag-and-drop functionality, deploy tools—including a debugger, data dictionary, and release management and plan copying tools—to promote greater accuracy, testing, and reuse within the product development cycle.

Modern architecture

Integrate easily with service-oriented architecture environments and enable straight-through processing across the entire policy and annuity lifecycle. Oracle Insurance Calculation Engine also gives you the flexibility to migrate to the full Oracle Insurance Policy Administration solution.

Support for localization requirements

Multilanguage and multicurrency support in a single instance of the system helps regional and global carriers comply with localization requirements.

• Datasheet: Oracle Insurance Calculation Engine (PDF)