Oracle has been named a Leader in the Gartner Magic Quadrant (gartner.com) for Life Insurance Policy Administration Systems, North America for the eighth consecutive time. Oracle was recognized for its completeness of vision and ability to execute in this report where 15 companies were evaluated.
According to Gartner,“The life insurance industry was upended in 2020 due to the COVID-19 pandemic. But through that upheaval, life insurers in North America continued to move forward with legacy modernization and implementation of new policy administration systems at a pace consistent with 2019. This signals that CIOs took advantage of this time to eliminate technical debt and prepare for the future.”
Oracle Insurance Policy Administration (OIPA) is an application that helps insurers transform and simplify their business by consolidating multiple insurance policy systems on a single platform. The rules-driven system supports new business and underwriting, policy issuance, billing, collections, policy processing, commissions, workflow, and claims. Recently, OIPA was enhanced to offer more RESTful APIs, improved integration with Oracle Financial Services Analytics, Oracle Customer Experience (CX), Oracle Documaker, and certified with Oracle Autonomous Transaction Processing.
“Oracle continues to help many of the leading life insurers in North America modernize their policy administration systems,” said Srini Venkatasanthanam, global vice president, insurance product development, Oracle Financial Services. “We believe, this recognition validates Oracle’s commitment to helping insurers navigate one of the most difficult times in history while enabling them to bring new features and technology to market faster to support their customers during this pivotal time.”
Meeting each insurer’s unique requirements, the solution can be deployed on Oracle Cloud Infrastructure (OCI), on-premises, or on third-party cloud platforms. Customers can also leverage Oracle’s deep bench of systems integrators and service implementation partners, including Equisoft, which has a long and positive reputation for handling complex data migrations in the insurance industry.
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About Oracle Insurance
Oracle (oracle.com/insurance) provides modern, innovative technology that enables insurers to drive their digital transformation strategy forward. With Oracle’s flexible, rules-based solutions, insurers can simplify IT by consolidating individual and group business on a single platform, quickly deploy differentiated products, and empower their ecosystem to improve engagement with customers and partners.
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