Oracle Insurance announces Oracle Insurance Policy Administration 9.0

This latest release includes support for multiple languages and currencies within a single instance of the system.

This support enables global insurers to roll out one policy administration system in multiple countries, and gives regional insurers the ability to conduct business in virtually any combination of languages and currencies.

Oracle Insurance Policy Administration 9.0 embraces the latest standards in modern, configurable user-interface design, which enables insurance carriers to rapidly deploy role-based end-user screens for a variety of products and business processes.

The product includes enhanced global unit linking support for investment fund-backed products, including multi-currency support within and across branches and allocations; and the ability to manage a variety of regional valuation methods.

Insurers gain open access to all policy administration system processes and data through the product's industry standard, Web-based service-oriented architecture.

It also includes a visual, drag-and-drop Rules Palette, a user-friendly editing tool that makes Oracle Insurance applications easy to configure and administer without the need for complex coding.

Built on an open, standards-based architecture, Oracle Insurance Policy Administration 9.0 can easily integrate with our customers' existing applications, whether developed in house, from Oracle or third-parties.

Gartner, a leading IT market research and advisory organization, gave Oracle a 'Positive' rating in its June 2009 MarketScope for North American Life Insurance Policy Administration System Vendors.

"Insurance carriers are increasingly seeking new ways to contain costs and improve business agility. Oracle Insurance Policy Administration 9.0 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,"

said Chuck Johnston, Vice President, Strategy and Alliances, Oracle Insurance.