Oracle has released its latest version of rules-based policy administration system, Insurance Policy Administration for Life and Annuity 9.4, for life, health and annuity insurers.
According to the Oracle, the latest solution includes multi-language, unit-linked product and fund processing capabilities which allows regional and global insurers to rapidly configure and deliver localized products for end users with a single, adaptive policy administration solution.
Oracle said in order to support the insurance market growth in Japan, it has added Kanji/Kana language and pre-defined content, as well as imperial date processing.
The upgraded solution enables insurers to calculate unit-linked pricing and valuation, in addition to market-based processing and pre-configured unit linked content.
The system facilitate compliance and reduce insurer risk, such as expanded role-based security and masking capability to further protect sensitive customer data, Oracle added.
The policy administration system can also be configured to restrict processing of specified activities based on time of day and user role, reducing exposure to market timing risks.
Oracle Insurance vice president, insurance products Kevin Walma said the ability to leverage a single, rules-driven policy administration system for multiple global operation centers can help insurers realize significant improvements in speed to market, customer service, compliance with regional regulations, and consolidation efforts.