Oracle has released its new Insurance Insbridge Rating and Underwriting 4.5, the latest version of its adaptive, enterprise solution for rating and underwriting.

The latest release extends the product’s capabilities to international insurance markets with support for any language character set, including double-byte languages, such as Mandarin.

Oracle said insurers can now manage business in multiple languages and countries via a single instance of the solution, leveraging Oracle Insurance Insbridge Rating and Underwriting as the single point of rating truth across the business.

The release also features cultural enhancements such as flexible date and number formatting capabilities that meet regional needs and support easier navigation and set up for global insurers.

According to the Oracle, the solution helps actuaries, underwriters and business analysts manage rates with minimal support from IT. With flexible business rules and an easy-to-use rules palette, business users can calculate, maintain and update rates in minutes, significantly improving time to market for new insurance products.

Oracle Insurance vice president, product strategy Srini Venkatasantham said with Release 4.5, Oracle extends the power of Oracle Insurance Insbridge Rating and Underwriting to international insurance markets.

"The user-friendly, web-based rules palette enables business users in any location to maintain, update and change rating logic without the need for IT programming, significantly accelerating time to market for new products in any market," Venkatasantham said.