Oracle has been named a Leader for the 7th time in the 2020 Gartner Magic Quadrant (gartner.com) for Life Insurance Policy Administration Systems, North America1. Of the 11 companies evaluated, Oracle was recognized for its completeness of vision and ability to execute in the market with Oracle Insurance Policy Administration. For the full report visit: gtnr.it/31Md3Lm.
According to Gartner,“As the COVID-19 pandemic has clearly demonstrated, business operating conditions can change dramatically overnight, and life insurance PASs and the infrastructure on which they operate must be scalable, secure and adaptable to change. Life insurance CIOs must assure that core insurance processes remain operationally resilient to changing conditions that a crisis brings to the forefront.”
Running on the secure, scalable Oracle Cloud Infrastructure, Oracle Insurance Policy Administration (OIPA) helps life insurers modernize and simplify their business by consolidating multiple policy administration systems on a single platform. The rules-driven system supports new business underwriting, policy issuance, billing, collections, policy processing and claims.
“Some of the largest life insurers in North America have turned to Oracle to modernize their policy administration systems,” said Sonny Singh, EVP and general manager, Oracle Financial Services. “We believe this report validates our commitment to delivering the capabilities our customers need to innovate and succeed in the market.”
With its open integration capabilities, OIPA continues to help its customers improve product development, reduce time to market, and increase operational efficiency through centralized policy management and record keeping. Customers can also leverage Oracle’s deep bench of service implementors, including Equisoft, to further speed front-end digitization efforts and better serve customers.
For more information about Oracle’s Insurance Policy Administration, click here.
1. Gartner, Magic Quadrant for Life Insurance Policy Administration Systems, North America, Richard Natale and Rajesh Narayan, August 3, 2020
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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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Contact: Brian Pitts - Hill+Knowlton Strategies
P: +1 312 475 5921 - E: brian.pitts[.]hkstrategies.com.