It is clear the insurance industry is undergoing significant changes as it consolidates and prepares for growth. The increasing focus on customer centricity, enhanced and speedier product development capabilities, and compliance with regulatory changes has forced companies to rethink well-entrenched policy administration processes.

In previous Oracle Insurance blogs I’ve highlighted industry research pointing to policy administration replacement as a top IT priority for carriers. It is predicted that by 2013, the global IT spend on policy administration alone is likely to be almost 22 percentage of the total insurance IT spend.

To achieve growth, insurers are adopting new pricing models, enhancing distribution reach, and quickly launching new products and services—all of which depend on agile and effective policy administration processes and technologies.

Next month speakers from Oracle Insurance and Capgemini Financial Services will discuss how insurers can competitively drive high performance through policy administration replacement during a free, one-hour webcast hosted by LOMA. Roger Soppe, Oracle senior director, Insurance Strategy, together with Capgemini’s Lars Ernsting, leader, Life & Pensions COE, and Scott Mampre, vice president, Insurance, will be the speakers. Specifically, they’ll be highlighting:

• How replacing a legacy policy administration system with a modern, flexible platform optimizes IT and operations costs, creates consistent processes and eliminates resource redundancies
• How selecting the right partner with the best blend of technology, operational, and consulting capabilities, is an important pre-requisite to unlock high performance from policy administration transformation to achieve product, operational, and cost leadership 
• The value of outsourcing closed block operations

We look forward to your participation on Thursday, July 14, 11:00 a.m. ET. Please register now.

Helen Pitts is senior product marketing manager for Oracle Insurance's life and annuities solutions.