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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.
