Overview
Product Information on Oracle Insurance Policy Administration for Life and Annuity
What is Oracle Insurance Policy Administration for Life and Annuity?
Oracle Insurance Policy Administration for Life and Annuity Pricing
Overall experience with Oracle Insurance Policy Administration for Life and Annuity
“Navigating the Configuration Complexity of OIPA for Insurance Products”
“Implementation challenging due to low expertise implementation partner”
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Company Description
Oracle is a cloud technology company that offers computing infrastructure and software solutions globally. This organization has developed an autonomous database, the first of its kind, to help manage and secure data. Oracle Cloud Infrastructure presents functionalities to facilitate the transition of workloads from on-site systems to the cloud, and vice versa, as well as between different clouds. Oracle's cloud software applications provide modern tools designed to support sustainable growth and resilience in businesses. Tools developed by Oracle are used by a wide range of users including nonprofit organizations and businesses of various sizes, to aid in operations like supply chain streamlining, human resource management, financial planning and connecting data and global users. Apart from business solutions, Oracle's technology also aids in tasks ranging from government defense to scientific and medical research.
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Performance of Oracle Insurance Policy Administration for Life and Annuity Across Market Features
Oracle Insurance Policy Administration for Life and Annuity Likes & Dislikes
One of the standout features of OIPA is the powerful configuration capabilities. Unlike many legacy systems that rely on hard-coded functionality, OIPA allows for insurers to configure product features, rules, workflows, and calculation without heavy reliance on custom coding.
OIPA provides us with flexibility and agility. this is significant in the markets in Africa that we operate in.
The project and support services for the OIPA solution that is provided by our Equisoft partners has been excellent. The ease with which products may be configured on the OIPA platform, and the openness and modularity of the platform that allows for ease of integration with external systems and interfaces. This allows for the pursuit of a digital agenda that includes a mutl-channel experience for customers.
While OIPA is highly configurable, this flexibility can also be a double-edged sword. Initial implementation can be challenging and resource-intensive on organizations by requiring significant time, effort and expertise to set up according to the specific needs of the organization. Due to its complexity, users may experience a steep learning curve and ongoing maintenance may require dedicated technical services. Performance issues may arise in large implementations if not optimized correctly.
does not come out of the box with a comprehensive set of processes
Steep learning curve for the user interface.
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Peer Discussions
Oracle Insurance Policy Administration for Life and Annuity Reviews and Ratings
- Senior Underwriter50M-1B USDConstructionReview Source
Navigating the Configuration Complexity of OIPA for Insurance Products
My overall experience with OIPA has been positive as it offers robust capabilities for managing complex life insurance and annuity products with a high degree of flexibility and automation. - Digital Transformation Manager<50M USDInsurance (except health)Review Source
Flexible, Scalable and Open Platform. Strong consulting partnership with Equisoft.
The Oracle Insurance and Policy Administration (OIPA) platform provides a rich set of functionalities and capabilities for the automation of the individual life insurance and annuity business. The Equisoft partners provide high quality project and support services for the platform. The Equisoft team members have very strong insurance industry experts who are flexible and very responsive to changing business needs and issues. - Sr VP & CIO50M-1B USDInsurance (except health)Review Source
Solid PAS Investment
OIPA is very good at what it does in supporting Life and Annuity administration, product configuration and rules. Workflow, integration and UI flexibility need to mature, but appear to be areas of investment by Oracle. Good foundation so we expect it's on the right path. - Director, IT Architecture10B+ USDInsurance (except health)Review Source
Having knowledgeable resources create development roadmap prior to build is critical
As the first carrier using version 11 (which was a complete UI redesign), we experienced significant quality issues. Vendor has improved the quality, but it caused delays for us. Having vendor resource assigned to effort definitely helped validate and escalate issues internally with vendor back-office. - SVP, CIO & Life Operations50M-1B USDInsurance (except health)Review Source
Overall a well executed implementation that met all of our expected business outcomes.
We worked with a 3rd party integrator Equisoft, to implement the OIPA platform in the cloud (Azure) to replace a legacy claims system in 6 months. the implementation was very smooth, ran on schedule and on budget. The claims functionality are just a small piece of the overall capabilities of the policy administration system that is potentially part of our longer term legacy elimination strategy. Our implementation partner did an excellent job understanding our buiness, managing our expectations and delivering a high quality product within the aggressive timeframes. Overall a well executed implementation that met all of our expected business outcomes.