Oracle Targets Global Markets with Latest Oracle Insurance Release
Oracle Insurance Insbridge Rating and Underwriting 4.5 extends rating and underwriting to international insurance markets.
Oracle (NASDAQ: ORCL) has announced the availability of Oracle Insurance Insbridge Rating and Underwriting 4.5, the newest version of Oracle's enterprise solution for insurance 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.
"With Release 4.5, Oracle extends the power of Oracle Insurance Insbridge Rating and Underwriting to international insurance markets," said Srini Venkatasantham, vice president of product strategy for Oracle Insurance. "Global and regional insurers can capitalize on the operational advantages of running a single instance across their multi-country operations. 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."
With Oracle Insurance Insbridge Rating and Underwriting 4.5, insurers can manage business in multiple languages and countries via a single instance of the solution, leveraging the solution as the single point of rating truth across the business, according to Oracle. A single, stand-alone rating engine can help insurers to improve pricing accuracy for policies and reduce IT costs, the company said.
Oracle Insurance Insbridge Rating and Underwriting helps actuaries, underwriters and business analysts manage rates with minimal support from IT, Oracle said. 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.
The newest 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.