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What is Oracle Insurance Policy Administration ?

Respond to the changing demands of the market by adopting a modern, rules-based life insurance policy administration system that integrates all aspects of new business underwriting, policy issuance, billing, collections, policy processing, and claims management for both Individual Life and Annuities as well as Group Insurance within a single platform. Revolutionize your operational workflow by simplifying policy processes to ensure long-lasting efficiency. With a rules-driven life insurance policy management solution, scaling becomes a seamless task while creating a digital environment that significantly improves customer interactions. You can swiftly design, manage, and launch group insurance products using this versatile, rules-oriented policy administration system. This unified platform for life insurance policy management addresses both individual and group requirements, allowing for the development of hybrid products and fostering interdepartmental cooperation. By leveraging a modular framework that standardizes business protocols, you can boost your adaptability, speed up your market entry, and enhance process automation, ultimately resulting in lower operational costs. Embrace this cutting-edge strategy to keep your insurance products competitive and agile in response to the ever-evolving marketplace. Additionally, this approach ensures that your offerings are not only aligned with current trends but also equipped to anticipate future changes.

What is OCTO?

OCTO’s insurance telematics solution effectively tackles the issues that arise from utilizing subjective or outdated data, which can lead to unprofitable insurance quotes. Insurers generally concentrate on three key areas: defining risk, managing crashes and claims, and handling customer relationships, where they evaluate risk, address negative incidents, and support their clients. Nonetheless, these essential processes might not achieve their full potential if insurance companies face difficulties in collecting and managing the required data efficiently. By adopting a telematics strategy, OCTO transforms the standard approach by offering objective, real-time data based on actual risk factors. This groundbreaking method not only improves the precision of risk evaluations but also encourages customer involvement throughout the insurance experience. As clients take an active role in assessing their driving habits, insurance providers can customize their services to align more closely with individual preferences, thereby fostering a more tailored experience for each customer. This shift not only benefits insurers but also empowers drivers with greater awareness of their impact on insurance costs.

Media

Media

Integrations Supported

Additional information not provided

Integrations Supported

Additional information not provided

API Availability

Has API

API Availability

Has API

Pricing Information

Pricing not provided.
Free Trial Offered?
Free Version

Pricing Information

Pricing not provided.
Free Trial Offered?
Free Version

Supported Platforms

SaaS
Android
iPhone
iPad
Windows
Mac
On-Prem
Chromebook
Linux

Supported Platforms

SaaS
Android
iPhone
iPad
Windows
Mac
On-Prem
Chromebook
Linux

Customer Service / Support

Standard Support
24 Hour Support
Web-Based Support

Customer Service / Support

Standard Support
24 Hour Support
Web-Based Support

Training Options

Documentation Hub
Webinars
Online Training
On-Site Training

Training Options

Documentation Hub
Webinars
Online Training
On-Site Training

Company Facts

Organization Name

Oracle

Date Founded

1977

Company Location

United States

Company Website

www.oracle.com/financial-services/insurance/policy-administration/

Company Facts

Organization Name

OCTO

Company Location

United States

Company Website

www.octotelematics.com/industries-2/insurance/

Categories and Features

Insurance Policy

Cancellation Tracking
Claims Tracking
Policy Generation
Policy Issuance
Policy Processing
Quotes / Estimates
Rating Engine
Reinstatement Tracking
Reinsurance Administration
Renewal Management
Underwriting Management

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