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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 Openkoda?

Openkoda serves as a dedicated application development platform designed specifically for the insurance sector. It empowers carriers, insurtech firms, managing general agents (MGAs), startups, and service providers to swiftly develop extensive web applications, APIs, and internal tools, significantly reducing development time compared to conventional methods, all while allowing teams to retain full control over their source code. Its foundation on an open-source framework mitigates the risk of vendor lock-in. Featuring a modular architecture and a selection of pre-existing templates, Openkoda accelerates vital insurance operations such as policy issuance, claims processing, endorsements, and renewals, all within scalable containerized environments that avoid imposing per-user fees. Moreover, Openkoda is equipped with specialized industry accelerators, which include an AI-enabled policy administration core, claims management workbenches, embedded insurance checkout features, and dashboards for underwriters that are capable of accessing external risk data or initiating machine learning models. This extensive range of features makes Openkoda an invaluable resource for organizations aiming to drive innovation in the insurance field, ultimately enhancing their operational efficiency and service delivery.

Media

Media

Integrations Supported

Integrations Supported

Basecamp
Discord
GitHub
Jira
LDAP
Microsoft Teams
Slack
Stripe
Trello

API Availability

API Availability

Has API

Pricing Information

Pricing not provided

Pricing Information

$4000/month
Core version is free, available under MIT license on GitHub.
For unrestricted premium features and SLA support, choose Enterprise Plan.

Supported Platforms

SaaS

Supported Platforms

SaaS
On-Prem

Customer Service / Support

Standard Support
Web-Based Support

Customer Service / Support

24 Hour Support
Web-Based Support

Training Options

Documentation Hub

Training Options

Not specified

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

Openkoda

Date Founded

2022

Company Location

Poland

Company Website

openkoda.com

Categories and Features

Insurance Policy

Policy Processing

Categories and Features

Embedded Insurance

Not specified

Insurance

Not specified

Insurance Claims Management

CRM
Claims tracking
Customer portal
Document management
Electronic claims
Reporting

Insurance Policy

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

Insurance Underwriting and Rating

Broker / Agent Portal
Carrier Upload
Commercial Lines
Comparative Insurance Rating
Customer Portal
For Casualty Insurance
For Health / Medical Insurance
For Life Insurance
For Personal Insurance
Multi-State

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