Oracle Insurance’s Calculation Engine for Life and Annuity is a new solution that helps carriers gain accelerate time to market via managing, maintaining and reusing complex calculation algorithms.
Oracle said the engine allows carriers to centralize their calculation algorithms on a single rules-based platform for use across lines of business, helping to accelerate speed to market for new products and reduce IT total cost of ownership.
Insurers can set up, copy, modify and maintain calculations through configuration without additional code development, Oracle added. The platform enables users to test and debug their calculations without having to create complex test scenarios in legacy environments. The solution includes prebuilt life and annuities insurance functions and calculations supporting virtually all insurance lifecycle processes, including origination, rating and underwriting, premium management, billing, reinsurance, claims and payouts.
