Software creates integration foundation for insurer systems.
Press Release Summary:
Oracle® Insurance promotes business agility for insurers by delivering functionality for managing enterprise from technical infrastructure to core insurance processing. Leveraging standards-based product set, solution helps accelerate time to market, reduce operational costs, strengthen customer/distributor relationships, and obtain full visibility into business operations. Oracle AIA Foundation Pack for Insurance, also available, helps companies accelerate application integration.
Original Press Release:
Oracle Announces Launch of Oracle Insurance
Releases Oracle Application Integration Architecture for Insurance, Creating an Integration Foundation for Insurer Systems
SAN FRANCISCO, Sept. 23 -- Oracle OpenWorld --
News Facts
Oracle Insurance
o In response to global insurance industry customer needs, Oracle today launched Oracle Insurance (http://www.oracle.com/industries/financial_services/insurance.html), which serves more than 2,000 insurance customers worldwide.
o Oracle Insurance helps insurers improve business agility through an end-to-end software offering that manages the entire enterprise -- from technical infrastructure to core insurance processing.
o With Oracle Insurance products, insurers can get products to market faster, reduce operational costs, strengthen customer and distributor relationships, and gain full visibility into their business operations.
o Oracle Insurance offers customers added flexibility to address critical business issues by delivering applications as part of an integrated solution or as a best-in- class offering.
o Oracle Insurance leverages a broad standards-based product set that spans Oracle(R) Database, Oracle Fusion Middleware, Oracle Enterprise Resource Planning (ERP), Customer Relationship Management (CRM) and Enterprise Performance Management applications (EPM), as well as industry-specific offerings from Oracle's AdminServer, Skywire Software and Siebel product lines.
o Oracle Insurance builds on Oracle's proven track record in the sector -- with 20 of the top 20 Fortune 500 insurers using Oracle applications.
Oracle Application Integration Architecture (AIA) Foundation Pack for Insurance
o Underscoring its focus on the insurance market, Oracle introduced Oracle Application Integration Architecture (AIA) Foundation Pack for Insurance (http://tinyurl.com/4urr9g), which enables insurance companies to accelerate application integration between Siebel CRM Claims and Oracle's PeopleSoft Enterprise or Oracle E-Business Suite Financials to streamline payments and reserve management.
o Oracle AIA Foundation Pack for Insurance helps insurers to unify their Oracle and non-Oracle application portfolio, including new and existing systems; minimize integration costs and risks; and quickly adapt business processes.
Supporting Quotes
o The creation of Oracle Insurance demonstrates Oracle's commitment to meeting the insurance market's specialized needs," said Jeff Fabry, Chief Information Officer and Chief Security Officer, Island Insurance. "The company's dedicated focus on insurance, extensive experience in providing innovative solutions to the industry, and unmatched development and support resources set the stage for innovation that enables insurers to achieve new levels of agility, performance and customer service."
o "Oracle's expanded focus on the insurance industry is a very positive sign for insurers and their CIOs. The elevated presence of IT leader Oracle in the insurance sector -- and its commitment to delivering an integrated suite of offerings that help insurers improve efficiency, time to market and customer service . will spark even greater innovation across our industry," said Piyush Singh, Chief Information Officer, Great American Insurance Company.
o "We are excited to see Oracle creating a new business unit focused on the insurance industry. Oracle's vision of advancing an integrated suite of applications that enables insurance organizations to seamlessly link business and industry-specific applications will help insurers to simplify IT infrastructures and deliver greater value to customers," said Parthasarathy "Partha" Srinivasa, Chief Technology Officer and Vice President, Applications Development, Farmers Insurance Group.
o "Insurance companies have been a key part of Oracle's customer base for many years. We have launched Oracle Insurance in response to our customers' needs for end-to-end solutions that deliver value across the insurance enterprise," said Rick Connors, Senior Vice President and General Manager, Oracle Insurance. "Oracle Insurance has the industry-leading applications and expertise that will help customers shift from legacy systems to modern technology and profitably grow their businesses."
Supporting Resources
o Oracle Insurance (http://www.oracle.com/industries/financial_services/insurance.html)
o Oracle Application Integration Architecture (http://tinyurl.com/5hhwqv)
About Oracle
Oracle (NASDAQ:ORCL) is the world's largest enterprise software company. For more information about Oracle, please visit our Web site at http://www.oracle.com/.
Trademark
Oracle is a registered trademark of Oracle Corporation and/or its affiliates. Other names may be trademarks of their respective owners.
CONTACT: Katie Barron, of Oracle, +1-703-364-2488, katie.barron@oracle.com; or Mary Tobin of O'Keeffe & Company, +1-503-658-7396, mtobin@okco.com, for Oracle
