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Here is a summary of the Macro Trends in Insurance IT we see for 2008:
Theme 1: Sales and Service Issues
* Self Service levels increasing from Insurer's websites
* Online eCommerce increasing in terms of adoption and now eCommerce makes up 15% of Insurance IT budgets
* Main competitive differentiator – claims service levels
Theme 2: Data Integration and Business Intelligence
* Integrated platforms supporting STP (Straight Through Processing)
* Real time business Intelligence (analytics)
* More insurance automation and availability of technology enabling new entrants – eg Tesco, Costco
Theme 3: Operational Trends
* Higher surpluses
* More competition driving higher advertising
* Soft market prevailing requiring better Underwriting discipline
On 13th May 2008 Oracle announced today that it has agreed to acquire AdminServer, a rapidly growing provider of insurance policy administration software. AdminServer's product offering will become a core component of Oracle's existing insurance industry software that is used by more than one thousand insurers, including 20 of the top 20 global insurance companies.
The AdminServer product line will significantly accelerate Oracle's investment in the insurance industry and be complemented by Oracle's existing insurance products such as Oracle Billing, Siebel Claims and Siebel CRM for Insurance.
The combination of Oracle and AdminServer will result in a comprehensive, end-to-end insurance policy management solution that can manage multiple insurance product lines such as life, annuities and reinsurance. Additionally, AdminServer's management and employees will form a dedicated global business unit within Oracle, which will focus on providing critical operational applications to the insurance industry. AdminServer's CEO Rick Connors is now leading the new Insurance GBU as General Manager.
"Most insurers still rely on legacy policy administration applications that are extremely inflexible and impede enterprise agility and efficiency," said Oracle President Charles Phillips. "Together, Oracle and AdminServer plan to deliver the most modern, comprehensive, standards-based and well-integrated enterprise software suite for the insurance industry."
More information is available at http://www.oracle.com/adminserver.
For all sales and support related information please reach out to "jim.rourke AT oracle.com"