Welcome!

Industrial IoT Authors: William Schmarzo, Elizabeth White, Stackify Blog, Yeshim Deniz, SmartBear Blog

News Feed Item

Securian Financial Group, Inc. Accelerates Speed to Market for New Products Across Multiple Lines with Oracle(R) Insurance Solutions

ACORD Presents Achievement Award to Insurer for Integrated, Standards-based System

LAKE BUENA VISTA, Fla., May 18 /PRNewswire-FirstCall/ -- ACORD LOMA Insurance Systems Forum --

News Facts

  • Securian Financial Group, Inc., is one of the United States' largest providers of financial security for individuals and businesses in the form of insurance, retirement plans and investments. Its life insurance subsidiary, Minnesota Life, is using Oracle Insurance Illustration and Oracle Policy Administration, in conjunction with ACORD (Association for Cooperative Operations Research and Development) standards, to reduce the time required to introduce new products to market and quickly execute changes to existing product lines.
  • Securian received an ACORD Achievement Award for its use of ACORD messaging standards in conjunction with its Oracle Insurance implementation. The award was presented at the ACORD/ Life Office Management Association (LOMA) Insurance System Forum, May 17-19, 2009 in Orlando, Fla.
  • Securian faced the challenge of implementing a new product in Oracle Insurance Illustration, which needed to integrate with the insurer's internal systems, including Web-based illustration and new business systems, along with utilizing calculations from Oracle Insurance Policy Administration.
  • Securian worked with Oracle Insurance to build an interface using ACORD XML to send request/response scenarios between its proprietary Web-based illustration system and Oracle Insurance Illustration. It also allows the company to send the XML data to other systems, such as new business applications and inforce inquiries.
  • Oracle Insurance Illustration enables Securian to automatically deliver illustration requests to Oracle Insurance Policy Administration, calculate the values and transmit the values back in an illustrated response. Oracle Insurance Illustration also creates the necessary ledgers or supporting reports in real time PDF documents.
  • Since its initial implementation, the standards-based system has proven integral to the success of Securian's new business environment. In the two-and-a-half years since deploying the Oracle solution, Securian has issued 20 new release items, including Index Universal Life, Term, Variable Universal Life and Fixed Survivor, among others. In addition, Securian processed 42,000 illustrations in the integrated system in January 2009, alone.
  • Securian's Minnesota Life plans to continue building new products into its integrated system to maximize the benefits it achieved through the Oracle solution and ACORD interfaces.

Supporting Quotes

  • "Our product development objectives were to be faster to market, use components across systems, and be ready to quickly respond to market opportunities," said Mary Anne Smith, second vice president, Individual Business Technology, Securian Financial Group. "The combination of Oracle Insurance Policy Administration, Oracle Insurance Illustration and ACORD standards were instrumental in helping us achieve those objectives
  • "Oracle Insurance gives insurers such as Securian agile, standards-based solutions that help to facilitate innovation and accelerate time to market. This allows insurers to integrate and automate processes while optimizing existing IT investments," said Srini Venkatasantham, vice president, product strategy, Oracle Insurance.

Supporting Resources

About Oracle

Oracle (Nasdaq: ORCL) is the world's largest business software company. For more information about Oracle, please visit our Web site at http://www.oracle.com/insurance.

Trademark

Oracle is a registered trademark of Oracle Corporation and/or its affiliates. Other names may be trademarks of their respective owners.

(Logo: http://www.newscom.com/cgi-bin/prnh/20020718/ORCLLOGO)

SOURCE Oracle Corporation

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

IoT & Smart Cities Stories
After years of investments and acquisitions, CloudBlue was created with the goal of building the world's only hyperscale digital platform with an increasingly infinite ecosystem and proven go-to-market services. The result? An unmatched platform that helps customers streamline cloud operations, save time and money, and revolutionize their businesses overnight. Today, the platform operates in more than 45 countries and powers more than 200 of the world's largest cloud marketplaces, managing mo...
When Enterprises started adopting Hadoop-based Big Data environments over the last ten years, they were mainly on-premise deployments. Organizations would spin up and manage large Hadoop clusters, where they would funnel exabytes or petabytes of unstructured data.However, over the last few years the economics of maintaining this enormous infrastructure compared with the elastic scalability of viable cloud options has changed this equation. The growth of cloud storage, cloud-managed big data e...
Your applications have evolved, your computing needs are changing, and your servers have become more and more dense. But your data center hasn't changed so you can't get the benefits of cheaper, better, smaller, faster... until now. Colovore is Silicon Valley's premier provider of high-density colocation solutions that are a perfect fit for companies operating modern, high-performance hardware. No other Bay Area colo provider can match our density, operating efficiency, and ease of scalability.
ScaleMP is the leader in virtualization for in-memory high-end computing, providing higher performance and lower total cost of ownership as compared with traditional shared-memory systems. The company's innovative Versatile SMP (vSMP) architecture aggregates multiple x86 systems into a single virtual x86 system, delivering an industry-standard, high-end shared-memory computer. Using software to replace custom hardware and components, ScaleMP offers a new, revolutionary computing paradigm. vSMP F...
At CloudEXPO Silicon Valley, June 24-26, 2019, Digital Transformation (DX) is a major focus with expanded DevOpsSUMMIT and FinTechEXPO programs within the DXWorldEXPO agenda. Successful transformation requires a laser focus on being data-driven and on using all the tools available that enable transformation if they plan to survive over the long term. A total of 88% of Fortune 500 companies from a generation ago are now out of business. Only 12% still survive. Similar percentages are found throug...
At CloudEXPO Silicon Valley, June 24-26, 2019, Digital Transformation (DX) is a major focus with expanded DevOpsSUMMIT and FinTechEXPO programs within the DXWorldEXPO agenda. Successful transformation requires a laser focus on being data-driven and on using all the tools available that enable transformation if they plan to survive over the long term. A total of 88% of Fortune 500 companies from a generation ago are now out of business. Only 12% still survive. Similar percentages are found throug...
As you know, enterprise IT conversation over the past year have often centered upon the open-source Kubernetes container orchestration system. In fact, Kubernetes has emerged as the key technology -- and even primary platform -- of cloud migrations for a wide variety of organizations. Kubernetes is critical to forward-looking enterprises that continue to push their IT infrastructures toward maximum functionality, scalability, and flexibility. As they do so, IT professionals are also embr...
At CloudEXPO Silicon Valley, June 24-26, 2019, Digital Transformation (DX) is a major focus with expanded DevOpsSUMMIT and FinTechEXPO programs within the DXWorldEXPO agenda. Successful transformation requires a laser focus on being data-driven and on using all the tools available that enable transformation if they plan to survive over the long term. A total of 88% of Fortune 500 companies from a generation ago are now out of business. Only 12% still survive. Similar percentages are found throug...
As you know, enterprise IT conversation over the past year have often centered upon the open-source Kubernetes container orchestration system. In fact, Kubernetes has emerged as the key technology -- and even primary platform -- of cloud migrations for a wide variety of organizations. Kubernetes is critical to forward-looking enterprises that continue to push their IT infrastructures toward maximum functionality, scalability, and flexibility. As they do so, IT professionals are also embr...
The platform combines the strengths of Singtel's extensive, intelligent network capabilities with Microsoft's cloud expertise to create a unique solution that sets new standards for IoT applications," said Mr Diomedes Kastanis, Head of IoT at Singtel. "Our solution provides speed, transparency and flexibility, paving the way for a more pervasive use of IoT to accelerate enterprises' digitalisation efforts. AI-powered intelligent connectivity over Microsoft Azure will be the fastest connected pat...