Oracle Insurance Announces Oracle(R) Insurance Policy Administration 9.0

New Language and Currency Features Support Regional and Global Life and Annuity Carriers in Multiple Countries; Company Receives Positive Rating From Leading IT Market Research Organization

REDWOOD SHORES, CA -- (Marketwire) -- 07/23/09 -- Oracle (NASDAQ: ORCL)

News Facts

  • Oracle Insurance today announced the availability of Oracle┬« Insurance Policy Administration 9.0, the latest release of its next-generation, rules-based policy administration system for Life and Annuities.

  • This latest release includes support for multiple languages and currencies within a single instance of the system. This support enables global insurers to roll out one policy administration system in multiple countries, and gives regional insurers the ability to conduct business in virtually any combination of languages and currencies.

  • Oracle Insurance Policy Administration 9.0 embraces the latest standards in modern, configurable user-interface design, which enables insurance carriers to rapidly deploy role-based end-user screens for a variety of products and business processes.

  • The product includes enhanced global unit linking support for investment fund-backed products, including multi-currency support within and across branches and allocations; and the ability to manage a variety of regional valuation methods.

  • Insurers gain open access to all policy administration system processes and data through the product's industry standard, Web-based service-oriented architecture.

  • It also includes a visual, drag-and-drop Rules Palette, a user-friendly editing tool that makes Oracle Insurance applications easy to configure and administer without the need for complex coding.

  • Built on an open, standards-based architecture, Oracle Insurance Policy Administration 9.0 can easily integrate with our customers' existing applications, whether developed in house, from Oracle or third-parties.

  • Gartner, a leading IT market research and advisory organization, gave Oracle a "Positive" rating in its June 2009 MarketScope for North American Life Insurance Policy Administration System Vendors.(1)

Supporting Quotes

  • "Insurance carriers are increasingly seeking new ways to contain costs and improve business agility," said Chuck Johnston, Vice President, Strategy and Alliances, Oracle Insurance. "Oracle Insurance Policy Administration 9.0 gives life carriers the ability to save money by consolidating systems, because with it they can roll out a single system across multiple regions. At the same time, it lets life and annuity carriers in any country react quickly to market changes, using business rules to configure products, languages, currencies, and to comply with local regulations."

Supporting Resources

(1) Gartner, Inc. "MarketScope for North American Life Insurance Policy Administration Vendors," by Steven Leigh, June 24, 2009.

About Oracle Insurance

Oracle Insurance provides modern, end-to-end software solutions to manage the entire insurance enterprise -- sales, service, administration, financials and infrastructure. Oracle Insurance best-in-breed applications include Oracle Insurance Policy Administration, Oracle Documaker, Oracle Insurance Insbridge Rating and Underwriting, Oracle Insurance Claims, Oracle Insurance Business Intelligence, and Oracle Application Integration Architecture Foundation Pack for Insurance. For more information about Oracle Insurance, please visit http://www.oracle.com/insurance.

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.

About the MarketScope

The MarketScope is copyrighted 2009 by Gartner, Inc. and is reused with permission. The MarketScope is an evaluation of a marketplace at and for a specific time period. It depicts Gartner's analysis of how certain vendors measure against criteria for that marketplace, as defined by Gartner. Gartner does not endorse any vendor, product or service depicted in the MarketScope, and does not advise technology users to select only those vendors with the highest rating. Gartner disclaims all warranties, express or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.

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
Oracle
+1.703.364.2488
katie.barron@oracle.com

Mary Tobin
O'Keeffe & Company
+1.503.658.7396
mtobin@okco.com

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