Oracle Corp. has launched an Oracle Insurance brand and released a new Applications Integration Architecture for insurance.
Oracle Insurance can help an insurer manage everything from technical infrastructure to core insurance processing, according to Oracle, Redwood Shores, Calif.
Oracle acquired two insurance software developers, AdminServer Inc., Chester, Pa., and Skywire Software L.L.C., Frisco, Texas, earlier this year.
Today, “the story is our focus on insurance,” says Chuck Johnston, a vice president at Oracle. “With the combination of our AdminServer and Skywire assets, we now have over 2,000 [insurance industry] customers globally.”
Johnston says Oracle has a 3-tier strategy for reaching the insurance marketplace:
The first tier involves offering a “best of breed” product line that touches many areas, including policy administration, document automation and rating.
The second tier involves providing an integration strategy that involves Oracle’s own products as well as those of other vendors, Johnston says.
“Our focus is to have software that works out of the box, although you may have to configure it and write rules,” Johnston says. “The new AIA is our strategy to connect our stuff to our stuff, and our stuff to other stuff.”
In insurance, Johnston says, the first “connection pack” will link the company’s claims products to its financial solution.