Description

Introduction

Oracle Policy Administration (OPA) is a robust solution that helps insurance companies manage policies, claims, and customer information efficiently. This course focuses on how OPA is applied to life insurance and annuities, emphasizing policy administration, product configuration, and lifecycle management. Participants will learn how to leverage Oracle’s comprehensive suite of tools to streamline operations, enhance customer service, and ensure compliance with industry regulations.

Prerequisites

• A basic understanding of life insurance and annuity products, including their key features, benefits, and underwriting processes.
• Familiarity with the principles of policy administration, including the management of policy issuance, renewals, claims, and benefits.
• Basic knowledge of Oracle Policy Administration system and its user interface.
• Understanding of the insurance industry regulatory environment and compliance requirements.
• Experience in managing or configuring business applications, particularly in financial services or insurance industries, is helpful but not mandatory.

TABLE OF CONTENT

• 1.Introduction to Life Insurance
  1.1 Basic Concepts and Principles of Life Insurance
  1.2 Types of Life Insurance Policies (Term Life, Whole Life, Universal Life, etc.)
• 2.Annuities Overview
  2.1 Understanding Annuities as Financial Products
  2.2 Different Types of Annuities (Fixed, Variable, Immediate, Deferred)
• 3.Underwriting Process
  3.1 Risk Assessment and Underwriting in Life Insurance
  3.2 Factors Influencing Underwriting Decisions
• 4.Policy Components
  4.1 Examining the Components of a Life Insurance Policy
  4.2 Policyholders, Beneficiaries, Premiums, Face Value, etc.
• 5.Policy Riders and Options
  5.1 Optional Features and Riders That Can Be Added to a Life Insurance Policy
  5.2 Examples: Accidental Death Benefit, Waiver of Premium, etc.
• 6.Annuity Payout Options
  6.1 Understanding the Various Ways Annuities Can Pay Out
  6.2 Life-Only, Joint and Survivor, Period Certain, etc.
• 7.Oracle Insurance Policy Administration
  7.1 Overview of the Oracle Insurance Policy Administration (OIPA) System
  7.2 Key Features and Benefits
• 8.System Architecture and Components
  8.1 Understanding the Architecture of the OIPA System
  8.2 Modules and Components
• 9.Product Configuration
  9.1 Configuring Life Insurance and Annuity Products in OIPA
  9.2 Defining Product Rules, Coverages, and Features
• 10.Policy Lifecycle Management
  10.1 Managing the Entire Policy Lifecycle, from Application to Claims
  10.2 Policy Issuance, Endorsements, Renewals, and Cancellations
• 11.Integration with Other Systems
  11.1 Integration Capabilities with Other Systems and Platforms
  11.2 Data Exchange and Interoperability
• 12.Business Rules and Workflow
  12.1 Configuring Business Rules within OIPA(Ref: Leadership Development Program)
  12.2 Workflow Automation and Process Customization
• 13.Reporting and Analytics
  13.1 Generating Reports and Analytics Using OIPA Data
  13.2 Customizing and Accessing Relevant Information
• 14.User Training and Support
  14.1 Training Resources for System Users
  14.2 Support and Maintenance Considerations

Conclusion

Oracle Policy Administration offers a comprehensive solution for managing life insurance and annuity products from inception to maturity. By mastering the system’s advanced features, insurance professionals can streamline policy management, enhance customer experience, and ensure regulatory compliance. With the right skills, participants can fully leverage Oracle OPA to drive operational efficiency and innovation in the insurance industry.

Reference