SCIENCE

Universal Conversion Technologies (UCT) announced a new combined solution that can benefit insurance carriers looking to significantly reduce the risk associated with migrating to a new policy administration system and help improve their market competitiveness.

The new solution combines Oracle Insurance Policy Administration, a market-leading, rules-driven policy administration system (PAS) with data conversion methodologies provided by UCT. This combination can make it faster, easier and less risky for carriers to migrate from their older existing PAS technologies and help them benefit from the advantages of a modern, rules-driven system.

Oracle Insurance Policy Administration is a modern, adaptive, rules-driven platform that offers virtually unlimited flexibility in configuring new insurance products. Nearly all changes to the system can be made using business rules rather than updating source code. This significantly speeds up the time required to configure and test new products and change existing products. The advantages of this approach include the ability to quickly develop innovative products, rapidly enter new lines of business, exit unprofitable lines, and respond to market opportunity as it arises.

The UCT data conversion technologies and software are proven within the insurance industry. “We take one of the more difficult and unusual things that a carrier has to do, which is converting all their data to a new policy administration system, and simplify it,” said Dan O’Hara, CEO, Universal Conversion Technologies. “This is something that carriers don’t do very often – maybe once every 15 or 20 years – so they don’t have the in-house expertise. We have done this dozens of times; it’s all we do. We have a proven track record that’s unmatched in the industry”.

“Data migration doesn’t stop with the initial conversion,” O’Hara continued. “It doesn’t stop until you can prove that the data will process successfully on the new platform. UCT takes that extra step, so there won’t be any surprises when the carrier pulls the trigger. That’s how we’re able to guarantee our results.”

“When implementing a new policy administration system, data migration is on the critical path,” said Don Russo, Senior Vice President and General Manager, Oracle Insurance. “UCT takes data conversion off the critical path, so that insurers can focus on the benefits of Oracle Insurance Policy Administration. Life and annuity carriers will gain the ability to react quickly to market changes, helping them bring innovative products to market faster with reduced risk.”