Oracle has launched a new component for their Insurance coverage, a Premium Collection module called Revenue Management and Billing for Insurance.
On first look (there is little information available on the website so far), this looks to be a consolidator that will integrate multiple admin systems with multiple collection channels/banks. And Group Billing functionality is included.
However, it appears to stop short of the processes needed to manage the follow-up processes with final lapse notice/APL processing, etc. From what I have personally seen, Oracle's approach is being driven in a US context, and primarily looking at P&C rather than the wider insurance market (a presentation for a Life Claims management solution in Asia was delivered using a US demo of a P&C claims system).
Wednesday, 10 June 2009
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