Securian Financial Group, Inc. Accelerates Speed to Market for New Products Across Multiple Lines with Oracle(R) Insurance Solutions
LAKE BUENA VISTA, Fla., May 18, 2009 /PRNewswire-FirstCall via COMTEX/ --
ACORD LOMA Insurance Systems Forum --
-- Securian Financial Group, Inc., is one of the United States'
largest providers of financial security for individuals and businesses
in the form of insurance, retirement plans and investments. Its life
insurance subsidiary, Minnesota Life, is using Oracle Insurance
Illustration and Oracle Policy Administration, in conjunction with ACORD
(Association for Cooperative Operations Research and Development)
standards, to reduce the time required to introduce new products to
market and quickly execute changes to existing product lines.
-- Securian received an ACORD Achievement Award for its use of ACORD
messaging standards in conjunction with its Oracle Insurance
implementation. The award was presented at the ACORD/ Life Office
Management Association (LOMA) Insurance System Forum, May 17-19, 2009 in
-- Securian faced the challenge of implementing a new product in Oracle
Insurance Illustration, which needed to integrate with the
insurer's internal systems, including Web-based illustration and
new business systems, along with utilizing calculations from Oracle
Insurance Policy Administration.
-- Securian worked with Oracle Insurance to build an interface using ACORD
XML to send request/response scenarios between its proprietary Web-based
illustration system and Oracle Insurance Illustration. It also allows
the company to send the XML data to other systems, such as new business
applications and inforce inquiries.
-- Oracle Insurance Illustration enables Securian to automatically deliver
illustration requests to Oracle Insurance Policy Administration,
calculate the values and transmit the values back in an illustrated
response. Oracle Insurance Illustration also creates the necessary
ledgers or supporting reports in real time PDF documents.
-- Since its initial implementation, the standards-based system has proven
integral to the success of Securian's new business environment. In
the two-and-a-half years since deploying the Oracle solution, Securian
has issued 20 new release items, including Index Universal Life, Term,
Variable Universal Life and Fixed Survivor, among others. In addition,
Securian processed 42,000 illustrations in the integrated system in
January 2009, alone.
-- Securian's Minnesota Life plans to continue building new products
into its integrated system to maximize the benefits it achieved through
the Oracle solution and ACORD interfaces.
-- "Our product development objectives were to be faster to market,
use components across systems, and be ready to quickly respond to market
opportunities," said Mary Anne Smith, second vice president,
Individual Business Technology, Securian Financial Group. "The
combination of Oracle Insurance Policy Administration, Oracle Insurance
Illustration and ACORD standards were instrumental in helping us achieve
-- "Oracle Insurance gives insurers such as Securian agile,
standards-based solutions that help to facilitate innovation and
accelerate time to market. This allows insurers to integrate and
automate processes while optimizing existing IT investments," said
Srini Venkatasantham, vice president, product strategy, Oracle
-- Oracle Insurance
-- Oracle Insurance Policy Administration
-- Oracle Insurance Illustration
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/insurance.
Oracle is a registered trademark of Oracle Corporation and/or its affiliates. Other names may be trademarks of their respective owners.
SOURCE Oracle Corporation
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