Philadelphia, PA (Apr. 9, 2018) – Equisoft is proud to announce that the stand-alone claims solution offered in partnership by Oracle and Equisoft has been recognized and awarded in a recent Aite Group Impact Report evaluating the competitive position of vendors offering stand-alone claims systems to the US Life insurance industry.
The Aite report highlights that claims are becoming a primary focus in the US life insurance industry, as carriers are seeking ways to drive down their operational costs and to stand out from the competition by enhancing the beneficiary experience. Leveraging their Aite Impact Matrix (AIM) methodology, the group evaluated each vendor while focusing on stability, client strength, product features, and client services.
Strong Product and Client Service Offerings
According to Aite, the Oracle/Equisoft solution stands out because of its strong client service offering and analytical capabilities, as well as its solid product features and functionality, and is equipped to support a completely digital, device-agnostic claims process based on Equisoft’s digital front-end platform.
“Oracle and Equisoft bring together extensive strengths that offer carriers a very tailored and flexible claims system addressing the challenges being faced today,” states Samantha Chow, Senior Analyst at Aite Group. “The analytical components and capabilities, rules engine, and workflow Oracle provides in the core system create efficiencies that enable life insurance carriers the opportunity to be lean. In addition to the configurability that Equisoft provides, giving the carrier a solution that fits its specific needs, the digital capabilities help prepare carriers for the future they have not yet considered.”
Awarded for “Most Advanced Analytical Capabilities”
The Oracle/Equisoft solution was also acknowledged by Aite as having the most advanced analytical capabilities among all vendors reviewed. The Aite “Most Advanced Analytical Capabilities” award is an extremely important award to the carrier community as they are looking to make use of analytics across their organizations for purposes of automation, risk assessment and many other areas.
Known as the leading policy administration solution in North America, the Oracle Insurance Policy Administration (OIPA) system is a modular, end-to-end solution that can be entirely configured and tailored to clients’ needs, from new business and underwriting to claims management and policy administration, without requiring any changes to the source code.
As the largest and most experienced reseller and system integrator for the Oracle platform worldwide, Equisoft specializes in core insurance applications such as needs analysis, illustrations and embedded sales strategies, electronic applications, customer and agent portals, new business and underwriting, policy administration, claims, and producer management and compensation.
Founded in 1994, Equisoft offers advanced digital business solutions to its clients in the insurance and wealth management industries to support their growth. The firm develops and markets innovative front-end applications (InsuranceElements and WealthElements) featuring industry-leading user interfaces and state-of-the-art technology. In addition, Equisoft is an Oracle Insurance Policy Administration integration partner for some 20 carriers globally. To complete this unique offering, Equisoft brings extensive experience in data migration through its subsidiary Universal Conversion Technologies (UCT). Equisoft has a growing team of over 300 specialized resources based in the US, Canada, Latin America, South Africa and India. For more information, visit equisoft.com.
SOURCE: EquisoftTags: Aite Group, claims solution, Equisoft, impact report, Oracle