OIPA - Equisoft
Title
10.08.2017 to 22.08.2017
at P3

Oracle Insurance Policy Administration

This modern, rules-based platform helps forward-looking life and annuity insurers lay the foundation for new levels of back-end performance and connectivity, as well as faster and more efficient go-to-market strategies.

Also available as part of our turnkey Equisoft Composite solution.

Proven success...
with a proven solution

Given Equisoft’s reputation in the insurance industry, many vendors would welcome an integration partnership with us. However, we work exclusively with the Oracle Insurance Policy Administration for Life and Annuity (OIPA) platform since 2004.

We believe OIPA is the best available policy administration system because it strikes the right balance between features, flexibility, performance and long-term upgradability.

Our 100% success rate with OIPA implementations (core integrations and data conversions) is a testament to our commitment to excellence.

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A world-class system

OIPA is the only modern solution on the market that can be integrated by third parties without requiring changes to the source code. A 2016 Gartner survey recognizes OIPA as the leading policy admin solution in North America. The survey also reports that clients appreciate OIPA’s flexibility to move at their pace regarding migration paths and major system version movements. Oracle’s solution for the insurance industry features several unique selling points.

Extensive client base

Largest client base across all insurance business lines using a fully modern system.

Full insurance policy lifecycle from a single platform

OIPA is the only system that covers all the functions an insurance company needs for the back-office support of group, individual, investment-like products, life, annuities and health, including new business, producer management and compensation, policy administration, claims and reinsurance management.

Unparalleled configurability

Unique architecture enabling changes using business rules. Results in faster implementations, simpler customizations (e.g. in response to customer service improvements or regulatory changes), easier upgrades and streamlined product development.

Client autonomy

All clients become fully independent after an OIPA integration, with total discretion regarding selection and implementation of front-end solutions.

 

Learn more about Oracle Insurance Policy Administration

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Partnering in our clients’ success

When it comes to OIPA implementations, each carrier defines success differently.

For some, it’s about timeline and budget. For others, it’s about return on investment. Still others base it on business outcomes such as increased sales.

We partner closely with our clients to address any of those metrics. For example, we can deliver on a fixed-price arrangement or commit to making a carrier completely independent during the process.

At Equisoft, we define success in terms of client satisfaction at every step of a core transformation project.

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Reducing risk through unique integration skills

Having completed about 80% of all OIPA implementations worldwide, Equisoft is Oracle’s main OIPA certified integrator since 2014.

We bring a unique combination of innovative technology and insurance expertise, allowing us to tackle the most complex projects, ensure low-risk implementations and provide the lowest possible cost of ownership.

Equisoft has by far the largest number of OIPA rules developers in the market. Our leadership is largely based on a highly specialized workforce, coupled with strong employee retention. While our extensive OIPA experience ensures low-risk implementations, we seek to provide clients with the lowest possible cost of ownership.

Insurance expertise

  • Over 23 years serving the insurance industry
  • Over 300 project completions involving most types of life, annuity and health products
  • Over 13 years of OIPA integration experience

Data conversion know-how

  • World-renowned expertise
  • More than 200 data conversion/migration projects completed
  • More than 100 systems migrated to and from
  • Data model extraction from legacy systems and OIPA

Flexible pricing options

The OIPA license price is scalable from small to large insurer, contributing to low cost of ownership. Equisoft’s implementation options allow insurers to select their optimum model:

  • Cloud or on-premises licensing
  • Product license or license/implementation package
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Iterative, agile methodology for faster implementation

Equisoft uses an iterative implementation methodology that allows the client to test the application during its development, while engaging all stakeholders involved and limiting project risk.

Our unique OIPA implementation methodology has been proven successful in all onsite and remote projects, resulting in improved software quality and faster implementation.

In addition, our extensive pool of specialized resources allows us to assign the right team of professionals for each project.

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Optimizing OIPA integration

Equisoft has developed complementary toolsets, as well as industry-leading front-end systems,
to accelerate and optimize OIPA implementation, including:

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A plan to empower clients

We have developed implementation blueprints to guide the discovery phase, quickly assess project scope and reduce implementation risks.

In addition, Equisoft has a mentoring program to make each client autonomous with regard to OIPA. Indeed, transferring “system maintenance” to the client team is critical for long-term cost reduction.

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EQUISOFT OIPA INTEGRATION

Equisoft is the world’s leading integrator for the Oracle Insurance Policy Administration for Life and Annuity (OIPA) system. This modern, rules based platform lays the foundation for new levels of back-end performance and connectivity, as well as faster and more efficient go to-market strategies.

Watch the LOMA Resource webinar
"Mitigate Risk in Core Modernization: The Value of Life System Integrators

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Download Equisoft OIPA factsheet

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