The FINANCIAL — 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 Orlando, Fla," Oracle announces.
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.
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