Oracle apps penetrate Indian insurance sector

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Bangalore: Oracle India witnesses strong momentum in the insurance sector in India. According to IDC, Oracle is refining its strategy in the financial applications market through a number of product enhancements that aim to boost the global appeal and usability factor for both PeopleSoft Enterprise and Oracle E-Business Suite customers. Leading providers of life and non-life insurance services in India such as IFFCO TOKIO, National Insurance Company, New India Assurance, Birla Sun Life Insurance, Aviva Life, Canara HSBC Life Insurance, AEGON Religare Life Insurance, IDBI Fortis Life Insurance, have invested in Oracle Applications such as Oracle E-Business Suite Financials, Oracle PeopleSoft Human Capital Management and Oracle Siebel CRM for Insurance. The Oracle Financials suite of applications is helping these insurance companies meet growing challenges around financial reporting, compliance with IRDA norms and automating back office functions. Operational efficiency is a challenge in the insurance business and keeping a firm grip on costs becomes crucial. Oracle's back office solutions are helping these companies squeeze productivity from existing resources through better management of performance and investment in process standardization/automation. With the average number of policies (life and non-life) held by an Indian consumer at 1.33 compared with an average of 5.2 polices per individual in mature markets, the growth in the insurance business due to such under-penetration will largely hinge on insurance companies' ability to manage their most critical asset- human capital. The Oracle PeopleSoft Enterprise Human Capital Management solution is enabling insurance companies in India to manage their staff talents and competencies and improve their productivity, while enabling adherence to local laws & regulations. The Indian insurance sector faces challenges in the form of policy lapse rates, which adversely impact top line revenues, de-tariffing activity and its impact on all stakeholders. The Oracle Siebel CRM for Insurance solution is helping insurers like NIA & NIC take a more proactive and assertive role in the interplay between customers and IT networks. "The insurance sector in India is experiencing a thrust driven by rising disposable incomes and demand for a more customized culture and need based services. Organizations are challenged to improve business performance, introduce new products to market, optimize distribution management, and improve customer communications and satisfaction while complying with regulatory requirements," said Samir Sathe, Applications Sales Director, Financial Services Industry, Oracle India.

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