Oracle announced Monday the inaugural meeting of the Oracle Insurance Industry Strategy Council, scheduled for May 23-24, in Orlando, Fla., to coincide with the ACORD LOMA Insurance Systems Forum, one of the insurance industry’s leading conferences.

The Oracle Insurance Industry Strategy Council meeting will convene a group of more than 10 leading global insurers to help drive Oracle’s strategy for the insurance industry.


“Customers have always told us that they were eager to change their relationship with Oracle from vendor/customer dependence to a long-term strategic partnership,” said Paco Aubrejuan, vp of Industry Applications at Oracle. “The role of the Industry Strategy Councils is to facilitate the collaboration necessary to realize this strategic alliance. Furthermore, this, and other Oracle Industry Strategy Councils, will provide customers a forum to share experiences and provide input and feedback to Oracle on product strategy.”


The Oracle Insurance Industry Strategy Council will span all areas of insurance operations, all applicable Oracle product lines and all geographies to provide Oracle with guidance to continue to enhance and expand its world-class, industry-leading applications.

The council members include Commission de la Santé et de la Sécurité du Travail (CSST), Country Insurance & Financial Services, Irish Life, Sun Life Assurance Company of Canada and Swiss Re.

One of the topics for review at this week’s meeting will be the newly released Siebel Claims 8 product, a comprehensive solution that delivers end-to-end Web-based management of the entire claims lifecycle − from intake through settlement. This newest release of Oracle’s Siebel Claims further strengthens Oracle’s application capabilities in the core insurance space. Combined with the Oracle E-Business Suite and Oracle’s PeopleSoft Enterprise applications for financial and supply-chain management, Oracle enables claims straight-through-processing, helping insurance carriers reduce claims resolution time and costs.

“With nearly 80% of premium income spent on claims and claims-related processing costs, insurers seek ways to streamline processes while improving customer service,” said David Sardilli, Oracle senior vp for financial services, industries business unit. “Siebel Claims 8 enables carriers to use configurable business rules to automate manual tasks across the entire claims lifecycle — helping to drive faster and more cost-effective claims resolution. As important, its powerful analytics capabilities deliver new insight into losses, fraud, service and adjuster performance, helping insurers to elevate their market position by reducing costs and elevating responsiveness to customers.”