Charles Taylor accelerates UK Policy Administration with Oracle Cloud
Charles Taylor is running its Policy Administration capability for insurance carriers in the UK using Oracle Cloud Infrastructure (OCI). Charles Taylor is choosing OCI for its superior performance, high availability, built-in security, and lower cost.
Policy Administration Carrier is scalable across all lines of insurance and is easily configurable. New products can be developed and accelerated to launch within time frames, we can go to market within a month. It is an end-to-end solution that can automate processes from sales to back office, providing near-instant customer service and creating easy connectivity with insurer’ business systems.
OCI enables Charles Taylor to quickly and securely scale Policy Administration Carrier to exceed the expectations of the world’s largest insurers and bring innovative cost-effective solutions to market. Charles Taylor can also leverage OCI services such as Oracle Autonomous Database to provide automatic and instantaneous on-demand computing capacity, whilst also seamlessly integrating with existing insurer systems.
Policy Administration Carrier has been developed with industry-standard enterprise technologies to provide high performance and security across all insurance business functionalities. Charles Taylor has selected OCI to host the platform for its managed service clients to take advantage of Oracle’s flexible and secure cloud infrastructure as well as the operational and cost efficiencies.
- Enables insurance carriers to integrate all their internal processes on a single cloud platform and align the front and back office.
- Supports processes with separate, integrated modules that extend from sales and policy issuance to policy servicing and the management of premiums, claims, commissions, and reinsurance.
- Allows the management of all types of insurance on the same system, giving carriers a unified view of their entire business proposition.
- Drives digital engagement: the platform delivers better customer intelligence and positive digital experiences across customer and product lifecycles.
- Improve business agility: The platform enables highly flexible business processes, rapid product design and time to market, and delivers exceptional customer service, trust, and confidence and responding to changing market demands.
- Connect & Innovate – The platform enables quick integration with sales channels, finance systems and other business systems in ecosystem plus drives innovation with AI and ML based services.
- Scalability – Platform provides capability to scale cloud infrastructure as business grows and optimise cost.
- Secured – Platform is highly secured with top end cyber security controls.
Arjun Ramdas, Chief Executive Officer of Charles Taylor InsureTech said: “We are delighted to offer this game-changing technology to the UK market. We have seen it transform the businesses of our clients in Latin America, enabling them to launch and scale new products quickly, giving them a competitive edge in a fast-growing market. We look forward to working with clients here to help them accelerate their growth plans and drive change.”
Abiy Yeshitla, Vice President, Oracle EMEA Cloud and Technology
“We partner with Charles Taylor to deliver technology supporting local and global insurance solutions and customer experiences that build confidence in insurance management systems. The solution means easily and securely rolling out new offerings to support sales channels and back office. Importantly we are ensuring real time analytics to better understand the business and the individual situation. OCI provides ongoing innovation and improving the performance of insurance applications whilst keeping costs down.”
Jason Rees, VP and head of Technology Solution Engineering, EMEA, Oracle: “In one of the largest insurance markets in the world, UK insurers face increasing expectations to provide fast, straightforward and trusted services at scale to the public. By leveraging OCI and automation, Charles Taylor is meeting this need with a connected platform able to improve efficiencies in day-to-day activities while finding areas for innovation. OCI has the speed, integration and analytics to transform the insurance experience here.”
The policy administration capability was originally launched in Latin America. Charles Taylor already has six implementations with four major insurers, including a five-country contract with Seguros SURA. The company also works with leading life insurer, DELA, across Europe.
The policy administration capability is part of Charles Taylor’s InHub. InHub offers a holistic solution, bringing all capabilities (Document Management Systems, Business Process Management, Claims Optimisation and Policy Administration) together to work in tandem, creating a unified, end-to-end solution for customers. In addition, the legacy modernisation pillar also enables InHub to connect to legacy systems for existing software to work together seamlessly. It is based in the cloud, so that Charles Taylor is able to futureproof a customer’s technology stack in a fast and efficient way, with minimal interruption to a customer’s day-to-day operations and is completely scalable.
Charles Taylor provides a growing range of insurance services, claims and technology solutions across the global insurance market, particularly in complex situations requiring specialist expertise and powerful technology. Its total business process outsourcing solution covers not just technology, but also high-touch services such as underwriting and investment management; complex claims handling, loss adjusting and third- party administration services; no-touch digital claims and robotic process automation. All service delivery platforms are fully integrated with InHub.