721Start. Oracle Insurance Policy Administration. Release Notes. Version

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1 721Start Oracle Insurance Policy Administration Release Notes Version Document Part Number: E23638_01 June 2012

2 Copyright 2009, 2012, Oracle and/or its affiliates. All rights reserved. This software and related documentation are provided under a license agreement containing restrictions on use and disclosure and are protected by intellectual property laws. Except as expressly permitted in your license agreement or allowed by law, you may not use, copy, reproduce, translate, broadcast, modify, license, transmit, distribute, exhibit, perform, publish, or display any part, in any form, or by any means. Reverse engineering, disassembly, or decompilation of this software, unless required by law for interoperability, is prohibited. The information contained herein is subject to change without notice and is not warranted to be error-free. If you find any errors, please report them to us in writing. If this software or related documentation is delivered to the U.S. Government or anyone licensing it on behalf of the U.S. Government, the following notice is applicable: U.S. GOVERNMENT RIGHTS Programs, software, databases, and related documentation and technical data delivered to U.S. Government customers are commercial computer software or commercial technical data pursuant to the applicable Federal Acquisition Regulation and agency-specific supplemental regulations. As such, the use, duplication, disclosure, modification, and adaptation shall be subject to the restrictions and license terms set forth in the applicable Government contract, and, to the extent applicable by the terms of the Government contract, the additional rights set forth in FAR , Commercial Computer Software License (December 2007). Oracle USA, Inc., 500 Oracle Parkway, Redwood City, CA This software is developed for general use in a variety of information management applications. It is not developed or intended for use in any inherently dangerous applications, including applications that may create a risk of personal injury. If you use this software in dangerous applications, then you shall be responsible to take all appropriate fail-safe, backup, redundancy, and other measures to ensure the safe use of this software. Oracle Corporation and its affiliates disclaim any liability for any damages caused by use of this software in dangerous applications. Oracle is a registered trademark of Oracle Corporation and/or its affiliates. Other names may be trademarks of their respective owners. This software and documentation may provide access to or information on content, products, and services from third parties. Oracle Corporation and its affiliates are not responsible for and expressly disclaim all warranties of any kind with respect to third-party content, products, and services. Oracle Corporation and its affiliates will not be responsible for any loss, costs, or damages incurred due to your access to or use of third-party content, products, or services. Where an Oracle offering includes third party content or software, we may be required to include related notices. For information on third party notices and the software and related documentation in connection with which they need to be included, please contact the attorney from the Development and Strategic Initiatives Legal Group that supports the development team for the Oracle offering. Contact information can be found on the Attorney Contact Chart. The information contained in this document is for informational sharing purposes only and should be considered in your capacity as a customer advisory board member or pursuant to your beta trial agreement only. It is not a commitment to deliver any material, code, or functionality, and should not be relied upon in making purchasing decisions. The development, release, and timing of any features or functionality described in this document remains at the sole discretion of Oracle. This document in any form, software or printed matter, contains proprietary information that is the exclusive property of Oracle. Your access to and use of this confidential material is subject to the terms and conditions of your Oracle Software License and Service Agreement, which has been executed and with which you agree to comply. This document and information contained herein may not be disclosed, copied, reproduced, or distributed to anyone outside Oracle without prior written consent of Oracle. This document is not part of your license agreement nor can it be incorporated into any contractual agreement with Oracle or its subsidiaries or affiliates. Release OIPA Release Notes 2 of 13

3 Table of Contents ORACLE INSURANCE POLICY ADMINISTRATION... 4 ORACLE INSURANCE POLICY ADMINISTRATION... 4 Activities... 4 Address... 5 Allocations... 5 Annuity Payout... 5 Client... 6 CopyBooks... 6 Currency Rounding... 6 Cycle... 6 Disbursements... 6 Error Messages with Substitutions... 7 Fields Enhancements... 7 Function Overrides... 7 Fund Enhancements... 7 Plans... 8 Post Assignment Math... 8 Policy... 8 Programs... 8 Rates... 9 Shadows... 9 State Approvals... 9 Suspense... 9 Tables... 9 Transactions...10 Valuation...10 Withholding...10 TECHNOLOGY SPECIFIC ENHANCEMENTS...11 DEPRECATED ITEMS...11 SUPPORTED TECHNOLOGY...13 Application Servers...13 Databases...13 Operating Systems...13 Java...13 Browser...13 Release OIPA Release Notes 3 of 13

4 Oracle Insurance Policy Administration Oracle Insurance Policy Administration (OIPA) is a next-generation, flexible, rules-based insurance solution for life and annuities that supports policy processing across multiple lines of business. OIPA greatly enhances ease of use and speed for business analysts, actuaries and others involved in the product configuration process. Robust navigation also makes it easy for users, including CSRs, to locate policy information and drill down into a granular level of customer detail. This allows insurers to respond more rapidly to customer inquiries, reduce call times and improve customer service. These release notes contain the enhancements that were made to OIPA GA release , Customer Support If you have any questions about the installation or use of our products, please visit the My Oracle Support website: or call (800) Oracle Insurance Policy Administration This section describes configuration, features and technology specific enhancements for GA release Activities A new Activity Confirmation screen is supported. When an activity is processed in OIPA, the Confirmation screen will appear if configuration exists to support it. A confirmation number can also be generated for tracking purposes. A new tool-tip configuration element was introduced to the TransactionCosmetics business rule in order to add some flexibility to the tool-tips functionality. The activity confirmation number associated with an activity can be displayed in the tool-tip bubble. Display of other transaction fields is also configurable. Activity statuses are now identified by color to make it easier for a user to visually identify the condition of an activity. The color shading of activities can be turned on or off via configuration in the CompanyCosmetics rule. The optional element <ActivityShading> is being introduced along with the attribute ENABLE. Configuration will not define the colors or the color to activity association. These are defined in base code. Release OIPA Release Notes 4 of 13

5 The Left Navigation menu was updated to remove the detailed list of all activities that display below the Activities link, when the link is clicked. Now the Left Navigation menu will simply display the link for Activities, without the additional individual activities. This was changed for the Policy, Plan and Client screens. The <FieldsDoNotExist> element was added to the RolesExist rule to provide a means through configuration of verifying whether certain fields are empty at the time an activity is processed. OIPA has been enhanced to include the ability to preview activity results and to verify the activity detail through a new Quote screen before an activity is processed. A new Verification screen has also been added. Address When a change to an existing client address is made, OIPA can automatically spawn an activity on the Client Activity screen that will generate an Address Change letter. This happens automatically if configuration is in place to support this functionality. The ability to add a new address to a client and expire an existing address has been implemented. This replaces the functionality of the SwapAddress business rule that was used in previous versions of OIPA. A new transaction element called Address has been introduced. Allocations Allocation models are now supported in OIPA. There are four types of allocation models: Non-Editable Non-Asset Class Models, Non-Editable Asset Class Models, Editable Non-Asset Class Models and Editable Asset Class Models. The OIPA application was also updated to display allocation models and their underlying funds. OIPA has been modified to provide the ability to display both the original and the final allocations on the Activity Results screen. Annuity Payout OIPA supports functionality that guarantees periodic payments are produced from a Variable Annuity policy. These payments are guaranteed in that it is possible for the sum of all payments over the policy lifecycle to exceed the value of the deposits. The underlying allocation of these payments is made Release OIPA Release Notes 5 of 13

6 from sub-accounts (funds) linked to the policy s current investments and held on the AsBenefitSplit table. Client A single transaction can be processed in OIPA that adds a new client and assigns that client to a policy role. OIPA can perform a search from the Role screen for clients in an external database using extensions functionality. An external client can then be assigned a policy or segment role. CopyBooks CopyBooks can be overridden at various levels. Rules contexts were developed to define override capability and provide a means of rule classification based on override levels. These contexts are discussed in the Rules Palette help system. Currency Rounding The <RoundCurrencyEntry> element was added to the CompanyCosmetics rule to indicate that a Money data type screen or transaction field will automatically round the entered amount to the specified significant digits of the currency (DisplayRoundPlaces ) using the CurrencyRoundMethod on the AsCurrency table. If this element is not present, then the default method is to truncate the entry. Screen Math, Actions and Events now support Money and Currency data types. Screen math is able to perform arithmetic and comparison operations on currency values. Screen actions can compare currency values and assign new ones to the fields. Cycle The CycleSequence rule was introduced to define the order in which companies and plans run through cycle. The order can be changed for specific business conditions such as month-end and unplanned market closures. Disbursements The Disbursement Approval screen supports dynamic fields that can be used to search for disbursement records. A new optional element was added that allows the disbursement amount column to be totaled for each page of information displayed on the screen. Release OIPA Release Notes 6 of 13

7 A plan level transaction can be used to identify disbursement records that need to have status codes updated to Active. The configuration will identify the records that should be selected for update. A new attached rule called DisbursementUpdate contains an attribute of DISBURSEMENTARRAY or ACTIVITYARRAY and the value is a math variable from the transaction configuration. The STATUS attribute sets the disbursements returned in the array to the Active status. Once the disbursement records are updated, general accounting is updated through a trigger that identifies the system that is performing accounting. A new element <COAEntity> identifies which chart of accounts to run, which then triggers accounting. Error Messages with Substitutions OIPA supports user-defined error messages that contain substitutions. Math variables, fields or system values using prefixes can be used to display additional detail. Fields Enhancements OIPA can now store and display a larger amount of data than was previously supported in the dynamic text fields. New field configuration syntax was introduced in OIPA to provide the ability to visually identify required fields using a <Required> element. When a field contains this element with a value of Yes, then an asterisk will display next to the field in OIPA, alerting the user that the field is required. Function Overrides OIPA has been modified to provide the ability for user-defined functions to be overridden in the same manner as CopyBooks. Fund Enhancements In previous versions of OIPA, funds were defined at the plan level. A Funds node was available in the Main Explorer in the Plans folder. The Funds node has been moved to the Admin Explorer in the Administration folder. Now fund information is captured at the company level and can be reused at the plan level. Fund Asset Classes are defined in the Admin Explorer using the Fund Asset Class node in the Administration folder. Release OIPA Release Notes 7 of 13

8 Assignment processing was expanded to support index funds. The ability to build buckets during valuation processing and a new math variable operation FILLBYBUCKETLIST has also been implemented. Multiple fund price corrections can now be performed in OIPA as one unit of work. The PriceCorrection rule, which currently exists in OIPA V9, provides the ability to perform this task when attached to a transaction configured at the Primary Company plan level. Plans The PlanOrder rule was implemented in this release. This rule allows plans to be sorted in ascending or descending order in the Plan and Plan Group drop down boxes on screens in OIPA. The ordering basis for plans will be defined in the configuration using AsPlan columns or dynamic plan fields. The ordering basis for PlanGroups will be defined in the configuration using PlanName. \ Post Assignment Math Math variables can be logged in the PostAssignmentValidateExpressions business rule. Post Assignment Math is visible in the Activity Results section of a processed activity. Policy The PolicyOverviewScreen rule is now supported in the 9.5 version of OIPA. This display only screen provides the user with a snap shot view of policy detail, general segment, policy/segment role data and values information all on one screen. It is the first link listed on the Left Navigation menu of the Policy screen. Policy Role functionality was enhanced to provide standardization in the handling of all roles; both policy and segment. Policy role views can be configured to control the ordering of policy roles for presentation on the Role screen. Programs Users are now able to inquire and change indicative program data and scheduling information in a unified programs view, rather than piecing together these facts by looking at activities and activity history. Programs are Release OIPA Release Notes 8 of 13

9 defined as product or service features that have associated recurring activity processing needs. Rates The CreateRates rule was implemented to create a new Rate Group for an existing Rate Table and optionally close an existing Rate Group if needed. Enhancements were made to the standard rate access of OIPA. Custom rate tables and retrieval routines are now supported. This customization does not extend to fixed fund interest rates as these must remain in OIPA rate table structures. System properties will indicate the type of rate retrieval functionality that OIPA executes. Shadows OIPA provides the ability to shadow (soft delete) policy records. Policy status codes that represent a shadowed status are configurable. A Shadow Policy button on the Policy screen is available to shadow a policy based on the current status of the policy. This is typically used for pending policies that were added in error. State Approvals OIPA tracks states that have approved the sale of an insurance product by plan and segment. The state approval records have a starting effective date and end (or expiration) date. The system uses these state approval records to control whether or not a plan or segment is available for a policy in a particular state. A State Approval table view was added in OIPA to allow users read-only access to state approval records. Suspense OIPA supports suspense refunds by processing client level transaction(s), equipped with <Suspense> and <Disbursement> elements. Tables The Plan Main menu in OIPA now contains links to Plan Allocations, Plan Withholding and Plan Fields. The Tables Main menu in OIPA now contains a link to a Rates table, where rates held in OIPA can be viewed. Release OIPA Release Notes 9 of 13

10 Transactions A new transaction type, Non-Reversible/Non-Reversing, was created. These transactions cannot be reversed and recycled without using a Delete checkbox on the Activity screen. Recycling and reversing any activities prior to the transaction will NOT cause this activity to be reprocessed. Undo/Redo processing can be performed on spawned and Non-Reversible transactions if a user has the proper security privileges. A Delete checkbox was added to the Filters section of the Activity screen. If a user has the proper security privileges, clicking the Delete check box will add a delete and recycle icon next to an active spawned or non-reversible transaction. A new transaction type, Reversible/Non-Reversing, was created. These transactions reverse/recycle through normal undo/redo processing and can be edited or deleted. Recycling and reversing this activity will not cause activities after it to be reprocessed. Valuation OIPA is able to calculate valuation multiple times for different dates within a single activity. To accomplish this, a new Math Statement was created that will execute policy valuation as of a specific date. A new math variable type, VALUATIONVALUE, indicates that the math variable will retrieve a value from the math valuation object. Point in Time Valuation has been introduced, which calculates valuation back to the last value date instead of from inception. The UnitValuePrecision rule s functionality was merged into the PrecisionValues rule. Withholding OIPA now has the ability to lock down withholding fields based on policy status. The optional <DisableWithholdingFields> element is used in the WithholdingScreen configuration to accomplish this lock down of policy level withholding. Enhancements have been made to the CopyToWithholdingFields rule to make configuration clearer and easier to follow. Release OIPA Release Notes 10 of 13

11 The CopyToPendingActivityFields rule is being modified to include the ability to update the Withholding fields of one or multiple pending activities. Technology Specific Enhancements OIPA is now fully compatible with Internet Explorer 8.0. Java was upgraded to JDK 1.6 for this release. EclipseLink was selected to replace Toplink Essentials. The supported JBOSS version is now 5.1. Spring was upgraded to version Deprecated Items The Suspense Refund screen functionality was deprecated. Suspense refunds are now processed via client level activities equipped with <Suspense> and <Disbursement> elements. With the addition of the new OIPA functionality that calculates valuation multiple times and for different dates within a single activity, a valuation element inside a transaction is no longer needed and support for that has been deprecated. RELATEDGUID and TYPECODE attributes of the CopyToWithholdingFields rule are being deprecated. This change limits the capability for update to Policy and Client withholding fields and naming the specific GUID expected makes the configuration cleaner and easier to follow. The PriceCorrection business rule has been deprecated for transactions configured at Subsidiary Company plan level. Instead, it will be available to transactions that are configured within Primary Companies plans. The UnitValuePrecision rule was deprecated. The rule s functionality was merged into the PrecisionValues rule. The SwapAddress business rule and Address field data type that were used in versions of OIPA prior to V9 have been deprecated and replaced with new address functionality. Release OIPA Release Notes 11 of 13

12 The Comment field data type that was available in versions of OIPA prior to V9 has been deprecated and replaced with the TextArea field data type. Benefit Split processing has been redesigned to be more efficient and easier to configure. Several rules used in OIPA V7/V8 have been deprecated: DoBenefitSplit (Rule) - reads in the BenefitSplit records and calculates benefit amount. This was replaced by the GetBenefitSplit MathStatement function. DoABLSwitch (Rule) - aids in transferring funds to Annual Benefit Leveling, using the ABLFundType and ABLSwitch amount. AsBenefitSplit (Write). This was replaced by DoBenefitSplitChange. DoAnnuityRecalculation (Rule) - allows a transaction to fire off the Calculate General rule. This was replaced by DoSegmentRecalculation. DoVariableToFixedTransfer (Rule). This was replaced by DoBenefitSplitChange. DoWithdrawalSplit (Rule) - allows an activity to adjust benefit splits when withdrawals happen on one or more funds. This adjustment is applicable to variable payout products. This was replaced by DoBenefitSplitChange. AsBenefitSplit (Write). This was replaced by DoBenefitSplitChange. TransferBenefitSplit (Rule) - similar to DoBenefitSplitChange. AsBenefitSplit (Write). This was replaced by DoBenefitSplitChange. WriteBenefitSplitAssignments this rule is similar to the ReassignAllocations rule. It was replaced by ReassignAllocations. DoBenefitSplitChange the syntax of this rule is being redesigned to support additional features and will be the principle rule used to update existing Benefit Split records. Some version 7 and version 8 fund features were deprecated. o ABL Fund type code is being retired and all fixed benefit funds will be type code 03. o AsFundGroup XMLData is deprecated and AsFundField now holds that data. o BenefitSplit type code 99 is replaced by status codes so that a history of the original type can be maintained. Release OIPA Release Notes 12 of 13

13 Supported Technology The OIPA version application supports the following technology components: Application Servers - WebSphere WebLogic Databases - Oracle 11g ( ) - Microsoft SQL Server 2008 R2 - DB2 9.7 Fix Pack 3a Operating Systems - 64-bit Oracle Enterprise Linux 5.8 for all application servers and databases - 64-bit Windows Server 2008 R2 for Microsoft SQL Server 2008 R2 Java - JDK: Update 29 Browser - Internet Explorer Version: IE7, IE8 Release OIPA Release Notes 13 of 13