Transactions Overview

Businesses have processes that need to be supported for policies and throughout the policy lifecycle.  Transactions are configured to be business events that users in the Oracle Insurance Policy Administration system (most likely Customer Service Representatives) need to process when an event occurs that affects a policy.   Some transactions are configured to automatically occur without end user initiation.   No matter how the transaction processes, it must be configured to support the business event processes that need to occur.

Below you will find some examples of transactions that can be configured.

• Applying Premium to a Policy

• Issue a Policy

• Send a Grace Letter

• Change Beneficiary

• Pay a Death Benefit

• Add or Delete Riders

After a transaction has been configured and has been assigned security, it is located on the Activities Tab in the activity drop-down box.   An activity is an instance of a transaction or the actual use of a transaction on a policy.   Every time an activity is processed, the transaction configuration is executed.

Transactions are always configured on the plan level meaning that each plan must have its own set of transactions.  Transactions are broken down by the type of transaction:  policy, cycle or plan.  If multiple plans use the same transaction, a CopyBook can be created that contains the shared information.  This will eliminate configuring the same transaction for each plan.  It also means that the shared configuration is maintained in one place making updates to information easier.