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Oracle® Insurance Rules Palette 9.4.1.0 E23637_01

# 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.

A list of sample transactions that can be configured is shown below.

- Applying Premium to a Policy

- Issue a Policy

- Send a Grace Letter

- Change Beneficiary

- Pay a Death Benefit

- Add or Delete Riders

## Transaction Processing and Sequence

A transaction is made up of multiple sections designed to execute a specific type of processing. A transaction can be configured to execute once, with a breakpoint in processing where valuation logic is executed. The ValidateExpressions business rule is attached to a transaction to accomplish this.

A transaction can also be configured to execute repeatedly. This is necessary for unit linked products when actual fund values are needed, but not yet available at the time the transaction first executes. In cases such as these, a transaction can be configured to allow the latter sections of the transaction to repeatedly execute until the information is available. The PostAssignmentValidateExpressions business rule is attached to a transaction to accomplish this.

The sections of a transaction process in the following order:

1. Suspense
2. Valuation
3. Math
4. Attached Business Rules - configurable processing breakpoint
5. Assignment
6. Post Assignment Business Rules - second configurable processing breakpoint
7. Disbursement
8. Accounting
9. Spawns

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.

Transactions Shown at Plan Level in Main Explorer

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