Oracle® Insurance Rules Palette 10.1.2.0 E59346-01

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.  

Transaction Override Levels

Transactions are able to overridden at the following levels, listed from most to least specific:

• Plan
• Client
• Child Product
• Product

Transactions are broken down by type. The following transaction types are available:

• Policy
• Plan
• Client
• Cycle
• Intake

See the Transaction Types, Status and Processing Order page for more information on transaction types.

If multiple plans, clients, Child Products or Products use the same transaction, a CopyBook can be created that contains the shared information. Copybooks eliminate the need to configure multiple transactions at the same override level. It also means that the shared configuration is maintained in one place, making updating transaction configuration significantly easier.