Celent, an independent research and advisory firm focused on the financial services industry, has recognised Oracle as a key provider of accounting software for the insurance industry in a recent report.
Celent’s Insurance Accounting System Vendors 2006 report – which uses the firm’s ABCD Vendor View tool – recognises Oracle’s PeopleSoft Enterprise General Ledger, a component of PeopleSoft Enterprise Financial Management, for its advanced and flexible technology, its breadth of functionality and the size of its installed customer base. The ABCD tool presents a comparative view of the vendor marketplace that visually represents four elements: advanced technology and technical flexibility, breadth of functionality, customer base size and depth of client services.
“PeopleSoft Enterprise General Ledger provides an established, well developed set of capabilities within a broad and deep family of other accounting, financial, human resource and supply chain applications,” reported Celent analyst and study author, Donald Light.
To be eligible for the study, vendors had to meet the following criteria:
- Availability of a general ledger system, which can be sold to an insurance company on a stand-alone basis
- An established presence in the insurance industry
- Industry-specific marketing and sales initiatives
In addition to Oracle, Celent also reviewed other vendors including SunGard, Fiserv, Lawson and SAP.
“The results of the Celent report underscore Oracle’s commitment to the insurance market and the strength of its product offerings for vertical markets,” said Chuck Johnston, Senior Director for Insurance Industry Strategy, Oracle Industries Business Unit. “Oracle delivers the most comprehensive, integrated solution for the insurance industry, combining the functionality and flexibility of PeopleSoft Enterprise, the Oracle E-Business Suite, Siebel CRM for Insurance, and other industry-leading independent software vendor applications running on high-performing, scalable Oracle technology. In addition, our open integration approach gives insurers the flexibility to implement progressive renovation strategies to incrementally transform application portfolios without incurring the costs or risks of a ‘big bang’ transformation.”