Case Study
Oracle Cloud ERP and HCM Implementation for a Leading Insurer
Sector : Insurance
Overview
A unified Oracle Cloud HCM and Financials Cloud allows a leading insurer to scale their business.
A leading insurer with almost $66 billion in financial
investments, built resilient back-office processes by shifting its
core operations to Oracle ERP Cloud. With almost 230,000 pension holders and $66 billion in financial investments,
accumulated through the provision of tailored pension insurance buyouts and buy-ins, the firm is a rapidly growing player. The organisation is rapidly growing, as evidenced by their investment portfolio which grew by almost 50% in the last two years, and the number of policyholders which also rose by a similar percentage during the same period.
Business Objectives
To leverage new business opportunities and harness its growth potential in uncertain times
such as the pandemic, it was essential to streamline their business processes.
Multiple regulatory reporting standards (Solvency II, IFRS 4) needed data from various systems to be organised under a single umbrella
Accelerated growth required agile and streamlined processes
Various teams accessed data from multiple systems; presence of multiple manual and automated integrations
The need to leverage business opportunities presented by the IFRS 17 transition and marry
their actuarial and finance teams seamlessly
Develop a better understanding of their data and its patterns to take swift and effective business
decisions
Solution
Transformation using Oracle Cloud, the best-in-class finance and procurement systems
Oracle Fusion Financials Cloud
- RHolistic solution which delivers modern, adaptable finance with increased productivity and improved business decisions
- RDeploys innovative technologies including automation and analytics, enabling managers to focus on value added activities rather than routine tasks, reducing time-taken for month end operations
Oracle Fusion Procurement Cloud
- A centralised procurement platform that offers insightful spend analytics to achieve expense control and power to negotiate with suppliers
Oracle Fusion Accounting Hub Cloud
- fVersatile accounting engine that integrates and aligns information from virtually any source system to consistently enforce accounting policies
- fEnables simultaneous accounting to meet multiple GAAP requirements
Oracle Fusion HCM Cloud
- Best practices process implemented for human capital management, absences, talent management and integrated payroll.
Fusion Practices Approach
An integrated solution that redefined back-office processes as enablers using the Agile4Fusion implementation methodology.
Deliver Digital Intelligence
- RBuilding data provision for new regulatory models
- RIncreased insight to support agile decision-making
- RSimultaneous accounting in IFRS 17, IFRS 4, Solvency II
Driving Operational Excellence
- fStreamline source-to-pay process to maximise productivity
- fAutomation of 120+ financial and procurement reports
- fCommon Chart of Account across different ledgers, which reduces reconciliation effort
Benefits to Business
- Automation of financial and procurement processes improved their monthly reporting cycle, reduced errors, and aligned to support growth
- Single source of truth for all auditable data
- Integrated self-service reporting modules for efficient data collection and collation
- Reduction of manual data checks, reconciliation, and approvals
- Version control of various inputs and outputs
- Rationalisation of reports removed the redundancies and ensured that the stakeholders had meaningful information at their fingertips
What do Customers value in our partnership?
Our solutions are designed with a
customer first approach
We take care of end-to-end
implementation and offer
comprehensive support service
We are proven, trusted partners of top-tier companies across sectors such as finance, banking, insurance, and retail