We transformed our client’sfragmented enterprise architecture & ensured transparency in the business process.

About the Industry

The insurance sector has welcomed the digitization phase with open arms. The “digital service” business model has brought about a revolutionary shift to the insurance industry. Be it a personalized premium or usage-based policy cover, analytics and automation have made a positive impact at the nuclear level.

With a transformed business model, the reimagining and personalization of products and services have become a necessity. The legacy solution system has been taken over by analytics-driven approaches. The claiming of insurance is taken care of by AI-enabled solutions. Similarly, advanced analytics and big data have proactively gained actionable insights from obtaining data exhaustively. In a recent trend, partnering with tech giants has simplified and improved the operational aspects of the insurance business.

About the Client

Our client is a Singapore-based leading insurance service provider organization. Though based out of Singapore, their presence in New Zealand & Australia is noteworthy. As part of their business strategy, our client is venturing into the areas of AI & Analytics-driven insurance solutions.

Being data-driven, managing the global financial & insurance operations with legacy solutions does not generate meaningful results. Being inclined towards analytics, the company is getting more focused towards an integrated solution that would manage financial and insurance-related tasks more efficiently. The company is looking forward to digitally transform the business landscape with a robust & integrated data solution.

The Business Challenges

The traditional way of dealing with business problems fails in the long run. Our Client faced similar challenges. The roadblocks were as follows: –

  • The existing accounting solution was outdated and failed to meet scalability for better results.
  • The reporting architecture failed to deliver real-time intelligence, which in turn impacted business decision-making.
  • The manual procurement process delayed the annual reporting of the organization. The availability of updated financial data was compromised.
  • Lack of transparency caused inefficiencies at the auditing level. Also, the absence of flexibility limited the functionality of the existing solution.

Our Solution

  • Post case analysis, we deployed the Oracle ERP Cloud Solution for our client.
  • The Oracle Fusion Financials managed the enterprise’s general ledger, Accounts Payable, Account Receivables, and Expense Management.
  • Similarly, the Oracle Fusion Procurement Module improved the purchase and requisitions tasks of the organization. The leveraged self-service procurement simplified the existing business solution.
  • We designed an application implementation roadmapto assist us in tracking the reliability of the new solution, and the improvement witnessed so far.

Key Results

  • The procurement cost saw a reduction of 35%. Magnified user adoption improved both the productivity and the efficiency of the solution.
  • Productivity almost grew by 40%. Our highly agile & scalable solution increased the capacity bandwidth, and thus accelerated the pace of meeting the business needs.
  • The financial reporting and the availability of the financial data in real-time further brought transparency in the day-to-day resolution of the tasks.
  • The digital ecosystem improved thedecision-making capabilities of the organization and made the solution even more user-friendly.

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