Oracle’s suite of risk and finance applications help life insurer to drive performance and improve regulatory compliance reporting
Oracle Financial Services Risk and Finance solution has been deployed in one of the largest life insurers in the Australasian region to deliver the automation, data insights, and reporting capabilities, it needed to be more efficient and achieve IFRS 17 compliance. The solutions help to increase cross-department collaboration and transparency to optimize performance and risk management on a single platform.
Insurance companies need to identify the risks that arise from insurance contracts along with the calculation of assets and liabilities. Oracle’s risk and finance solutions help to increase efficiency, streamline regulatory reporting and compliance, and reduce risk.
Oracle Insurance Accounting Analyzer can integrate data from the organisation’s finance and actuarial applications and accurately run IFRS 17 liability calculations, which provide transparent reporting about a company’s financial position and risk. In tandem, Oracle Insurance Data Foundation supports end-to-end data lineage and granular-level data transparency across the financial reporting process. The application integrates the pre-built insurance industry data model with a suite of management and infrastructure tools that enable organisations to manage their analytics lifecycle from data sourcing to reporting and business intelligence.
Additionally, Oracle Insurance Allocation Manager delivers the expense reporting granularity and traceability required for IFRS 17 compliance to help satisfy both regulators and auditors in presenting fully allocated cost analysis and detailed cohort-level allocations for financial and investment income.
“Resolution Life Australasia sought a solution to respond effectively to ever-changing business demands, including complying with new and evolving accounting standards such as IFRS 17,” said Jason Wynne, global vice president, Finance, Risk and Compliance Product Development, Oracle Financial Services. “With our risk and finance analytical applications, RLA can address its current business needs and strengthen its capabilities for future planning and reporting.”
Resolution Life Australasia’s Chief Finance Officer Yvonne Le Bas said, “Our collaboration with Oracle represents a milestone in our journey towards enhancing operational efficiency, mitigating risks, and delivering more long-term value. We are confident that Oracle’s leading-edge analytical applications will empower us to navigate the changing insurance landscape with agility and accuracy, enhancing our future growth ambition.”
Oracle Financial Services Risk and Finance suite of applications comprises award-winning solutions for data management, enterprise risk management, governance, risk, compliance, integrated performance and balance sheet management, financial planning, and customer insight. These capabilities help insurers comply with the latest IFRS 17 requirements.
Several of the Oracle Financial Services Risk and Finance solutions that RLA is using are category winners in the recent ChartisRiskTech100, including Regulatory Reporting Insurance, IFRS 17 Data Management, Finance and Accounting: Data Management, and also Accounting Frameworks, providing the insurer with industry confidence in the products.
The deal with RLA was signed in November 2021.
To learn more about Oracle Financial Services Risk and Finance solutions, visit: https://www.oracle.com/financial-services/analytics
