Asian Alliance Insurance implements Oracle E-Business Suite Release 12

ASIAN Alliance Insurance PLC, a leading player in the Sri Lankan insurance industry, implemented the Oracle E-Business Suite Release 12, to enhance its customer satisfaction and manage its operational costs more efficiently by cutting its claims processing from three days to less than five hours.

Prior to deploying the Oracle E-Business Suite Release 12, Asian Alliance Insurance relied on a non-integrated technology system to manage customer interactions forcing the organisation to manually enter data and use spreadsheets for analysing performance, delaying critical business reports and hampering timely decisions.

The successful implementation of the Oracle E-Business Suite Release 12 has helped Asian Alliance Insurance integrate and automate its financials, better manage integration between its Core Insurance (iSYS) solution, the in-house developed IT system, and Oracle applications, while ensuring the organisation is able to consolidate information from its Life/Non-Life Strategic Business Units. “The Oracle E-Business Suite Release 12 has helped us satisfy customer expectations in both general and life insurance segments, while providing timely, relevant, management information to fulfill our statutory and regulatory reporting requirements,” said Saliya Wickramasinghe, General Manager Finance, Asian Alliance Insurance, PLC.

Oracle E-Business Suite Financials has helped settle most insurance claims in less than five hours, down from two to three days, and can generate real-time reports as required.  “Financial companies like Asian Alliance Insurance PLC need a solution that helps them better manage and provide real time data across their products and services. Oracle provides such organisations with a flexible, robust and easy-to-use system to facilitate management of the volume of information across their products,” said Oracle Pakistan and South Asia Growth Economies West Applications Business Country Manager Akkasha Sultan Shaikh.

“We look forward to working with other companies from the Sri Lankan business community to help them better manage their portfolios.”

As a result of faster claims processing and enhanced customer satisfaction, the first year renewal in general insurance has risen from 55 per cent to 70 per cent; the first year renewal in life insurance has risen from 72 per cent to 75 per cent; the second year renewal has risen from 51 per cent to 54 per cent; and the third year renewal has risen from 46 per cent to 50 per cent; enabling Asian Alliance Insurance PLC to achieve a return on its IT investment in three years.

Other modules successfully implemented by Asian Alliance Insurance PLC are Oracle Inventory Management and Oracle Purchasing, which have been tightly integrated with the company’s bespoke iSYS solution, resulting in settling creditors within the agreed credit period and thus improving the credibility and image of the company. DMS Software Technologies (Pvt.) Ltd, a Gold Level Member of the Oracle Partner Network implemented the solution at Asian Alliance Insurance PLC. DMS was selected by the customer due to their reputation for on-time delivery and support, which was evident during the implementation process.

Asian Alliance Insurance PLC commenced operations in December 1999; today the company has grown from strength to strength to become one of Sri Lanka’s leading players in the insurance industry. The company caters to a clientele that consists of corporate and individuals. Asian Alliance Insurance is ranked 6th in Sri Lanka’s Total Life Premium market (source:  IBSL Annual Report 2009). RAM Rating Ltd. has assigned a BBB- Rating to AAI based on the performance and internal processes. The rating underscores AAI’s claims paying ability (CPA), based on the soundness of the Company’s operations and financial strength.  The secret behind the Asian Alliance Insurance success story lies in its ability to offer tailor-made insurance solutions to its customers.

Over 65,000 customers worldwide rely on Oracle’s complete, open and integrated enterprise applications to achieve superior results. Oracle provides a secure path for customers to benefit from the latest technology advances that improve the customer software experience and drive better business performance. Oracle Applications Unlimited is Oracle’s commitment to customer choice through continuous investment and innovation in current applications offerings. Oracle’s next-generation Fusion Applications build upon that commitment, and are designed to work with and evolve Oracle’s Applications Unlimited offerings. Oracle’s lifetime support policy helps ensure customers will continue to have a choice in upgrade paths, based on their enterprise needs.

Oracle first started its operations in Sri Lanka in 1991 via a local partner. Since then, Oracle has built up a strong presence as a partner to the Sri Lankan economy and community by providing a full range of products and services through its established network of partners. To further its commitment, the Oracle Liaison Office was established in Colombo in 2004 to provide strong support to its customers. Today, many organisations in Sri Lanka across key industry sectors – including government, financial services, telecommunications and manufacturing – use Oracle technology and applications to gain greater operational and cost efficiencies. Oracle’s commitment extends to its extensive network of alliances, channel partners and resellers in Sri Lanka, who are members of the Oracle PartnerNetwork.