HNB Assurance PLC (HNBA), one of Sri Lanka’s leading life insurers has gone live on Oracle Cloud Enterprise Resource Planning (ERP) to simplify and streamline its business processes as well as to increase visibility into its financial operations and support its mission to deliver better customer experiences to its policyholders. The project was implemented within a short span of seven weeks.
HNBA moved from an on-premise ERP system to the cloud solution to streamline its processes with new technology to offer faster, efficient solutions to the market. With Oracle Cloud ERP, the life insurance provider is now able to serve its customers swiftly and efficiently at a lower cost, which gives an opportunity to grow the insurance product portfolio. This will also help the company in complying with regulatory requirements such as International Financial Reporting Standards 17 (IFRS).
Sharing his views, Managing Director/CEO of HNBA and its fully owned subsidiary HNB General Insurance Limited (HNBGI) stated “the Company was able to streamline its processes and increase efficiencies in its process thanks to Oracle and the solutions offered and as a result, we now have better visibility of our risk exposure and greater transparency in our business – both very important matrices for our success”. Mr. Lokuarachchi further commented stating, “Oracle Cloud ERP will not only help us comply with regulatory requirements but will also enable us to merge our disparate business processes. This will improve operational efficiency, speed up our market penetration and allow us to offer new, customized solutions to our customers.”
With Oracle Cloud ERP as the core application across its life insurance products, HNBA can now attract more customers and expand its services throughout Sri Lanka. The new cloud solution has enabled the insurance provider to reduce IT complexity and increase employee productivity by automating finance operations and improving decision making through advanced data analysis.
“We are delighted to support HNBA in this chapter of their growth as they look to transform the insurance industry in Sri Lanka”, said Nalin Sikurajapathy, Head of Applications – Sri Lanka and the Maldives at Oracle. “Modern cloud offerings are changing how businesses operate by providing an easy access to such technologies like artificial intelligence (AI), machine learning, chatbots, process automation and more.”
MillenniumIT ESP, a Platinum member of the Oracle PartnerNetwork, implemented the project for HNB Assurance.
About HNB Assurance
HNB Assurance PLC (HNBA) is the one of the fastest growing Insurance Companies in Sri Lanka with a network of 63 branches. HNBA is a Life Insurance company with a rating of A (lka) by Fitch Ratings Lanka for ‘National Insurer Financial Strength Rating’. Following the introduction of the segregation rules by the Insurance Regulator, HNB General Insurance Limited (HNBGI) was created and commenced its operations in January 2015; HNBGI continues to specialize in motor, non-motor and Takaful insurance solutions and is a fully owned subsidiary of HNB Assurance PLC. HNBA is rated within the Top 100 brands and Top 100 companies in Sri Lanka by LMD and HNB Assurance has won international awards for Brand Excellence, Digital Marketing and HR Excellence and won many awards for its Annual Reports at award ceremonies organized by the Institute of Chartered Accountants of Sri Lanka and SAFA (South Asian Federation Accountants).
The Oracle Cloud offers a complete suite of integrated applications for Sales, Service, Marketing, Human Resources, Finance, Supply Chain and Manufacturing, plus Highly Automated and Secure Generation 2 Infrastructure featuring the Oracle Autonomous Database. For more information about Oracle (NYSE: ORCL), please visit us at oracle.com.