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.