HNB Assurance introduces new products faster with Oracle Cloud

Business

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 in 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), the company said in a media release.

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.

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