Life insurer Resolution Life Australasia (RLA) has implemented Oracle Financial Services Risk and Finance solution to enhance its automation, data insights, and reporting capabilities.
The agreement with Resolution Life Australasia and Oracle was signed in November 2021.
By deploying Oracle’s offering, Resolution Life Australasia aims to enable greater efficiency and ensure compliance with International Financial Reporting Standards (IFRS) 17 regulations.
According to Oracle, the solution facilitates improved collaboration and transparency across various departments, optimising both performance and risk management on a unified platform.
Resolution Life Australasia 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’s risk and finance solutions are said to enhance efficiency, streamline regulatory reporting and compliance processes, and mitigate risk.
The Oracle Insurance Accounting Analyzer integrates data from an organisation’s finance and actuarial applications, executing precise IFRS 17 liability calculations. This ensures transparent reporting of a company’s financial position and associated risks.
Working in conjunction, Oracle Insurance Data Foundation ensures comprehensive data lineage and provides granular-level data transparency throughout the financial reporting process.
It incorporates a pre-built insurance industry data model along with a portfolio of management and infrastructure tools, enabling organisations to manage their analytics lifecycle from data sourcing to reporting and business intelligence.
Additionally, Oracle Insurance Allocation Manager delivers the expense reporting and traceability necessary for IFRS 17 compliance. It helps satisfy regulators and auditors by providing fully allocated cost analysis and detailed cohort-level allocations for financial and investment income.
The Oracle Financial Services Risk and Finance suite includes solutions for data management, governance, compliance, enterprise risk management, integrated performance and balance sheet management, financial planning, and customer insights.
Oracle Financial Services finance, risk and compliance product development global vice president Jason Wynne said: “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.
“With our risk and finance analytical applications, RLA can address its current business needs and strengthen its capabilities for future planning and reporting.”
