Life insurer’s big leap: Oracle’s latest tool sets new benchmark for financial reporting

Oracle Corporation has introduced its state-of-the-art Financial Services Risk and Finance solution to one of the largest life insurers in the Australasian region. This deployment is set to significantly enhance automation, data insights, and reporting capabilities, which are crucial for achieving compliance with International Financial Reporting Standard (IFRS) 17. By centralising risk management and financial reporting on a unified platform, Oracle aims to improve operational efficiency and regulatory adherence.

The insurance sector encounters complex challenges in managing risks and calculating financial assets and liabilities. Oracle’s Financial Services Risk and Finance solution addresses these issues by offering a robust platform designed to streamline regulatory reporting and compliance. This system enhances cross-departmental collaboration and transparency, thereby optimising risk management and performance monitoring.

One of the key components of Oracle’s offering is the Oracle Insurance Accounting Analyzer, which integrates data from finance and actuarial applications to execute accurate IFRS 17 liability calculations. This tool provides clear insights into a company’s financial position and associated risks, which is essential for meeting regulatory standards. Complementing this is the Oracle Insurance Data Foundation, which ensures end-to-end data lineage and provides detailed transparency across the financial reporting process. This application combines a pre-built insurance industry data model with management and infrastructure tools to support the entire analytics lifecycle, from data sourcing to business intelligence.

Additionally, the Oracle Insurance Allocation Manager delivers the granularity and traceability required for IFRS 17 compliance. This tool facilitates comprehensive expense reporting and cohort-level allocations for financial and investment income, ensuring adherence to regulatory and auditing standards.

Jason Wynne, Global Vice President of Finance, Risk, and Compliance Product Development at Oracle Financial Services, highlighted that Resolution Life Australasia needed a solution capable of adapting to evolving business demands and compliance with new accounting standards. Wynne stated that Oracle’s advanced risk and finance analytical applications would enable Resolution Life Australasia to address its current needs while strengthening its future planning and reporting capabilities.

Yvonne Le Bas, Chief Finance Officer at Resolution Life Australasia, noted that the partnership with Oracle represents a significant milestone in their pursuit of operational efficiency and risk mitigation. Le Bas expressed confidence that Oracle’s cutting-edge analytical applications would provide the agility and accuracy needed to navigate the changing insurance landscape and support long-term growth ambitions.

Oracle’s Financial Services Risk and Finance suite has received considerable industry recognition, including multiple accolades in the ChartisRiskTech100. Solutions such as Regulatory Reporting Insurance, IFRS 17 Data Management, and Finance and Accounting: Data Management have been acknowledged for their effectiveness and reliability. This recognition underscores the high standards of Oracle’s products in meeting industry requirements and addressing the complex needs of the insurance sector.

The agreement between Oracle and Resolution Life Australasia, formalised in November 2021, marks a significant advancement in financial services technology. This collaboration is expected to enhance reporting capabilities, improve risk management, and streamline compliance processes for the insurer.