ClearView to Power Digital Transformation with Oracle Insurance
Leading life insurer selects Oracle Insurance Policy Administration as part of comprehensive technology strategy
Sydney, Australia—March 18, 2021
Diversified financial services company, ClearView Wealth Limited (ASX: CVW) has chosen Oracle Insurance Policy Administration (OIPA) to support its digital transformation journey. The move is part of a wider technology investment by the company to modernise its systems and processes. With the technologies, ClearView will be able to improve efficiencies, meet new regulatory requirements, reduce operating costs, and improve the digital experience for both employees and customers.
ClearView’s three operating segments are life insurance, wealth management, and financial advice. The group has $282.0 million in in-force premiums, over $3 billion in funds under management, and 270 financial advisers across its financial advice network.
“ClearView is in the middle of a multi-year transformation program to ensure that the right systems, processes, and technology are in place to drive scale, efficiencies, and customer satisfaction,” said Simon Swanson, ClearView Managing Director.
“A key plank in our transformation is a new policy administration system to enhance internal operations and ensure we remain easy to do business with. With Oracle at the core of our technology strategy, ClearView will be better able to meet the needs of our current and future customers, adapt to ongoing change, and continue to grow,” he added.
Oracle’s insurance system helps insurers modernise and simplify their business by consolidating multiple back office policy systems on a single platform. Oracle’s rules-driven Insurance Policy Administration system supports policy issuance, billing, collections, policy processing, and claims. The system has open integration capabilities and the ability to be deployed on the cloud, including with Oracle Cloud Infrastructure and its Autonomous Database and Autonomous Transaction Processing capabilities.
“With Oracle, ClearView can improve operational efficiency while accelerating new product and service development,” said Venky Srinivasan, group vice president, Sales, APJ & Middle East, Oracle Financial Services. “ClearView is committed to digitally transforming its operations to provide customers with the modern and seamless experience expected today. Oracle Insurance Policy Administration provides ClearView with the foundation it needs to modernise, positioning this forward-thinking company as a leader in a very competitive market.”
Oracle provides modern, innovative technology that enables insurers to drive their digital transformation strategy forward. With Oracle’s flexible, rules-based systems, insurers can simplify IT by consolidating individual and group business on a single platform, quickly deploy differentiated products, and empower their ecosystem to improve engagement with customers and partners. Learn more at oracle.com/insurance.