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Phoenix Life Looks to Improve Operations and Readiness for IFRS 17 with Oracle

Phoenix Life Looks to Improve Operations and Readiness for IFRS 17 with Oracle

Oracle Financial Services risk and finance technology to support in transformation initiative and expansion

 LONDON—21 July 2020

Phoenix Life, part of the Phoenix Group, a leading savings and retirement business, has selected Oracle Financial Services Analytical Applications (OFSAA) to drive better operational efficiency and data governance. Chosen for its flexibility, cloud readiness, and completeness, the Oracle technology will also be key in helping Phoenix Life efficiently meet the new IFRS 17 accounting standard taking effect January 2023.

Phoenix Life is currently onboarding Oracle IFRS 17 Analyzer, which is part of the OFSAA suite, as a priority to meet the IFRS 17 standard. The application is pre-built with a set of computations, rules and disclosures, built by actuaries and in-house accountants which will speed Phoenix Life’s ability to adopt and adhere to the principles set by the standard.

As the company is already running Oracle Fusion Cloud Enterprise Resource Planning (ERP) and Oracle Cloud Human Capital Management (HCM) on Oracle Cloud Infrastructure, the integration of Oracle Financial Services Analytical Applications will provide a seamless and critical link between actuarial and accounting functions and solutions.

“Our industry already relies on fast and robust information exchange, and IFRS 17 brings a significant step up in the volume of data transfer required for financial reporting,” said Iain Macintyre, IFRS 17 Programme Lead for the Phoenix Group. “We’re currently bringing together a number of different systems following the acquisition of Standard Life Assurance Limited, and we were conscious that we needed everything integrated, up-and-running, and fully compliant with the new IFRS 17 standard. Oracle’s software is the best choice for us—we know it can easily integrate with the rest of our estate. Not only will we be fully equipped to meet the new standards, but the technology enhances control and allows us to deliver financial reporting quickly and efficiently.”

Phoenix Life is part of the Phoenix Group, an FTSE 100 company. Approximately 10 million policies and £248 billion of assets are held by the Group’s life companies, including Standard Life Assurance Limited. The Group will also shortly finalise the acquisition of ReAssure—adding a further c. 4 million policies.

“Phoenix Life needed a solution that was flexible, yet comprehensive, and one that could be up and running in advance of the new IFRS 17 standard,” said Sonny Singh, executive vice president and general manager, Oracle Financial Services. “It decided to build on its existing Oracle footprint after seeing how quickly we could integrate with its existing Oracle Financial Services and Oracle Cloud solutions. With our technology, Phoenix Life will have the flexibility it needs to continue to expand and meet evolving business requirements.”

Phoenix Group and Standard Life Assurance

Phoenix Group will become the UK’s largest long-term savings and retirement business when it completes the acquisition of ReAssure. The Group’s main focus has traditionally been the acquisition and management of heritage life insurance and pension funds (its Heritage business).

Alongside this, it has an Open business which manufactures and underwrites new products and policies to support people saving for their future and when they come to retire. This Open business is underpinned by a strategic partnership with Standard Life Aberdeen. Standard Life Assurance is a long-established expert in workplace pensions, personal pensions, long term savings and retirement solutions, and its customers and clients include individual savers and some of the largest employers in the UK, as well as professional advisers. Phoenix Group also has a market leading brand—SunLife—which sells a range of financial products specifically for the over 50s market.

Phoenix Group is a member of the FTSE 100 index. On completion of the ReAssure acquisition, the Group will have c. 14 million policies and c. £300 billion of assets under administration.