HNB Assurance moves over to Oracle E-Business Suite
View(s):HNB Assurance (HNBA) has completed its deployment of the Oracle E-Business Suite, according to a recent statement by the IT company, which also noted that MillenniumIT had been awarded this contract in October 2013, and completed implementation of the solution by January 2014.
Elaborating further, the statement also indicated that, “[prior] to deploying Oracle E-Business Suite, HNBA was using a legacy finance system, with many reporting activities being done with manual intervention and considerable effort. Integration with its insurance core application was not possible while the company dedicated extra resources to align financial operations with International Financial Reporting Standards (IFRS) and to meet legislative requirements, accounting standards, and policies”.
Additionally, the statement also signalled that this “deployment can help HNBA to receive timely and accurate data for quick business decisions, while automating the processes to increase staff productivity”.
At the same time, it also added that the local insurer had “implemented a ‘strategy of zero customisation’ while deploying Oracle E-Business Suite and mapped all its process workflows to standard Oracle E-Business Suite functionality. This deployment also integrated with the existing Oracle footprint within the company, making it a strategic business decision”.
“We have been using Oracle solutions for 10 years and have relied on its best in class database and middleware products… With Oracle E-Business Suite, we have a perfect match of products which provides us with the unique ability to maintain our infrastructure and applications at an optimum performance and compliance level with a cost advantage,”commented Namal Gunawardhane, Head of IT at HNB Assurance.
(JH)