- Claims processing cut down from three days to five hours
DMS Software Technologies Ltd. (DMS SWT), a Gold Level Member of the Oracle Partner Network (OPN), helped revamp the claims processing system for Asian Alliance Insurance PLC (AAI) by successfully completing the implementation of the Oracle E-Business Suite Release 12 solution.
The new system enables claims to be processed in approximately five hours as opposed to the three day period that was required previously.
Headquartered in Colombo, Sri Lanka, Asian Alliance Insurance PLC provides life and general insurance services to about 45,000 policyholders. After starting operations in 1999, the company had grown to 35 branches, more than 1,050 employees and agents, and had US$20 million in annual revenues as of early 2011.
Due to its continuous growth, in 2009, the company determined the requirement for a replacement ERP system and invited vendors and partners to submit proposals. Following a comprehensive review, Asian Alliance Insurance selected Oracle E-Business Suite Release 12 and engaged Oracle Partner, DMS SWT to implement it. DMS Software Technologies started deploying Oracle Financials Release 12, Oracle Inventory Management Release 12, and Oracle Purchasing Release 12 in February 2010.
By implementing Oracle E-Business Suite Release 12, Asian Alliance Insurance has improved general insurance customer retention by 12% and first-year life insurance customer retention by 10%.
The company has also reduced the staff required to manually input and process data from 25 to 18, with further cuts planned. It has lowered end of the month financial reporting times by 10 days; and gained the ability to monitor costs more closely and take corrective action when spikes occur.
“Oracle E-Business Suite Release 12 has helped us satisfy customer expectations in our general and life insurance segments, while providing timely, relevant, information to fulfil statutory and regulatory reporting requirements,” said Saliya Wickramasinghe, General Manager Finance, Asian Alliance Insurance PLC.
“We conducted an intensive review process with the guidance of Ernst & Young and determined that Oracle E-Business Suite Release 12 met more than 80% of the requirements, whereas other systems fell short of that mark,” explained Wickramasinghe. “We also felt that Oracle was used significantly in the insurance industry, and its vertical models may benefit us in future if we decide to replace our home-grown system.”
Oracle E-Business Suite Release 12 exceeded the capabilities of its rivals in enabling Asian Alliance Insurance to manage its financial requirements.
“The ability of the other solutions to manage our financial processes was not very clear to us,” said Wickramasinghe.
Asian Alliance Insurance started implementing Oracle E-Business Suite Release 12 in February 2010, and the project went live in September 2010. DMS Software Technologies provided solution design and implementation services, trained Asian Alliance Insurance staff in using the system, and supported the company’s efforts to build knowledge of the Oracle products. The insurance company also engaged DMS Software Technologies for Post-Implementation support.
With a partnership dating back to 1991, DMS Software Technologies Ltd is an Oracle Gold Partner in Sri Lanka, specializing in Oracle Applications. The company provides a full range of services including consulting, development, support, and training.
DMS’s focus on Oracle has lead to the development of skills and technology, capable of supporting many Oracle products on multiple platforms in an array of industries including finance, telecommunications, public sector enterprises and large conglomerates. DMS SWTis the only Oracle Implementation partner in Sri Lanka with over 15 years of Oracle ERP implementation experience. “We have been working with Oracle for over 20 years and are extremely proud to be the largest local Oracle EBS implementer. As the local partner for Oracle e-business suites in particular, we look forward to expanding our product portfolio further in the next couple of years,” said Palitha Rodrigo, General Manager of DMS Software Technologies Ltd.
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