HNB Assurance deploys Oracle E-Business Suite

Tuesday, 17 June 2014 00:00 -     - {{hitsCtrl.values.hits}}

  • Initiative to streamline core business applications for timely business decisions and increased staff productivity
HNB Assurance PLC (HNBA), a public quoted company listed in the Colombo Stock Exchange with an islandwide dispersed network of branches, has further enhanced its operational efficiency by successfully deploying Oracle E-Business Suite 12 for better integration and streamlining of its core business applications. This deployment can help HNBA to receive timely and accurate data for quick business decisions, while automating the processes to increase staff productivity. 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. HNBA 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,” said Namal Gunawardhane, Head of Information Technology, HNBA. “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.” Implementation of Oracle E Business Suite, a high-performance, reliable, and scalable enterprise resource planning (ERP) platform, helped the company integrate the system with its core applications while eliminating intermediate manual processes in acquisition and processing of data.  It also provided the management with access to real-time and accurate information for quick and informed decision making. HNBA deployed Oracle E-Business Suite Financials in order to increase its efficiency and reduce back-office costs with standardized processes for shared services, productivity tools, and integrated performance management. This helped them comply with multiple legislative requirements, accounting standards, and policies with the help of a single, integrated system while introducing strict financial control and corporate governance. “Oracle E-Business Suite 12 is a comprehensive suite of integrated business applications, helping organisations across the world which enables them to reduce cost, increase productivity and make quick and informed decisions,” said Chandita Samaranayake, Country Director, Application Business - Oracle Sri Lanka and Maldives. “We believe that by harnessing the power of Oracle, HNBA can increase its staff’s efficiency and profitability with improved staff productivity, while complying with appropriate government legislation.” MillenniumIT, a Platinum level member of Oracle PartnerNetwork (OPN), was awarded the contract in October 2013 and successfully completed implementation of the solution in January 2014.