Hellenic Life, the life insurance subsidiary of Hellenic Bank Group, one of the largest banking and financial institutions in Cyprus, has selected Oracle Financial Services solutions to help improve operational efficiency and customer experience. Running on Oracle Cloud Infrastructure (OCI), Oracle’s Insurance Policy Administration (OIPA), Oracle Insurance Customer Communication Management (Documaker), and Oracle NetSuite will help give the insurer the agility to make decisions on policies more quickly and provide better visibility across its operations.
“We wanted a solution that would streamline our internal operations, as we know that’s key to providing a better customer experience,” said Hellenic Life General Manager Andreas Papadatos. “At the same time, we didn’t want to compromise on security, as everything we do must adhere to strict European regulations. Oracle and its strategic partners helped us build the infrastructure needed to support our customers with solutions completely configured to their needs and under the required regulations.”
For the overall solution implementation of the project, Oracle collaborated with Newcytech Business Solutions Ltd, a member of Oracle PartnerNetwork (OPN) and a leading Systems Integrator company in Cyprus. Newcytech has also worked closely with the subject matter experts, Equisoft and Inplenion to implement Oracle Insurance Policy Administration and Documaker, and to implement Oracle NetSuite, respectively.
Oracle Insurance Policy Administration, together with Equisoft’s portal, will enable customers and advisers to get to answers quickly using self-service tools. The Oracle Insurance Policy Administration integration will enable faster data processing for swifter decisions on quotes. If the customer wishes to proceed, Oracle Documaker will then dynamically create a policy for purchase. Not only can customers have a convenient, quick experience, but the customer service teams are freed up to focus on more strategic tasks or to deal with more complex customer queries.
Insurance processes such as billing, collections, and policy processing, will also be consolidated on a single platform and work in tandem with accounting functions through Oracle NetSuite. With information flowing freely between systems and tracking every transaction, Hellenic Life will be able to carry out underwriting and audits more seamlessly, significantly enhancing the insurer’s ability to meet compliance requirements.
Hellenic Life selected OCI, OIPA, Oracle DocuMaker, and Oracle NetSuite in April 2020.
