View Case Study: Insular Life Streamlines Operations and Reporting (PDF)
The first and largest Filipino life insurance company, Insular Life, has also been an Oracle customer since 1994. In 2005, Fountainhead Technologies, Inc. implemented the upgrade of their Oracle E-Business Suite. This gave them more accurate reporting times with monthly closing. The new system came with a set of best practice guidelines to help organizations realize efficiency improvements. Operations were streamlined through automatic manual processes. Insular Life saved 60% on implementation cost by managing process in-house with support from Fountainhead. We also helped provide Insular Life staff with extensive training on the Oracle Financials modules.
Insurance is a highly competitive multi-billion Peso industry in the Philippines. The steadily improving economy, growing financial literacy and awareness of protection options, and a heightened investment appetite among the Filipino public have led to the industry's escalation in the recent years. Having to contend with government regulations and quotas, insurance companies are constantly pressured to reach targets.
Being the leading and largest Filipino insurance company, Insular Life places consistently among the top 10 players in the industry. Founded in 1910, the company has the longest unbroken service record among all life insurance firms in the country. Insular Life has been an Oracle customer since 1994, having used the Oracle Database and Oracle E-Business Suite Release 10.5 as its business management platform. In 2004, Fountainhead Technologies, Inc. performed the upgrading of the system to Oracle E-Business Suite Release 11.5.9. The new version included a set of best practice guidelines that allowed clients to review and streamline operations. The special benefit that accrued to Insular Life was the increased accuracy of reports handed to top management, the company's board, external auditors, and regulatory bodies.
The streamlined and automated operations disposed of the need to increase Insular Life staff to be able to handle the growing number of transactions. Fountainhead helped Insular Life save 60% on implementation cost by managing processes in-house with support. We also developed a test environment for the new Oracle applications, building interfaces with Insular Life's in-house applications and ensuring the smooth functioning of the system which went live in 2005. Insular Life IT personnel were involved in all aspects of the project, supported by Fountainhead. With Active Business Solutions, Fountainhead provided Insular Life staff with extensive training on the Oracle Financials modules and accessing Oracle University to learn more about the applications.