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Source: cision | Published on: Tuesday, 16 April 2024
Singapore and Malaysia's largest life insurance group harnesses the power of cloud to improve user experience for its customers and agency force
SINGAPORE, April 16, 2024 -- Oracle CloudWorld Tour Singapore – Great Eastern, the largest and most established life insurance group in Singapore and Malaysia, has migrated over 200 terabytes of data from 300 on-premises Oracle databases to Oracle Autonomous Database on Oracle Exadata Cloud@Customer in their data centers. By moving its databases, including financial product management systems, distributed commission management systems and rewards systems, onto a single integrated cloud platform, Great Eastern has automated its workloads and improved operational efficiency.
Founded in 1908, Great Eastern has over S$100 billion in assets and more than 16 million policyholders. To support the significant growth in its customer base over the past year, the life insurance group needed to modernize and automate its disparate on-premises database systems for improved scalability and enhanced performance while meeting stringent regulatory requirements. Oracle Exadata Cloud@Customer brings enhanced performance, automation, and scalability to Great Eastern, simplifying its end-to-end data management. It thereby enables the company's customers and financial representatives to have uninterrupted access to the platform anytime, with efficient performance, and in a more secure environment. Oracle Exadata Cloud@Customer, delivered as a cloud service in its own data centers helps Great Eastern address data locality and compliance requirements.
Gary Teh, managing director, Group IT, Great Eastern said, "We remain steadfast in our commitment to improving customer experience with product innovation to support the changing wealth and protection requirements of our customers across the region. This involves optimizing customer journeys through redesigned processes, harnessing our digitized assets, and leveraging advanced cloud capabilities. Oracle Exadata Cloud@Customer has enabled us to provide an efficient and more reliable platform resulting in better user experience for our customers and financial representatives."
"The life insurance sector is increasingly leveraging technology to innovate, enhance consumer experiences, and boost operational efficiencies, ultimately improving individual protection and financial well-being," said Chin Ying Loong, regional managing director, ASEAN & South Asia Growing Economies (SAGE), Oracle. "With Oracle Exadata Cloud@Customer, Great Eastern can enjoy the flexibility and economic benefits of cloud in its own data centers, while helping to meet local regulatory requirements. This cloud migration strengthens Great Eastern's operations, powering them to stay at the forefront of Asia's insurance industry."
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About Great Eastern
Founded in 1908, Great Eastern is a well-established market leader and trusted brand in Singapore and Malaysia. With over S$100 billion in assets and more than 16 million policyholders, including 13 million from government schemes, it provides insurance solutions to customers through three successful distribution channels – a tied agency force, bancassurance, and financial advisory firm Great Eastern Financial Advisers. The Group also operates in Indonesia and Brunei.
The Great Eastern Life Assurance Company Limited and Great Eastern General Insurance Limited have been assigned the financial strength and counterparty credit ratings of "AA-" by S&P Global Ratings since 2010, one of the highest among Asian life insurance companies. Great Eastern's asset management subsidiary, Lion Global Investors Limited, is one of the leading asset management companies in Southeast Asia.
Great Eastern is a subsidiary of OCBC Bank, the longest established Singapore bank, formed in 1932. It is the second largest financial services group in Southeast Asia by assets and one of the world's most highly-rated banks, with an Aa1 rating from Moody's and AA- by both Fitch and S&P. Recognised for its financial strength and stability, OCBC Bank is consistently ranked among the World's Top 50 Safest Banks by Global Finance and has been named Best Managed Bank in Singapore by The Asian Banker.
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