Insurance firm takes digital transformation journey with Oracle
by ecommerce | Oct 01, 2018
Just a few years back, the idea of digital transformation was nothing but a vague futuristic approach meant to make processes easier and people’s tasks bearable. Digital transformation was an overused term by financial analysts and consultants –- well, practically by everyone.
But, as the need to continuously thrive and grow in the market became imperative, digital transformation also emerged as the necessary tool to provide efficient services and to meet the growing customer needs while innovating processes.
“The world is embracing digital. Our customers’ needs and expectations have drastically changed with all the things they can do through the Internet and that small gadget in their hand,” Abet Adversalo, CIO of Malayan Insurance Corporation (MICO), said in an email interview with Newbytes PH.
Known as the industry’s leading non-life insurance company, MICO’s acknowledgment of the need to disrupt has put the company ahead of its competitors. As the company took its initial steps to transformation, it chose Oracle to guide them through their digital journey.
To deliver better services to its customers, MICO picked Oracle Disaster Recovery Solution to provide an enhanced data back-up and strong connectivity with their existing applications and systems.
Just like any other company, MICO was not spared from the common pain points that organizations experience when they have not yet fully automated their processes. According to Adversalo, there was also resistance to change and it was difficult to apply digital technologies to the company’s business model.
“Seamless integration was one. Vendors and integrators would always say it was easy. But based on experience, it often turns out the opposite,” she said.
As far back as the late 1980s, several companies within the Yuchengco Group of Companies (YGC) — where Malayan is a member — has been using Oracle technology. As Adversalo related, YGC never ran into major issues with its processes despite dealing with millions of records which led MICO to trust Oracle when it came to their digital journey. In fact, they are already using Oracle for various applications.
“We have Oracle applications for travel insurance, personal accident, marine cargo, as well as general purpose and internal applications,” she said.
In less than two weeks, the solution was tested and was successfully installed in the company’s system. It also enabled them to synchronize data with no additional expenses on bandwidth.