Home Technology Cloud Singlife evolves into tech-powered financial services firm thru cloud

Singlife evolves into tech-powered financial services firm thru cloud

Singlife, a homegrown financial services company in Singapore, has moved part of its core insurance applications to Oracle Exadata Database Service on Oracle Cloud Infrastructure (OCI). 

By moving more than 10 on-premises databases, Singlife enhanced the performance of its system and lowered related IT costs by over a third.

Singlife offers customers a comprehensive suite of insurance plans, employee benefits, partnerships with financial adviser channels and bancassurance and digital solutions such as the Singlife Account. 

Through innovative, technology-enabled solutions, it aims to provide consumers control over their financial wellbeing at every stage of their lives. It requires an IT infrastructure that can improve the scalability and adaptability of its mission-critical insurance applications and provide actionable insights for better decision making. 

To meet these needs, Singlife selected Oracle Exadata Database Service on OCI for its scalability, availability, and security features.

“Cloud technology serves as a pivotal enabler that drives innovation and allows them to pioneer next-generation products and services, and positions Singlife at the forefront of the financial services industry,” said Romil Sharma, group head of technology and operations at Singlife. 

“The migration to Exadata Database Service on OCI has laid a solid foundation for us to harness emerging solutions such as generative AI, propelling our growth trajectory and, most importantly, enhancing Singlife’s digitalisation journey,” said Sharma.

Oracle Exadata Database Service is an automated Oracle Database service running on the Exadata platform in OCI that allows organisations to run databases with the highest performance, availability, security, and cost effectiveness. 

In addition, Singlife is using Oracle Fusion Cloud Accounting Hub, part of Oracle Fusion Cloud Enterprise Resource Planning (ERP), to unify its accounting data across various systems to allow comprehensive financial decisions. 

This service equips Singlife’s finance team with enhanced data capabilities, facilitating increased forecasting accuracy, shortened reporting cycles, streamlined decision-making processes, and improved management of risk and compliance.