Oracle Modern Best Practice for Insurance—Finance

Reduce Your Close Time by 80%
Reduce Your Close Time by 80%

Learn how customers have achieved significant reductions in close times with Oracle's cloud-based financial applications.

Period Close to Statutory Reports

Close financial statements in days instead of weeks by leveraging mobile, social, and analytics. Control the close status by monitoring and interacting with the entire enterprise, finalizing any outstanding transactions and exceptions. Review and confirm statutory and management reports for each subsidiary and government agency as applicable. Securely socialize your period close with your extended team using the cloud.


Close Subledger
Mobile. Analytics. Social. icon Mobile. Analytics. Social.

Close Subledgers

Monitor enterprise-wide close status. Interact on and finalize outstanding sub-ledger transactions and exceptions.


Pro-Forma Close Ledgers
Mobile. Analytics. Social. icon Mobile. Analytics. Social.

Pro-Forma Close Ledgers

Prepare and review preliminary statutory statements (such as balance sheets, income statements, cash flow statements, premium schedules, claims and settlements, and losses and expenses). Prioritize outstanding transactions based on initial results.


Reconcile Accounts
Mobile. Analytics. icon Mobile. Analytics.

Reconcile Accounts

Reconcile subledgers to the general ledger, automatically matching transactions to entries.


Close Ledgers
Mobile. Analytics. icon Mobile. Analytics.

Close Ledgers

Automatically route close tasks to task owners. Collaborate to streamline the close for each entity. Monitor enterprise-wide close status.


Consolidate Subsidiaries
Consolidate Financial Statements icon Mobile. Analytics.

Consolidate Subsidiaries

Convert each subsidiary’s results to the corporate chart of accounts. Revalue non-monetary balances and translate to the corporate currency. Eliminate intercompany activity and minority interest.


Review and Confirm Financial and Management Reports
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Review and Confirm Statutory and Management Reports

Review consolidated results using the same reports for each subsidiary and government agency, where applicable. Ensure statutory requirements are met. Enter final adjustments.


Publish and Securely Share Financial Statements
Mobile. Analytics. Social. icon Mobile. Analytics. Social.

Publish and Securely Share Statutory Statements

Distribute statutory statements to state insurance agency and all internal interested parties. Collaborate to incorporate feedback.


Update Financial Forecast
Mobile. Analytics. Social. icon Mobile. Analytics. Social.

Update Financial Forecast

Modify forecasts and financial plans using the results from the just-closed period.


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