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ClearView Wealth Ltd.

Oracle Customer Success

ClearView Wealth gains real-time statutory reports with Oracle ERP Cloud

Summary

ClearView gains flexible reporting capability, meets regulatory requirements, and responds rapidly to changing business environment.

ClearView Wealth Ltd. (ClearView) is an Australian financial services company that offers a range of strategic advice solutions, including life insurance products, superannuation, and financial planning services for investment and retirement strategy. It aims to help customers to build and protect their wealth and achieve investment goals.

ClearView’s finance staff used to manually collate a wide range of reports to meet continually changing requirements in the financial services industry with Oracle’s PeopleSoft. It was time-consuming and difficult to provide insight into business performance. With its hardware at end-of-life, ClearView also wanted to simplify system management and reduce costs.

Business challenges

  • Gain ability to rapidly generate a high volume of reports, including statutory and management reports, and meet stringent regulatory requirements for the financial services industry
  • Improve staff engagement by enabling finance team to focus on analytical tasks, such as identifying trends in the life insurance market, rather than collating reports
  • Simplify IT space by migrating the financial system to the cloud instead of upgrading existing hardware and hiring support staff to maintain and manage the system

By using Oracle Financials Cloud’s powerful reporting platform, we shifted our focus to analytical work and saved two full-time equivalents for collation tasks. The cloud solution also simplified ongoing system management and minimized IT costs, which is critical for a small company like us.

Louise Hulley

Head of Financial Management and Operations, ClearView Wealth Ltd.

Results

  • Saved two full-time equivalents in the collation of a large number of statutory and financial reports, such as profit and loss statements for the life insurance business, by using Oracle Financials Cloud’s multi-dimensional reporting platform to automatically pre-aggregate balances as transactions are posted, and refresh reports at the same time
  • Enhanced staff engagement by automating end-to-end financial processes and allowing finance team members to focus on analyzing numbers, such as variances for life insurance sales, instead of processing transactions and collating reports
  • Met frequently changing legislation and reporting requirements in the financial services industry by enabling users to quickly access live financial data and create reports based on their requirements, without code writing or IT involvement
  • Reduced significant workload for system management and minimized IT overhead by migrating to Oracle Enterprise Resource Planning (ERP) Cloud and gaining Oracle experts to manage and maintain the hardware and the environment, including patches, upgrades, disaster recovery, and testing
  • Provided insight into business performance, such as life insurance and wealth management product sales by each channel, and enabled the company to make faster decisions, such as recruiting high quality financial advisors to provide strategic advice for customers  
  • Enabled rapid implementation by integrating the existing Oracle’s PeopleSoft with Oracle Financials Cloud and ensuring seamless data migration

Partners

ClearView already partnered with KPMG for other projects, such as internal audits. With KPMG’s expertise and knowledge in Oracle products and best practice, ClearView worked with the partner to implement and migrate data to Oracle Financials Cloud.  

“KPMG has flexible and proactive work approach to resolve issues and enabled us to meet tight project deadlines. Thanks to KPMG and Oracle, we gained a powerful reporting platform to support our growing business,” Hulley said.

Oracle’s reputation in the financial system space and our long-term positive experience with Oracle’s PeopleSoft made it a logical step to transition to Oracle Financials Cloud. Simplifying IT infrastructure with a single vendor also contributed to the decision.

Louise Hulley

Head of Financial Management and Operations, ClearView Wealth Ltd.

Published: January 1, 2018