Singlife, a leading 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 required 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.

“At Singlife, we provide consumers control over their financial wellbeing at every stage of their lives through innovative, technology-enabled solutions and a wide range of products and services. Cloud technology serves as a pivotal enabler that drives innovation and allows us 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.”

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. With Exadata’s scale-out architecture and unique optimisations for transaction processing, analytics, and mixed workloads, Oracle databases run faster and with fewer resources, reducing costs.

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. Oracle Autonomous Database and Oracle Integration Services were used to support the integration.

“Singapore’s financial services technology landscape is thriving, backed by strong support from the government for ICT and innovation initiatives. Singlife’s evolution from a small insurtech startup to a key player in Singapore’s insurance and financial services industry underscores this dynamic environment,” said Chin Ying Loong, regional managing director, ASEAN & South Asia Growing Economies (SAGE), Oracle. “With OCI’s world-class architecture and the Exadata platform running Oracle databases at scale in the cloud, Singlife can boost its innovation capabilities and support its customers’ need for financial wellbeing.”

This project was implemented by DXC Technology, a long-time Oracle PartnerNetwork (OPN) member. “With our expertise in Oracle cloud deployments, DXC migrated Singlife’s mission-critical insurance applications to OCI, helping them to improve performance and manage costs, and enabling them to focus on innovation for their customers. Tech adoption in Singapore and the Southeast Asian insurance industry has accelerated particularly in the last few years, with more and more customers exiting data centers. Cloud and other new technologies are redefining IT strategies since they provide unparalleled flexibility and help organisations manage IT costs,” said Richard James, APAC managing director, Enterprise Application Services, DXC Technology.