Large Colombian Insurance Company Moves to Oracle Cloud to Strengthen Customer Confidence

The insurance industry in Latin America faces major challenges in generating consumer trust. Consumers are often confused by the ''fine print'' of contracts, which sometimes include confusing clauses. As a result, many people have been skeptical about taking out insurance. There is a significant need and a duty on the part of the insurance industry to take measures to reflect transparency, educate consumers, and increase confidence in its products and services.

For this reason, Seguros SURA Colombia, a subsidiary insurance company of Suramericana, and a benchmark in the Latin American industry, has dedicated itself to delivering products that are coherent and in line with clients’ current needs. In fact, Juan Sebastián Herrera, CORE Project Manager at SURA, said that the key is “constant support in risk management, prediction and prevention.” He added, “We must understand the client in their different contexts to anticipate their needs and support them in the different moments of their lives. It is important to ensure that the terms and conditions of policies are clear and understandable; we have a responsibility to provide clear and accessible information on the various types of insurance available, and how they can help clients protect themselves against unexpected risks and events.”

Herrera’s comments mirror SURA’s strategy to provide well-being in people and competitiveness in companies. Its operation is robust with a wide network of services in Colombia, which has approximately 23,000 employees, with the mission to deliver products and services of excellence that include health insurance, property insurance, auto insurance, life insurance, pensions, and investment funds. In addition, SURA also has a presence in other countries in the region such as Mexico, Chile, Peru, Uruguay, and Brazil, among others, and is recognized as the third-largest insurance company in Latin America.

Due to its large size and operation, SURA needs to have a tool that allows it to manage large volumes of information efficiently and securely. For this reason, the leaders of SURA, as part of their modernization strategy, decided to move to Oracle Cloud and integrate applications developed for the insurance industry into their personal insurance operations: Oracle Insurance Policy Administration (OIPA) and Oracle Health Insurance (OHI). According to experts, these solutions provide SURA with end-to-end policy administration functionalities, such as policy configuration, underwriting, billing, claims processing, provider administration, benefits administration, customer care management, and customer service.

In this sense, with OIPA and OHI, SURA reports that it has managed to integrate technology into the operation to grow the business, generating greater security and quality, lower costs, and service stability of 97.7% in the transition stage. Additionally, the Oracle Cloud architecture allows them to create new products that deliver on their mission and customer needs. “In this implementation phase, we have obtained some victories that bring us closer to our goals such as improving the stability of our services, decreasing operating times of some processes so that our employees can focus on other tasks of greater value to the company, and solving the technological obsolescence of the components that support insurance business processes,” said Herrera.

The regular updates of Oracle’s cloud applications, which meet the needs of many companies and industries around the world, allow SURA to stay at the forefront of technology and software. The migration to cloud solutions has also enabled them to acquire new knowledge regarding these tools. The company is now able to integrate people interested and passionate about technology solutions into its team and train them specifically for these platforms.

“For Oracle, being aligned with SURA represents an important milestone as the insurance industry is in the midst of a major transformation. We work together with our solutions and cloud platform for SURA to achieve its objectives. We want to continue to help strengthen SURA’s relationship with its customers and employees, especially through innovation,” said German Borromei, general manager for Columbia and Ecuador, Oracle. “By delivering new solutions and benefits, we enable SURA to deliver capabilities, especially around security, and the continuous digital transformation of their processes and access.”

These solutions enable SURA to fulfill its mission of generating more confidence in the people who entrust them with insuring their most precious assets, their health, and their lives.

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About Seguros SURA Colombia

With more than 78 years of experience, this subsidiary of Suramericana S.A. offers a broad portfolio of insurance solutions and services that provide sustainable well-being and competitiveness to 14 million clients in the country, through trend and risk management. Its business lines comprise the Life and General insurance segments, both voluntary (Seguros SURA) and compulsory (EPS SURA and ARL SURA). Its value offer is complemented with the provision of health services (IPS SURA), diagnostic aids, as well as advisory and technical assistance (Risk Management Consulting). It is the country's leading company in the insurance industry with a 20.8% market share at the end of 2022. EPS SURA is the leader with a 19.3% market share in its sector.

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