PWC AND ORACLE
ingest data at a granular policy investment level and flow that through accounting rules engines , allowing for quick data availability while enabling compliance .
Bowers notes : “ With AFCS , Oracle immediately provides the data model necessary to fulfil reporting needs . It ’ s one less thing that insurance CFOs have to think about in terms of trying to figure out which dimensions they must capture . Modernised systems can provide access to alternative data sources with more expansive data models and data consumption capability . Capture of this expanded data enabled advanced analytics as well as provide better support on product launches or other potential revenue sources .
Through its alliance with Oracle and enabled by a team with insurance industryspecific experience , PwC facilitates organisations ’ cloud journeys and develops solutions to help businesses meet their transformation goals .
Bowers continues : “ We ’ ve been working with Oracle for almost 20 years now on the insurance data model and helped to define the original Oracle Insurance Data Foundation layer .
“ Over the years , this collaboration has expanded with other clients as new regulations have come in and data models have changed . Our ability to work with Oracle on the front-end has been invaluable for insurers worldwide , making it possible for us to develop together industry-leading solutions that are transforming businesses .
“ In fact , PwC developed an accelerator to improve the Oracle Accounting Hub . This accelerator takes more than 250 financial instruments and maps them into the required data specifications , enabling event-based accounting .
“ This means that when an insurer sells or adjusts a policy , they ’ re able to feed us that business event , and we extrapolate what the accounting impacts are of that business event .
“ So having the Accounting Hub Cloud service from Oracle has been a gamechanger to enable that type of capability .”
For Hall , divergence from ERP software has been an important development PwC and Oracle have been able to deliver to clients as well .
58 February 2024