Oracle to boost data governance and IFRS 17 readiness for Phoenix Life

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Phoenix Life, part of the savings and retirement business – Phoenix Group, has selected Oracle Financial Services Analytical Applications (OFSAA) in a bid to boost operational efficiency and data governance. The solution is expected to help Phoenix Life in meeting the new IFRS 17 accounting standard that will take effect from January 2023.

The company is currently onboarding Oracle IFRS 17 Analyzer, which is part of the OFSAA suite, as a priority to meet the IFRS 17 standard. The application is pre-built with a set of computations, rules, and disclosures built by actuaries and in-house accountants, which is expected to accelerate Phoenix Life’s ability to adopt and adhere to the principles set by the standard.

Iain Macintyre, IFRS 17 Programme Lead for the Phoenix Group, said, “We’re currently bringing together a number of different systems following the acquisition of Standard Life Assurance Limited, and we were conscious that we needed everything integrated, up-and-running, and fully compliant with the new IFRS 17 standard. Oracle’s software is the best choice for us – we know it can easily integrate with the rest of our estate. Not only will we be fully equipped to meet the new standards, but the technology enhances control and allows us to deliver financial reporting quickly and efficiently.”

Phoenix Life is currently running Oracle’s Fusion Cloud Enterprise Resource Planning and Cloud Human Capital Management. The new integration is expected to simplify actuarial and accounting functions and solutions.

“Phoenix Life needed a solution that was flexible, yet comprehensive, and one that could be up and running in advance of the new IFRS 17 standard,” said Sonny Singh, senior vice president, and general manager, Oracle Financial Services. “It decided to build on its existing Oracle footprint after seeing how quickly we could integrate with its existing Oracle Financial Services and Oracle Cloud solutions. With our technology, Phoenix Life will have the flexibility it needs to continue to expand and meet evolving business requirements.”