ClearView Wealth has advanced its efforts to modernise systems with the selection of Oracle Insurance Policy Administration, which it says will improve efficiency, meet new regulatory requirements, reduce costs and improve the employee and customer experience.

ASX-listed ClearView, which provides life insurance, wealth management and financial advice, says the new policy administration system is a “key plank in our transformation” and will help it adapt to change and grow.

“ClearView is in the middle of a multi-year transformation program to ensure that the right systems, processes, and technology are in place to drive scale, efficiencies, and customer satisfaction,” MD Simon Swanson said, noting ClearView has 270 financial advisers across its advice network.

NYSE-listed Oracle’s system helps insurers consolidate multiple back-office policy systems on a single platform. The cloud-compatible system supports policy issuance, billing, collections, policy processing, and claims.

Insurers can simplify by consolidating individual and group business on the single platform, quickly deploy differentiated products, and improve engagement with customers and partners, Oracle says.