New Delhi-based life insurance company Max Life Insurance said that it has migrated its mission-critical database workloads to Oracle's Exadata Database Service, hosted on the Oracle Cloud Infrastructure (OCI).
The transition includes the company's key operational systems such as customer service, claims management, marketing, and policy issuance. The company said that the move has led to a significant improvement in application performance, with an increase of up to 70 percent, and has maintained a business service uptime of nearly 99 percent. Also, the performance of its core systems has reportedly improved by approximately 30 percent, contributing to enhanced business agility and customer experience.
Max Life Insurance, which offers a variety of protection and long-term saving life insurance solutions to approximately 4.2 million active customers said it it has opt for technological upgrade in anticipation of the projected growth within India's insurance sector.
Industry forecasts suggest that India's insurance market will be the fastest-growing among the G20 nations, with an expected 7 percent growth rate from 2024 to 2028. The company asserted the need for scalability, adaptability, and resilience in its infrastructure to maintain system uptime and improve service delivery to its wide network of partners and customers.
“As we accelerate Max Life's digital transformation journey, cloud technologies will be key to enhancing the performance and availability of our core applications for better customer experience,” Suhail Ghai, Chief Digital and Information Officer, Max Life said.
He pointed out that the migration to Oracle's cloud services is a strategic move to capitalise on the growing life insurance demand in India and support the company's expansion goals.
Oracle Exadata Database Service is designed to provide organisations with the capability to run Oracle Databases at high performance, availability, security, and cost efficiency. Max Life leveraged Oracle Cloud regions in Mumbai and Hyderabad for the migration, aiming to enhance business continuity and meet regulatory compliance standards set by the Insurance Regulatory and Development Authority of India (IRDAI).
The project, executed by Infolob Global, an Oracle PartnerNetwork (OPN) member, was completed in under five months. It is intended to streamline IT operations, reduce costs, and foster innovation and growth within the company, said a statement.
Kapil Makhija, Vice President of Technology Cloud at Oracle India, said: “Exadata Database Service on OCI has enabled Max Life to improve performance across all workloads, optimise cost, and reduce downtime,” Makhija said. He suggested that Oracle's cloud architecture and the Exadata platform's capabilities would equip Max Life to better meet customer needs and support business growth.
