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RiverStone Oracle ERP Cloud
Implementation Case Study
Claremont (now DSP) helped Riverstone migrate away from an ageing Oracle E-Business Release 11i system and reduce the potential costs and complexities in upgrading existing customisations to R12.
Oracle E-Business Suite
Oracle ERP Cloud Implementation
Overview
RiverStone is a prominent name in the insurance and reinsurance industry, specialising in the management of legacy and discontinued insurance portfolios. As a leading legacy acquirer, RiverStone excels in providing innovative solutions to insurers seeking to divest non-core or discontinued business lines.
As a legacy management specialist, RiverStone sought a modern and efficient solution to enhance its financial processes. Claremont (now DSP), recognised for its Oracle EBS expertise, helped guide RiverStone through the transition. The solution provided a strategic approach and technical proficiency ensuring a seamless migration, which optimised RiverStone's financial operations on the Oracle ERP Cloud platform.
"The new cloud-based system is outstanding and supports our IT Strategy. Claremont (now DSP) has set us up for future growth and better business. We are seeing the benefits already."
RiverStone
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The insurance industry is all about managing risk. To mitigate exposure when settling claims, insurers often insure themselves and seek recoveries from these policies, spreading risk across the industry.
As a competitive insurance business, RiverStone has already customised its Oracle EBS Release 11i system to seamlessly integrate insurance and re-insurance transactions, showcasing its commitment to efficient risk management.
Due to the ongoing costs of maintaining an ageing system and the potential complexities of upgrading existing customisations, upgrading to R12 was not an option. Additionally, critical group revaluation and reporting requirements were being processed off-system using Excel spreadsheets and Discoverer, causing issues with time and accuracy.
Upon careful evaluation, RiverStone's IT team made the strategic choice to implement Sapiens, an expert insurance ledger, as a valuable solution for their credit control necessities. As a result, the implementation of this cutting-edge ledger rendered any pre-existing netting customisations (pertaining to payables and receivables) obsolete.
With the adoption of this innovative cloud structure, RiverStone seized the chance to integrate standard finance procedures while simultaneously lowering the overall expenses associated with ownership by transitioning to a cloud model based on subscriptions.
Given an existing, highly successful relationship with its Oracle EBS managed service provider, Claremont (now DSP), and recognising its Oracle Cloud applications specialism, RiverStone commissioned Claremont (now DSP) to implement ERP Cloud.
Our team of highly skilled consultants collaborated closely with RiverStone's IT and finance teams to deliver exceptional results. The focus of the system's re-implementation was centred around Oracle ERP Cloud Financials and cutting-edge cloud reporting technologies such as SmartView and OTBI. These tools not only enhanced the utilisation of Financials Cloud processing but also significantly reduced the dependency on Microsoft Excel.
As part of the project, Claremont (now DSP) worked on enhancing RiverStone's Chart of Accounts to optimise reporting capabilities and ensure the new system could support future growth and acquisitions. Using a low-risk Oracle Unified Method-based implementation process, RiverStone successfully migrated to Oracle ERP Cloud within six months, seamlessly integrating it with the implementation of the third-party insurance ledger, Sapiens.
Now the integration of all legacy RiverStone systems allows for seamless financial data flow into the new cloud general ledger, providing a comprehensive and unified view of the company's financial reporting. The Cloud Payables module efficiently handles miscellaneous supplier payments and employee expenses, while the Cloud Cash Management feature ensures smooth bank reconciliation for an organization with over 120 bank accounts in various currencies.
Thanks to our expertise in Oracle EBS Implementation, our understanding of business processes, and our ability to handle critical Oracle Service Requests (SRs), the ERP cloud project was successfully completed on time and within budget. Our team's knowledge and skills were instrumental in ensuring smooth progress and adherence to the project plan.
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Within six months, RiverStone’s ERP operations had moved from Oracle E-Business Suite to a new, future-proofed, robust, scalable, cloud-based system architecture.
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Moving to Oracle ERP Cloud has reduced ongoing system maintenance costs and the disruption of periodic upgrades.
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The new system will reduce the month-end closing cycle and improve group reporting by replacing many Excel activities for statutory and internal reporting with ERP Cloud processes and/or Cloud reporting tools.
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These reporting tools are already supporting RiverStone’s Solvency II reporting requirements.
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The new systems landscape of Oracle ERP Cloud and Sapiens provides a stable platform on which to simply add the insurance books of any new acquisitions.
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