Case Study: LV= saves US$10,000 per month and speeds broker payments with Oracle E-Business Suite and Oracle iReceivables

LV= Improves Service to Insurance Brokers, Saves US$10,000 per Month, and Maximizes Investment Returns

LV=, the UK's largest friendly society, needed to improve its service for insurance brokers. Their challenge, addressed with Oracle, involved automating manual processes to provide brokers with real-time financial statements and online payment capabilities. LV= aimed to receive customer premiums faster for better investment returns and to eliminate the costs of printing, posting, and processing paper documents.

Oracle implemented its iReceivables solution, part of the Oracle E-Business Suite, to create a self-service portal for brokers. This allowed brokers to view statements and make electronic payments directly. The solution from Oracle enabled LV= to receive payments three days faster, saving $10,000 per month in operational costs, and provided brokers with the tools to offer a more responsive service to their end customers.

LV=

Terry Gadd

Head of Financial Systems