Max Life Insurance Selects Oracle Exadata Database Service to Support Exponential Growth
Moves core insurance applications to Oracle Cloud Infrastructure
Improves application performance by up to 70 percent
NEW DELHI, Feb. 16, 2024 /PRNewswire/ — Max Life Insurance Company Ltd. (‘Max Life’/ ‘Company’), has moved all of its mission-critical database workloads to Oracle Exadata Database Service running on the Exadata platform in Oracle Cloud Infrastructure (OCI). In addition, Max Life has migrated its core systems to OCI, including customer service, claims management, marketing and policy issuance, resulting in an application performance improvement of up to 70 percent. Furthermore, Max Life’s business service uptime has remained close to 99 percent and system performance of core systems has improved by around 30 percent, thereby contributing to business agility and customer experience.
Max Life offers comprehensive protection and long-term saving life insurance solutions to around 4.2 million active customers through e-commerce, multichannel distribution of agency and third-party distribution partners. With India’s insurance sector projected to be the fastest growing among the G20 nations with 7 percent growth over 2024-28, Max Life recognized the need to be future ready by upgrading its on premises legacy infrastructure. It needed scalability, adaptability, online Disaster Recovery site and resilience to ensure system uptime and gain data insights to better serve its large ecosystem of partners, agents and internal teams. Max Life selected Oracle Exadata Database Service on OCI for its scalability, availability and security features.
Suhail Ghai, Chief Digital and Information Officer, Max Life Insurance Company said, “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. The migration to Exadata Database Service on OCI has laid a solid foundation for us to capitalize on the increasing demand for life insurance in India and propel our growth trajectory.”
Oracle Exadata Database Service is an automated Oracle Database service on OCI that allows organizations to run databases with the highest performance, availability, security, and cost effectiveness. Oracle databases run faster and with fewer resources powered by the scale-out Exadata infrastructure that includes unique optimizations for transaction processing, analytics, and mixed workloads.
Max Life utilized Oracle Cloud Mumbai Region and Oracle Cloud Hyderabad Region for migration. With the Oracle Cloud Regions, Max Life has been able to leverage redundancy and disaster recovery capabilities to enhance business continuity and help meet the regulatory compliance requirements of the Insurance Regulatory and Development Authority of India (IRDAI). Additionally, Max Life utilized OCI solutions such as Compute, Storage, Object Storage, and File Server to provide high performance computing and low-cost cloud storage options to help improve the efficiency and productivity of its IT team.
“India’s insurance market is undergoing significant transformation marked by increasing digital interactions, evolving customer demands, competition from established and emerging players, and regulatory changes,” said Kapil Makhija, Vice President, Technology Cloud, Oracle India. “Exadata Database Service on OCI has enabled Max Life to improve performance across all workloads, optimize cost, and reduce downtime. With OCI’s world-class architecture and the Exadata platform to run databases at scale in the cloud, Max Life is now well-equipped to meet customer demands with agility and improved responsiveness, facilitating business growth.”
This project was implemented by Infolob Global, a long-time Oracle PartnerNetwork (OPN) member, in less than five months. “Hybrid and multicloud environments are redefining IT strategies since they provide unparalleled flexibility and help organisations address IT redundancy. More and more customers are exiting datacenters and choosing cloud,” said Satyendra Pasalapudi, Managing Director, Infolob Global. “With our expertise in Oracle cloud deployments, we helped Max Life migrate critical workloads to Oracle Cloud and helped them reduce IT costs, to enable them to focus on innovation and business growth.”
About Max Life Insurance
Max Life Insurance Company Limited is a Joint Venture between Max Financial Services Limited and Axis Bank Limited. Max Financial Services Ltd. is a part of Max Group. Max Life offers comprehensive protection and long-term savings life insurance solutions, through its multi-channel distribution including agency and third-party distribution partners. Max Life has built its operations over two decades through a need-based sales process, a customer-centric approach to engagement and service delivery and trained human capital. As per annual audited financials for FY2022-23, Max Life has achieved a gross written premium of INR 25,342 Cr.
For more information, please visit the Company’s website at www.maxlifeinsurance.com
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