Overview: Mandating ASC 606, IFRS 15 compliance with Oracle RMCS for Insurance companies.

Industry: Insurance

Products & Service

Oracle Cloud ERP Release 13

SCM

  • Purchasing
  • Inventory
  • Order Management
  • Reporting (FR Studio, OTBI)

Finance

  • General Ledger
  • Accounts Payables
  • Accounts Receivables
  • Fixed Assets
  • Cash Management
  • Revenue Management Cloud Service (RMCS)

The Business Benefits

  • Revenue Pre-Processor (REVPP) extension has helped streamline the integration between Order Management, Receivable Revenue Management, while improving their precision and accuracy.
  • Improved revenue forecasting.
  • Accurate revenue recognition and future revenue forecasting.
  • Streamlined complete end-to-end business processes across the business practices

Business Requirements

  • Process automation for contract identification, data cleansing and touchless upload of contract data to RMCS.
  • RMCS process enhancement to automate the re-class of deferred revenue from contract liability to non-contract accounts.
  • Reporting enhancements to capture multi-year forecast, AR to RMCS Reconciliation, Revenue by Customer (606) Report, etc.
  • Stabilizing and Enhancing the Oracle RMCS application
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