IVALIFE builds its digital life insurance business with Oracle Cloud

In 2019, four Malta-based companies joined to launch IVALIFE, a digital-first, technology-driven life insurance company with a mission to dispel common myths about the complexities associated with buying life insurance. Using the firm’s intuitive online tools, customers can quickly and easily purchase insurance plans that are tailored to their needs without the hassles of traditional brick and mortar industry operations.

IVALIFE’s business operations rely exclusively on digital workflows, from initial sales through the entire policy life cycle. As a digital-first startup, the firm wanted to partner with a cloud platform provider that could offer a highly available, top-performing, and secure infrastructure that would give users a superior experience.

After IVALIFE evaluated cloud offerings from Microsoft Azure and Oracle Cloud, it ultimately selected Oracle Cloud Infrastructure (OCI). Wholistically, OCI offered the most favorable total cost of ownership across the required system architecture and associated cloud services. Oracle’s extensive network of public cloud regions matched ideally with IVALIFE’s operations to provide reliable performance with low latency and the highest levels of security, while also meeting regulatory and compliance requirements. Also, Oracle’s reputation and its commitment to cloud computing excellence gave the company’s leadership confidence that OCI’s capabilities would support their long-term ambitions. OCI’s lower TCO allowed IVALIFE to achieve its goal of setting a new cost-per-policy standard for the life insurance industry.

IVALIFE launched its innovative digital life insurance experience on OCI in 2021. Oracle WebLogic Server for OCI helped the firm’s technical staff quickly deploy Java applications to the cloud. Oracle Enterprise Database Service, with flexible VM shapes and consumption-based pricing, delivered ideal TCO. Workload traffic was optimized to peaks and values in demand, yielding high availability and fault tolerance with OCI Flexible Load Balancing. And, by combining threat intelligence with consistent rule enforcement on OCI Flexible Load Balancer, OCI Web Application Firewall (WAF) helps to strengthen defenses while also helping to protect IVALIFE’s internet-facing application servers and internal applications against malicious and unwanted network traffic.

Based on previous experience, IVALIFE’s leadership estimates that OCI costs are approximately 50% lower than what they would have been in an on-premises deployment model. With OCI, IVALIFE achieved its goal of setting a new cost-per-policy that is well below industry averages.

After purchasing the core insurance system (INSIS) from Fadata, IVALIFE partnered with Beakwise as its system integrator and Infolob as its Oracle managed services partner.