Insurance
Igniting the digital transformation of insurance
The insurance industry is facing a revolution in the digital network economy, driven by new entrants such as insurtechs and automotive companies.
Financial transformation
While many insurers are still relying on fragmented, homegrown transactional systems to run core processes, new regulations, such as IFRS 9, IFRS 17, and LDTI, are necessitating change. Financial transformation can help you manage complex financials, profitability, risk, and compliance in real time and based on best-practice business content.
Omnichannel interaction
To meet high customer expectations and avoid turnover, insurers must leverage all omnichannel interactions. Real-time data can help you provide personal, in-the-moment interactions whenever and however customers engage to optimize experiences across all touch points, including agent, broker, bank, online, and price comparison Web sites.
Responsive workforce
Insurers must attract and retain top talent, such as data scientists, claims adjusters, and actuaries, both internally and externally in a distributed, remote work setting. By effectively onboarding and nurturing your people, you can drive better engagement and higher revenues, enabling growth, increased retention, and a responsive workforce.
Sustainability imperatives
Sustainability is no longer just a footnote in a company’s report, and the insurance industry is under pressure to take a leading role. Today, all insurance stakeholders drive accountability and change. Solutions for climate change, the circular economy, and ESG reporting can help you achieve sustainability at scale.
Innovative solutions for the insurance industry from SAP and our partners
Solutions that address specific insurance industry needs help you achieve cost-effective transformation and sustainable growth.
SAP Profitability and Performance Management
With advanced business modeling, granular profit and cost analysis, and simulation capabilities, you can empower business users to make better strategic decisions to improve business performance and maximize profitability.
SAP SuccessFactors Incentive Management
Our strategic incentive compensation management software can help you motivate sales, shape behavior, and grow revenue by increasing the effectiveness of sales teams and driving profitable behaviors.
SAP Commerce Cloud, financial services accelerator
Manage customer expectations and foster growth with transparency, simplicity, and engagement by creating a streamlined and personalized insurer experience while meeting unique requirements.
SAP S/4HANA Cloud for insurance, extended edition
Unify billing and payment processes to create a central view of policyholders and brokers. Business processes related to payments across lines of business are mapped into a central subledger accounting system.
SAP S/4HANA Cloud for financial asset management, private edition
Manage various asset classes by providing functions for controlling financial transactions and positions, ranging from trading and back-office processing to data transfer and financial accounting.
SAP S/4HANA Cloud for financial products subledger, extended edition, insurance option
Centralize the accounting data for insurance contracts to reduce costs, ease reconciliation of different books, and simplify the preparation of estimated cashflows provided by actuarial systems.
Financial Services Forum Europe
Presented by TAC Insights. May 21–23, 2024 | Munich, Germany
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To attract, cultivate, and keep today’s customers, you must manage an integrated, multichannel environment with solutions that maximize customer engagement. From marketing and sales to service, SAP solutions support multiple loyalty-building experiences.
To remain competitive and grow revenue, insurers must innovate products and operations. You can deliver protection services by bundling products and services across lines of business. You can also automate and streamline claims, billing, and payment processes through integration with the general ledger to help reduce costs and increase transparency.
95% Improvement in audit accuracy.
Source: Independence Blue Cross
SAP Agent Performance Management is an excellent and flexible tool that allows you to run your business on your terms.
Edward Zebrowski, Manager, Broker Commissions and Ops Analytics
Spend management provides the best opportunity to quickly reduce costs and improve ROI. Our solutions support best practices in the source-to-pay process, on premise or in the cloud. This enables you to gain insights and improve efficiency through intelligent business network collaboration while establishing the baseline for managing total spend.
New financial, regulatory, and compliance requirements necessitate urgent upgrades to reporting systems. Insurance software from SAP delivers essential profitability breakdowns at an individual event level and enables you to consolidate data from various policy, claims, billing, actuarial, and incentive systems for a single version of the truth.
40-50 fewer days to close annual books.
Source: SAP Performance Benchmarking
Cutting the financial close from 55 days to just five days.
Swiss Re
Without modern, digitalized workforce processes, insurers may not attract the right staff and risk losing critical staff. Insurance software from SAP reduces this risk by offering solutions for the training of sales and field resources, including clear target setting in alignment with individual and overall sales targets.
Up to 80% reduction in travel and expenses audit costs.
Source: SAP Performance Benchmarking
We’re now one of the top 100 employers in Canada, with our performance and learning earning an A and A+ rating. This is directly a result of our new systems.
Carey Franklin-McInnes, Director of Learning and Performance Development, The Canada Life Assurance Company