Driving Innovation in the Insurance Sector
The insurance industry is shifting to a new paradigm that focuses on risk mitigation and prevention rather than financial compensation for loss. This is driving the creation of new insurance ecosystems and a new breed of competitors. However, many insurers remain dogged by legacy infrastructure, siloed applications and lack depth in insurance analytics. This is exacerbated by M&A activities and increasing demands from clients to use new technologies. Add to this the requirement for a consumer-grade experience within business applications (for example mobile apps for claims creation or self-service insurance analytics), and insurers are being forced to innovate.
Achieving a complete view of customer data, and gaining insights across data sources with insurance analytics
Acting on financial insights in real time (eg: Cost of claims, written business segmentation analysis), with the knowledge needed to generate business results, model forecasts, and run predictive analyses
Connecting processes, devices and sensors, and people and things
Artificial Intelligence and Machine Learning
Identify the likelihood of a policy applicant to commit fraud with data-based decisions and insurance analytics in real time
Consistent Omnichannel Experience
Actively managing a single multichannel customer journey
Offering modular products, fully digital products, and dynamic pricing
Traditional approaches and technologies can often slow down the adoption of new ideas and as a result leave business users without the insight they need to grow their business. However, technology can present a real opportunity for insurers to change the approaches by which they use data and deliver analytical insight to the business, whilst at the same time minimising disruption.
Insurers need to take action on key insights provided by IoT applications and related insurance services. They must simplify the process of collecting customer data from disparate equipment types to make more effective decisions and realise the full value of the IoT combined with insurance analytics. Gaining insight across insurance operations with multiple brands or syndicates is highly challenging if you have legacy data warehouses, outdated systems and processes. This makes it near impossible for insurers to get full end-to-end insight into policyholder activities and business operations.
Partnering with itelligence, insurance providers are able to access innovation by introducing entirely new business services, reduce operating costs with streamlined and automated processes, and become far more agile with sound data insight. itelligence achieves this by adopting a new approach to data that drives operational excellence and customer-intimacy with the Modern Data Platform and advanced insurance analytics. We are helping our customers integrate data across complex landscapes, access new types of data and share insight across the organisation.
With innovative SAP financial solutions, insurers can capitalise on the rapidly changing business and regulatory environment, simplify claims management, streamline policy administration, and transform financial management;
Manage, plan, and respond quickly to changes in dynamic financial and insurance markets
Adopt straight-through processing for cash management and liquidity forecasting across currencies
Embed financial and operational controls into business processes for better risk management
Automate accounting processes, reduce closing times, and improve decision making
Optimise processing of receivables, payables, shared services delivery and travel management
We are helping insurers deliver financial transformation initiatives with dramatic improvements to their financial ‘backbone’ systems (responsible for the core general ledger, accounts payable and accounts receivable functions).
With SAP S/4HANA we can provide a platform for transformed financial processes with the following key features;
The new International Financial Reporting Standard 17 (IFRS 17) will significantly change the way insurance contracts are measured and reported on.
Under IFRS 17, insurers will need to update their systems, adopt new processes and, above all, improve integration between actuaries and finance. IFRS 17 will sweep away earlier inconsistencies in regulations and make the insurance contract accounting process more transparent. It will also ask insurers to alter their liability calculations to include the new metrics demanded by the standard, and bring in a new standard for income statement presentation, with many additional governance and disclosure requirements.
Find out how SAP Insurance Analyzer gives you real-time insights into asset, liability, and solvency capital positions to support compliance. Get in contact with itelligence to discover more.
Run a truly live business with this real-time enterprise resource management suite. Drive instant value across your insurance organisation by taking advantage of technologies, such as the Internet of Things, Big Data, real-time analytics, and enterprise mobility solutions.
Unlock the real value in data and gain insight into operations. Discover, visualise, plan, predict, collaborate, and drive fact-based decision making throughout your insurance organisation with powerful insurance analytics applications.
SAP Business Planning & Consolidation (SAP BPC) is an application that forms part of the SAP Enterprise Performance Management suite of software. It is an application dedicated to the enterprise wide requirements surrounding budgeting, planning, forecasting, consolidation and reporting through the use of a single unified platform.
Manage evolving legal and accounting requirements with a set of analytic applications that offer an integrated finance and risk platform. This includes compliance with emerging regulations from the IASB project on insurance contracts and the EIOPA project on Solvency II.
The SAP SuccessFactors human capital management (HCM) suite presents a proactive, integrated approach to your entire talent management lifecycle. SuccessFactors offers a full modular suite of talent solutions in the cloud to help you attract, engage, select and hire the right talent.
Meeting the needs of an insurer seeking to transform their data and analytical landscape.Download our Insurance Industry Brief
Meeting the needs of an insurer seeking to transform their data and analytical landscape.Download our Insurance MDP white paper
Have questions? Please contact us.