Insurance

Insurance Analytics and Digital Transformation

Driving Innovation in the Insurance Sector

The New Paradigm in Insurance

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.

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Technology Trends Enabling Digital Transformation

Data-driven Insurer
Achieving a complete view of customer data, and gaining insights across data sources with insurance analytics

Finance Transformation
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

Connected Insurer
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

Product Agility
Offering modular products, fully digital products, and dynamic pricing

The Opportunity for Insurance Analytics

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.

Insurance Analytics & The Modern Data Platform

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.

  • Leveraging big data to store and manage the volumes and variety of data e.g. unstructured policies alongside structured data records
  • Insurers can rapidly blend data with advanced insurance analytics to identify linkages and patterns associated with fraud
  • Machine Learning & AI to provide automation and intelligence e.g. prioritise the claims process

The Modern Data Warehouse for Insurance - Part 1

The Modern Data Warehouse for Insurance - Part 2

Financial Transformation in the Insurance Sector

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;

Financial Planning and Analysis

Manage, plan, and respond quickly to changes in dynamic financial and insurance markets

Cash and Asset Management

Adopt straight-through processing for cash management and liquidity forecasting across currencies

Governance, Risk and Compliance

Embed financial and operational controls into business processes for better risk management

Accounting and Financial Close

Automate accounting processes, reduce closing times, and improve decision making

Finance Operations

Optimise processing of receivables, payables, shared services delivery and travel management

How Our Customers Benefit from our Financial Expertise

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;

  • Real-time ledger integration – postings are updated and reflected in real-time across all relevant ledgers
  • Multi-element chart of accounts with appropriate objects for recording responsibility and segmentation of income streams
  • Automated risk management and compliance monitoring activities
  • Streamlined and integrated finance processes

SAP S/4HANA and Central Finance: Quick-Start Your Finance Transformation Journey

Comply with IFRS 17

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.

Related Solutions

SAP S/4HANA

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.

Explore the full value of SAP S/4HANA

SAP Analytics

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.

Explore the SAP Analytics & Data Management Solutions

Enterprise Performance Management

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.

Read more

SAP Insurance Analyzer

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.

SAP SuccessFactors

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.

Explore HCM transformation solutions

SAP Ariba Snap

Insurance companies that ensure that bid documents, statements of work, milestones, and payment triggers are documented and aligned can better manage on-time delivery of products and services to market.

Learn more

itelligence in the Insurance Sector

Keeping Up with Changing Client Behaviour in Insurance.

Meeting the needs of an insurer seeking to transform their data and analytical landscape.

Download our Insurance Industry Brief

The Modern Data Platform: A Necessity in Today’s Rapidly-Changing Insurance Climate

Meeting the needs of an insurer seeking to transform their data and analytical landscape.

Download our Insurance MDP white paper

Speak to Us Today

Are you searching for answers or would like to receive more information on our insurance analytics or financial transformation expertise?

Please contact us – we will be glad to help you.


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