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By adopting new digital business models and processes, you can better protect your customers’ health, property, and business.

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.

Image representing digital transformation in the insurance industry
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.

Featured insurance solutions

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 Commissions

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 Fieldglass Vendor Management System

By enabling business users to effectively source, engage, and manage external workers and service providers, you can transform how you work with contingent workers and service providers to maximize business value.

Get started with SAP’s cloud solutions for insurance

We can help you start or enhance your insurance digital transformation – no matter where you are in your journey. If you have yet to move to cloud ERP, you can get started with the RISE with SAP solution. If you already have cloud ERP – from SAP or any other vendor – you can enhance your insurance capabilities with our industry cloud solutions.

RISE with SAP solution for insurance

RISE with SAP provides customers with complete business transformation as a service (BTaaS) in a single package. At its core is SAP S/4HANA Cloud, business process intelligence, technology credits, and more. RISE with SAP also includes solutions for:

  • Centralization and automation of billing and payment processes
  • Comprehensive subledger accounting for financial instruments and insurance contracts, integrated with the general ledger
  • Cost and profitability analysis at a granular level, in real time 

Industry cloud solutions

Built by SAP and our partners on an open platform, SAP’s industry cloud solutions address specific industry needs for the insurance sector. Designed to work with your existing SAP and third-party systems, these specialized cloud applications can help you drive cost-effective transformation and sustainable growth.

  • Cloud-based insurance solutions 
  • Innovative technology from SAP and our partners
  • Straightforward integration with existing systems
  • Extension of your current investments

Featured cloud solutions for insurance

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.

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