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.
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.
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.
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 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.
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.
SAP and SAP Fioneer FSI Forum Americas
Driving growth and innovation in financial services | March 8-9, 2023
See how customers are succeeding with insurance solutions from SAP
Explore how Munich Re shifted their paradigm by providing one combined subledger using SAP S/4HANA for Financial Products Subledger.
Read how Northern Trust utilized SAP’s cloud solutions to provide powerful flexibility and speed, with reductions in processing times.
With SAP S/4HANA Cloud, Brighthouse Financial is limits maintenance, eliminates reconciliations and provides real time data to 2 million+ customers.
See how The Canada Life Assurance Company created a learning and performance-focused culture by rapidly upskilling employees.
Explore how we can help your insurance business run better
Up to 90% faster searches and response times for insurance claims.
Source: AOK Systems
We can now standardize and automate health insurers’ processes even further. We are also able to provide innovative, integrated solutions for policyholders quickly and in a targeted manner. This gives our customers a competitive edge.
Daniel Ridder, Head of Strategy and Innovation, AOK Systems
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.
Up to 500% increase in daily disbursements.
Source: Zurich Brasil
Customers are noticing a difference with the SAP Collections and Disbursements for Insurance application. They are paid faster, and we are well positioned to quickly deliver new products and services.
Jackson Alves, IT Superintendent, Zurich Brasil
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.
33% lower cost of claims procurement.
Source: SAP Performance Benchmarking
At Medibank, we had the opportunity to lay a foundation for many years to come with our implementation and adoption of SAP Ariba solutions.
David Fittler, Senior Executive, Property and Procurement Technology and Operations, Medibank
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
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
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:
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.
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.
Explore your insurance resource center
Learn how you can harness the digital economy by leveraging the IoT, improving operational agility, and increasing transparency.
Find out how to turn data into actionable insights that help people make decisions that move you toward a sustainable future.
Explore the trends impacting how you manage procurement, acquire external workers and services, and improve supplier performance.
Learn about the digital transformation activities that are underway and the future direction of our insurance suite.
Get your personalized report on running an intelligent, sustainable enterprise.