The new network will coalesce around fewer ecosystems
The insurance industry has been insufficiently impacted by digital transformation and that we are on the cusp of a new era that will witness sweeping changes over the next few years. We believe that the entirely digital insurance proposition is imminent.
- Incentives and Commissions
- Sales Force Automation
- Billing and Payments
- Claim Lifecycle
- Product and Policy Lifecycle
- Quotation and Offer Management
- Reinsurance Lifecycle
- Central Procurement
- Inventory and Basic Warehouse Management
- Invoice and Payables Management
- Operational Procurement
- Services Procurement
- Sourcing and Contract Management
- Supplier Collaboration
- Supplier Management
- Commissions and Incentives Settlement
- Core Human Resources and Service Delivery
- External Workforce Management
- Payroll and Time & Attendance Management
- People Analytics
- Talent Acquisition
- Talent Management and Learning
Profit and Risk Control
- Financial Liabilities Management
- Financials Assets Management
- Profitability and Solvency
Finance, Investments, and Compliance
- Accounting and Financial Close
- Account Payable and Receivable
- Financial Planning and Analysis
- Financial Assets Management
- Governance, Risk and Compliance
- Real Estate Management
Flexible product modeling and bundling across all insurance lines of business. Product and underwriting platform with online business integration and the capability to reduce existing product catalogues by even factor 10 and bring time to market extensively down.Deliver protection services by bundling products and services across lines of business, even with non-insurance products and services while maintaining existing products more efficiently.Automate and streamline claims, billing, and payment processes fully integrated and with direct integration to financial general ledger to help reduce costs and satisfy customers and increase the transparency of the reinsurance process.
Total Spend Management for direct and indirect procurement, travel expenses and external labor that added with commission expenses, services and claims expenses and salary and payroll built up the total spend management for insurers. Help ensure best practices in the source-to-pay process, on-premise or in the cloud. With Total Spend Management from SAP, you can use the power of network collaboration for efficiency and insights and have the baseline for managing total spend.
The profitability business processes ensure profitability breakdown to individual events including dynamic and flexible allocation of costs by profit center, product, branch, agent, etc. with real time allocation capabilities. Within the IFRS 17 model, insurance contract liabilities are calculated as the present value of future insurance cash flows with a provision for risk. IFRS 9 and IFRS 17 are delivered with a full financial product subledger. US GAAP requirements are delivered simultaneously. Data from various policy, claims, billing, actuarial, incentive systems is integrated into one data model.Both Profitability Management and Risk and Control are seamlessly integrated with G/L.eligendi, totam, facilis laudantium cum accusamus ullam voluptatibus commodi numquam, error, est. Ea, consequatur.
Responsive workforce management is important to the insurance industry with enablement, trainings for the sales and field forces to drive premium growth, but as well as for all aspects with regards to certification of regulatory requirements, agent licenses and compliance. Clear target setting and managing commissions and sales in alignment with individual overall targets are embedded in a integrated manner. Succeed by supporting global processes, integrating technology, and enabling real-time insight on premise or on device. Help your insurance company derive greater value from its investments, increase employee and customer satisfaction, and improve business performance.
Revolutionize decision making by giving everyone the analytic capabilities they need to discover, plan, and predict better business outcomes. Help ensure trusted data discovery by combining on-premise and cloud data – without moving or replicating data. Use a fast, scalable analytics platform that leverages your existing SAP investments.
Rely on your network of business applications to support every aspect of your business. Ensure common standards, robust interoperability, and flexible extensibility. Access a solid set of underlying technology platforms and related infrastructure services such as integration, collaboration, and interface management.
Gain value from information with an innovative approach to data management. Accelerate business processes through in-memory technology. Capitalize on new opportunities through in-the-moment contextual awareness and simplify data architectures and lower costs. Deliver high quality, timely data across your organization for better-informed decisions.
- Intelligent technologies empower customers to innovate by focusing on improving business processes and abstracting technical complexity.sales and field forces to drive premium growth, but as well as for all aspects with regards to certification of regulatory requirements, agent licenses and compliance. Clear target setting and managing commissions and sales in alignment with individual overall targets are embedded in a integrated manner. Succeed by supporting global processes, integrating technology, and enabling real-time insight on premise or on device. Help your insurance company derive greater value from its investments, increase employee and customer satisfaction, and improve business performance.
- Intelligent technologies empower customers to innovate by focusing on improving business processes and abstracting technical complexity.
Find insurance software tailored to your needs
SAP S/4HANA Cloud
Adopt the SAP S/4HANA Cloud platform to become a best-run insurance business by using a proven technology framework. Realize instant value by taking advantage of technologies such as the Internet of Things, Big Data, real-time analytics, and enterprise mobility solutions.
SAP S/4HANA for financial products subledger
Centralize your accounting data and rules for financial instruments and insurance contracts with this multi-entity subledger solution. Significantly reduce costs and make it easier to reconcile different sets of books, while simplifying the preparation of estimated cashflows provided by actuarial systems.
Transforming to a Digital Insurance Business Model
The insurance industry is facing the revolution of the digitalization age. Customers are expecting to interact with carriers not only via agents and brokers but also via digital channels - as they experience in other industries. With customers and insured objects generating a tremendous amount of data; so providers finally have the opportunity to transform from simply compensating financial impacts towards preventing losses and offering holistic services.
Unrestricted hands-on experience of an integrated S/4HANA system supporting the modernization and business transformation of the financial services industry. Includes advanced risk management and performance monitoring with FPSL and PaPM
Current release highlights
- Machine learning service ticket intelligence – categorization proposal
- Streamlined interface for creating new business applications for SAP Policy Management
- Consistency check for reinsurance treaty calculation rules
- SAP Fiori app enabling analysis of changes in insurance liabilities
- Claims management for insurance integration into SAP Commerce, financial services accelerator
- Enhancement of SAP Fiori app to provide first notice of loss
- Improved data archiving and reduced data footprint in SAP Policy Management
- Conversational voice interfaces and machine learning
- Integrate insurance-specific processes in SAP S/4HANA with SAP Insurance Sales Assistant
- Continue innovating our portfolio by integrating machine learning, blockchain, and the IoT
- Incorporate insurance-specific processes in SAP cloud solutions
- Add an integration layer for SAP and partner-driven GRC applications and services on SAP Cloud Platform
Manage your insurance business enterprise-wide
“Explore our comprehensive solutions for all business processes across all industries to find the solutions you need to build a connected business.”
Simplify HR processes and engage your workforce to drive better business results, empower your workforce, and develop your talent.
Bring together financial processes with automated, real-time analytics, and translate them into forward-looking business insight across the entire organisation.
Take advantage of in-depth data analysis, predictions, and processing of complex events, and combine data from a variety of sources into one, integrated platform.
Cloud and Data Platforms
Leverage business applications that use the latest technology advancements – including the SAP HANA platform, cloud, mobile, and more.
Internet of Things (IoT)
Deploy high-velocity, intelligent edge IoT applications using business and technology services.
Solve your specific insurance needs
Serve customers better with SAP Cloud for Insurance
Find out how the Intelligent Enterprise can help you place customers at the center of a service network focused on safety, wellness, and loss prevention.
Unlock business value with digital technology
Deliver innovative, customer-centric products and services by connecting new technologies with integrated business solutions to create an intelligent enterprise.
Create opportunities with digital transformation
Learn how you can take advantage of the digital economy by leveraging the IoT, adopting processes for better operational agility, and pushing your levels of transparency.