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SAP Insurance launched

"We expect the insurance industry to be deregulated within the next few months and want to be here well ahead of that," SAP South Asia President and Chief Executive Les Hayman said.

SAP is launching the solution first in India and then in other countries.

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The system enables insurance companies to identify and exploit new market opportunities, develop new products to meet their specific needs and improve their competitiveness in preparation for the proposed deregulation of the domestic insurance industry.

He said the new solution enables wide range of improvements in front-office processes like core ERP, financials and logistics to cut policy administration costs, increase the speed and accuracy of claims processing, generate customer profiles for cross selling purposes and management of insurance agents.

Integrated data warehouse capabilities give the management access and latest information for enhanced decision making.

The solution is supported by SAP Insurance Strategic Business Unit, which develops regional market strategy and support the countries with the sales with specialist industry expertise.

SBU is part of the Global Industry Business Unit in Walldorf.

"The insurance sector will witness tremendous competition and those with better and value-based services will score over others," Hayman said. With the full evolvement of the insurance sector, the companies would require functionally rich solutions that help them improve profitability and services, he said.

The SAP solution includes a broad range of functions such as extensive management functionality and a full suite of back office business management processing.

It also offers risk and strategic analysis and comprehensive financial and management reporting capabilities.

The Solution Map, Hayman says, is a blueprint for continuous mapping of the best business practices in the industry.

Other functional areas of the solution are core insurance, a module for advanced collections and disbursement system, investment management, a module for minimising risk exposure and improving portfolio performance, strategic enterprise management for identification and exploitation of new business opportunities, business management, a module for financial accounting and asset management and customer relationship management, a module for complete profile of individual customers including summary of policies and claims, relationships and roles.

SAP has worked closely with its global customers of over 300 insurance and financial service companies in developing industry specific solutions. Standard Life and All State Corp are some of the major customers of SAP.

- Compiled from the Indian media

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