SAP is joining forces with Swiss Re to develop a solution based on SAP HANA to help insurance and reinsurance companies meet the increasingly complex demands of global regulators for financial steering and reporting while harnessing analytics to simplify business processes and improve productivity.
Swiss Re brings deep knowledge of the insurance and reinsurance industry and its sophisticated multiple-valuation accounting approach to the strategic initiative.
The initiative will result in a flexible, modular solution enabling the industry to meet evolving compliance requirements while integrating operational, actuarial and analytical data processes, reducing redundant reporting efforts and operating costs.
The solution will allow organisations to stay on top of evolving regulatory changes by incorporating new valuations and reporting standards on an ongoing basis. It will also reduce reporting efforts by generating multiple financial valuations simultaneously. In addition, it will enable organisations to steer the allocation of financial resources and reduce time spent on operational tasks and controls.
The solution will increase the industry’s analytics capacity, overcoming the current lack of access to reliable, comparable financial information for reporting and decision-making,
“We chose to work with SAP on this initiative because it is a renowned software provider with a long and deep history of working with global insurance companies,” said Gerhard Lohmann, CFO reinsurance, Swiss Re.
“We are proud to work with Swiss Re, a company with profound industry knowledge, to drive the development of new solutions that will provide the insurance and financial sectors with a significantly simplified approach to solving their sophisticated needs,” said Luka Mucic, CFO and executive board member, SAP SE.
“It’s our firm belief that co-innovation projects like these are what will guide and shape the future of our industry,” he added.