Leading Insurance Carriers Worldwide Turn to SAP 600 Insurers and Counting Run SAP Solutions
600 Insurers and Counting Run SAP Solutions
LAKE BUENA VISTA, Fla. - SAP AG (NYSE: SAP) today announced its continuing commitment to empower insurance companies with business process platforms to power processes from financials and human resources (HR) to claims management, distribution and billing. More than 600 insurance carriers across the globe run solutions from SAP, including AIG, Allstate Insurance Company, AOK, General Reinsurance Corporation, Insurance Corporation of BC, Capita Insurance Services Limited, The Cincinnati Insurance Company, Co-operative Insurance (CIS), Delta Lloyd Gruppe, Dongbu Group, Eskom Enterprises, Magna Carta, MLP Finance, MunichRe, Montpelier Re, Öffentliche Versicherung Braunschweig (ÖVBS), Old Mutual Life Assurance Company, Prudential Singapore and Swiss Re. SAP is showcasing solutions for insurance companies at ACORD LOMA 2007, being held in Lake Buena Vista, Florida, May 20 - 22.
In offering integrated solutions that serve as flexible business process platforms, SAP marks another milestone in its long-standing commitment to insurance carriers. Insurers can build their platforms on a stable core of enterprise management as well as industry-specific applications. By reusing or combining the functions, or “enterprise services,” of SAP applications, new processes can be added more flexibly and quickly to suit the specific demands of companies’ service lines, business networks and customers.
“Since we are in a dynamic, ever changing market for specialized insurance, we were looking for a strong partner committed to providing an integrated end-to-end suite to meet our insurance application needs,” said David Lawless, CIO of Magna Carta “We began with SAP Financials as our foundation. After a rapid implementation, we intend to leverage more of SAP’s insurance suite into our core areas such as core billing, claims, reinsurance and policy. Our vision is to leverage the suite to be more nimble in order to meet our client demands.”
SAP takes insurers a step beyond standard processes for property and casualty, life and annuities, and health insurers and enables carriers to rapidly respond to new business requirements and changing regulatory mandates while maximizing existing IT infrastructure. In addition to applications for agency distribution, policy inception, collections and claims management, the SAP for Insurance solution portfolio offers a unique innovation environment to develop new applications and services as well as to enhance existing processes. The solution portfolio enables insurance carriers to streamline processes and leverage knowledge across the organization to increase competitive advantage. It also provides cutting-edge collaboration tools with both internal and external resources, resulting in tighter integration with the various stakeholders in the insurance value chain.
“Leading insurance carriers worldwide rely on SAP to run their business processes and to ensure consistent customer satisfaction while providing the ability to innovate and prepare for future challenges,” said Leo Schneider, senior vice president, Financial Services, SAP AG. “SAP for Insurance enables insurers to leverage existing intelligence data in claims, billing, vendor management and underwriting to maximize their business advantage and deliver more value to their customers.”
At ACORD LOMA 2007, SAP will be showcasing solutions for the insurance industry at booth # 709.
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