SAP NEWSBYTE — SAP AG (NYSE: SAP) today announced an initiative with two longstanding partners, COMPIRICUS, Inc. and ConVista Consulting Inc., to expand the availability of the SAP® Financial Asset Management application to insurance companies in North America. The localized application is a scalable, integrated solution for insurance companies to help manage the complex regulatory environment of the investment management market within their region. Available on premise as well as via the cloud and business process outsourcing (BPO), SAP Financial Asset Management is currently used by more than 150 insurers worldwide and will be deployed by leading multi-line insurance provider Zurich Insurance Group (Zurich) for its North American operations in the later part of 2014.
COMPIRICUS, Inc. and ConVista Consulting Inc. recently formed a joint venture, ComnServ, to provide cloud (SaaS/MCaaS) implementation, operations and support of SAP Financial Asset Management. ComnServ was created in response to a growing demand for consultants with investment accounting expertise and a full understanding of business processes, as well as the applications that can be leveraged to support customers using SAP Financial Asset Management. COMPIRICUS and ConVista have worked on several successful implementations of financial asset management globally.
Working with COMPIRICUS and ConVista, long-time customer Zurich has already successfully implemented SAP Financial Asset Management to support its EMEA and AsiaPac operations. Zurich is currently deploying the solution for its North American entities.
“SAP Financial Asset Management has been crucial in supporting our efforts to expand our North American footprint,” said Thomas Graf, head of Group Investment Administration & Accounting, Zurich. “The flexible platform has seamlessly integrated with existing systems and allows us to reduce risk and increase operational efficiency while providing a reliable degree of investment protection so that we can continue to best serve our customers.”
Leveraging many years of experience working with more than 5000 insurance customers worldwide, SAP is uniquely positioned to understand the challenges and opportunities that these firms face and is committed to growing with the industry.
Any statements contained in this document that are not historical facts are forward-looking statements as defined in the U.S. Private Securities Litigation Reform Act of 1995. Words such as “anticipate,” “believe,” “estimate,” “expect,” “forecast,” “intend,” “may,” “plan,” “project,” “predict,” “should” and “will” and similar expressions as they relate to SAP are intended to identify such forward-looking statements. SAP undertakes no obligation to publicly update or revise any forward-looking statements. All forward-looking statements are subject to various risks and uncertainties that could cause actual results to differ materially from expectations. The factors that could affect SAP’s future financial results are discussed more fully in SAP’s filings with the U.S. Securities and Exchange Commission (“SEC”), including SAP’s most recent Annual Report on Form 20-F filed with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates.