WALLDORF — SAP SE (NYSE: SAP) today announced that its co-innovation project with leading reinsurance company Swiss Re has added new features providing new reporting capabilities to its solution to help financial companies meet upcoming accounting standards, streamline accounting flows and increase transparency and control.
The latest features will deliver a customer-centric solution to the insurance and financial industries and expands financial reporting options to bank, insurance companies and financial technology (fintech) companies to drive finance transformation with a comprehensive subledger solution. The combined financial accounting and planning solution allows companies to easily produce multiple reconciled valuations for financial products.
“Since announcing our partnership in 2017, SAP and Swiss Re set out to develop a solution that addresses the increasingly complex demands related to financial steering and reporting of insurance companies from regulators across the globe,” Swiss Re Reinsurance CFO Gerhard Lohmann said. “The successful completion of the subledger co-innovation marks an important milestone in our long-term digital transformation strategy. With regulations constantly evolving, these innovations are important to help companies easily adapt to new regulatory and accounting standards.”
This iteration of the product offers additional functionality and reporting content for accountants and actuaries following the 1909 release of SAP S/4HANA, which has improved the continuous closing process. The solution drives increased efficiency through enhanced functionality by putting equal emphasis on insurance contracts and financial instruments as they are accounted for by the financial products subledger solution.
“We are bringing our subledger solution to a broader user group, and more projects are on the way,” said Luka Mucic, SAP CFO and member of the Executive Board of SAP SE. “We have seen enormous interest in the solution. Our customer base has rapidly expanded to 39 in the first year, and hundreds of entities signed up for it. The solution is designed for the complex regulatory and reporting requirements that insurance firms, banks, fintech companies and financial corporations are facing today. The combination of financial accounting and planning functionality helps the industry prepare for the upcoming accounting standards, such as IFRS 17 and long duration targeted improvements (LDTI).”
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