As insurers make the transition to more sustainable finance and investment practices, empowering insurance finance teams with the tools they need to make better decisions while minimizing risk has never been more urgent.
Yet even as the volume of data grows exponentially across the insurance industry, turning that data into actionable insight remains a challenge. And meeting complex local and international regulations that change constantly still requires a lot of time and effort from insurance finance teams, which further reduces agility and timely insight.
Improving Insurance Finance Insight and Process Efficiency
Insurers and their finance teams need specific tools and capabilities to meet today’s risk and sustainability challenges. They need more powerful simulation tools that can help them optimize revenue and cost management across every line of business, channel, policy, and transaction. Finance teams also need to leverage intelligent automation that reduces the cost and effort to complete financial reporting, auditing, and compliance tasks across asset and investment portfolios.
SAP for Insurance Solutions Can Help
By bringing together data across your SAP and third-party system landscape, the SAP Profitability and Performance Management application empowers teams across your insurance organization to make decisions that can improve profitability, reduce costs, and fully align with core sustainability goals. The application’s scalable, high-speed finance and risk calculation engine combines machine learning with predictive and stochastic financial analysis to deliver powerful simulation capabilities – enabling your people to get more insight out of the information they already have.
And if you want to bring intelligent automation to your investment practices, subledger accounting, and statutory reporting, the SAP Financial Asset Management application can deliver value. It works alongside SAP S/4HANA as well as the SAP ERP application to help take days off closings with automated processes such as calculation of amortization, impairments, and unrealized gains and losses. The application also can streamline compliance reporting with preconfigured content for fast-changing local and international regulations.
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Anders Widestrand is senior director, FSI ISV Program and Co-Innovation, Financial Services Ecosystem, at SAP.