Asia’s Leading Non-Life Insurer Turns to SAP to Streamline Operations and Advance in a Fast Changing Regulatory Environment
SINGAPORE — SAP AG (NYSE: SAP) announced today that leading non-life insurer MSIG has chosen SAP Core Insurance Platform for its Singapore and Indonesia companies. Along with driving operational efficiencies, faster time-to-market and improved customer service, the SAP Core Insurance Platform will empower these MSIG operations with a single system that will better enable growth and support the innovations and flexibility required to meet the fast-changing business demands of today and tomorrow.
“To keep pace with the industry’s changing customer needs and the dynamic regulatory environment, we wanted a flexible and scalable solution to meet both our current and future needs,” said Alan Wilson, regional CEO, MSIG Asia. “SAP has a clear understanding of our industry and of the key drivers for our business success, so choosing SAP solutions for insurance was a significant strategic decision for our group and a key investment in our infrastructure to enable us to realize our exciting ambitions in Asia.”
Currently, there are software solutions from two main providers within MSIG in Asia, each of which has in place its own variation on the main processes and supporting systems and have undergone custom development over time. This has made it difficult to gain a single consolidated view of the business. The existing legacy systems have also limited opportunities for expansion into new lines of business and product development. Finally, the material effort required to enhance the existing business processes and systems was not conducive to MSIG’s client-focused approach. To address these challenges and help realize MSIG’s ambitions in Asia, the firm sought a solution that could revamp its IT infrastructure, streamline its operations and enhance customer-centricity. MSIG Asia chose SAP.
The enterprise-wide deployment of SAP software will integrate most of MSIG’s core business functions in the insurance business value chain. Product design, policy administration, claims and customer service incentives, commission management and billing and payment, together with reinsurance and data insights, will come together onto a single platform. This customer-centric integration will help maximise operational efficiencies across different lines of business and locations, to lower expenses and strengthen the business infrastructure. Automating and standardising core processes will enable MSIG to bring new products to market more swiftly while improving customer service and satisfaction.
To ensure a fast and cost-efficient deployment of SAP Core Insurance Platform, SAP will employ an engagement delivery model which offers MSIG the flexibility to transform and optimize processes to seize new business opportunities, placing them at the heart of innovation. This integrated delivery model enables MSIG to achieve faster, simpler implementation of the integrated core insurance platform with significantly shorter time-to-value. MSIG can harness the power of three SAP delivery organizations – SAP Active Global Support, SAP Consulting and SAP Custom Development under one engagement model.
“The deployment of SAP at MSIG underscores our commitment to help insurers achieve the operational efficiency and flexibility needed to capture business opportunities quickly in this fast-changing industry,” said Scott Russell, COO & Head of Strategic Industries in Asia Pacific Japan at SAP. “Both MSIG Asia and SAP share the desire to drive transformational change through innovation. Empowering MSIG to transform its business model — from selling individual policies to offering more tailored insurance solutions better catering to the needs of businesses and consumers — ties in beautifully with SAP’s vision of helping the world run better.”
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About MSIG Asia
MSIG Holdings (Asia) Pte. Ltd. (“MSIG Asia”) is the regional holding company for Asia of Mitsui Sumitomo Insurance within the MS&AD Insurance Group (“MS&AD”), one of the largest general insurers in the world with presence in over 39 countries and regions. The core subsidiaries and affiliates of MSIG Asia across ASEAN and Hong Kong (“MSIG”) have been providing general insurance solutions for more than 100 years.
Combining global and local best practices, MSIG leverages on its multi-channel distribution, strong partnerships with intermediaries, competent workforce of over 4,300 employees and extensive geographical network to offer a wide range of insurance solutions across major personal and commercial lines. As an established leading insurer with a long-term perspective, MSIG aims to offer insurance solutions that are effective, efficient and simple to understand; delivered with active and sincere service.
As market leader in enterprise application software, SAP (NYSE: SAP) helps companies of all sizes and industries run better. From back office to boardroom, warehouse to storefront, desktop to mobile device – SAP empowers people and organizations to work together more efficiently and use business insight more effectively to stay ahead of the competition. SAP applications and services enable almost 261,000 customers to operate profitably, adapt continuously, and grow sustainably. For more information, visit www.sap.com.
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Jennifer Alejandro, SAP Asia Pacific Japan, +65 6664 4555, email@example.com, GMT+8
Michelle Eu, MSIG Asia, +65 6827 2894 firstname.lastname@example.org, GMT+8