Identifying Key Capabilities of SAP Solutions for the Insurance Industry

Customer experience is a top priority for the insurance industry for two key reasons:

1. It is the primary area of investment for insurers.
2. It remains one of the industry's biggest challenges, as InsurTechs and new market entrants disrupt traditional business models.

To stay competitive, insurers must provide personalized, seamless experiences across the entire customer journey. SAP empowers insurers by enabling smooth interactions through its Financial Services Accelerator, supporting critical processes such as:

• Requesting a quote or policy extension
• Claim notifications and analysis

Beyond customer experience, SAP delivers end-to-end value for the insurance industry through:

• Experience Economy: Enabling hyper-personalized engagement and real-time insights to improve customer satisfaction.
• Operational Excellence: Streamlining workflows and automating key processes for greater efficiency.
• Spend Management: Enhancing cost control and procurement strategies to optimize financial performance.
• Modernized Financial Reporting and Compliance: Ensuring transparency, regulatory adherence, and improved financial decision-making.

SAP for Insurance optimize omnichannel customer interaction with experiences across all touch points: Agent, broker, bank, online, and price-comparison Web sites.

Business can run better with:

• Omnichannel customer service: Provide customers with the attention they expect through omnichannel customer service
• Sales force excellence: Enable sales teams to act faster and sell more effectively through collaborative sales force automation
• Incentive management: Maximize sales efficiency through comprehensive sales force management

Achieve the growth ambitions though:

• Customer experience management: Manage your customers' experience across the entire engagement cycle

• Field service management: Support field service from every angle with optimized workforce scheduling and mobile apps

Companies can drive value and KPIs with:

• Increase customer acquisition rate.

• Increase customer satisfaction and retention.

• Build brand and agents loyalty.

What our customers say:

Cooperators Insurance – Implemented SAP SuccessFactors to improve agent satisfaction and sales performance.

"They [advisors] must decide which direction their business should head to, so that it aligns with Co-operators’s strategy, and SAP SuccessFactors Incentive Management helps us accomplish that."

Horia Puscas, Sr. Manager, Platform Enablement, Co-operators.

Discover more about our customer success stories at Customer Success Stories | SAP UK

Operational efficiency is a key priority for insurers, driving faster claims processing, policy management, and compliance.

SAP Fioneer and Industry-Specific Solutions:

• Collections and Disbursements: Streamlining payments and transactions.

• Reinsurance Management: Optimizing risk-sharing and regulatory compliance.

Suris Insurance Group (Brazil): Increased daily disbursements by 500%, improving customer and agent satisfaction.

Tune Protect (Malaysia and Thailand): Aiming for a "3-3-3" strategy:

• Buy insurance in three minutes.

• Receive inquiries in three hours.

• Get claims reimbursed in three days.

To achieve this goal, Tune Protect deployed SAP for Insurance in the cloud, ensuring a scalable, automated digital platform.

Insurers must manage extensive procurement and workforce requirements, as up to 50% of their workforce consists of external contractors.

SAP Spend Management Solutions:

• Ariba: Optimizing procurement and real-time data insights

• Concur: Streamlining travel expenses

• Fieldglass: Managing external workers efficiently

Sanitas (Switzerland): Improved procurement efficiency, optimizing costs, and real-time insights using SAP Ariba.

Sanlam (South Africa): Integrated

SAP SuccessFactors and Fieldglass to gain a comprehensive workforce view, aligning skills with positions while reducing costs.

SAP provides cutting-edge financial solutions for over 3,700 financial institutions, supporting end-to-end financial operations.

Key Benefits of SAP’s Finance Solutions:

• Real-time transaction insights

• Predictive accounting, planning, and forecasting

• Faster financial close and reporting

Potencias de Goudado (Brazil): Reduced financial close cycle by 40%.

Vias (Iceland): Achieved a 70% reduction in financial reporting time (from minutes to seconds).

SAP is supporting insurers in their journey to the cloud with two key transformation programs:

RISE with SAP (For existing customers moving to the cloud).

• Process reengineering with Signavio to optimize workflows.

• Prepackaged cloud migration solutions.

• Industry cloud solutions to foster ongoing innovation.

GROW with SAP (For new insurance market players).

• Ready-to-run cloud ERP with pre-built industry best practices.
• Targeted at mid-market InsurTechs, agents, brokers, and asset managers.

SAP is continuously expanding insurance functionalities in its upcoming.

SAP S/4HANA Public Cloud release (24.02) to address the evolving needs of midmarket insurers.