Top Reasons Insurance Companies Should Choose SAP S/4HANA powered by Approyo
Radical change in the insurance industry is occurring at a rapid pace. Changes in technologies, in business models, in standards, and in the makeup of insurance companies themselves require constant adaptation. Insurers must be able to respond to rapidly changing conditions yet still comply with all standards. How does a digital core with a true single source of truth help?
The Intelligent ERP powered by Approyo
Bringing SAP S/4HANA and SAP Leonardo technologies together as a digital core will result in a more flexible and intelligent enterprise. To achieve next-generation business processes, companies need an intelligent ERP solution that can be continuously enhanced and extended with innovative business services and applications built on emerging technologies, including machine learning, blockchain, and the Internet of Things (IoT). Insurance companies that have big innovation appetites or prefer to be early adopters have already begun this journey.
SAP S/4HANA provides insurance companies with industry best practices built from decades of experience – and allows them to bring cutting-edge innovation in the cloud to their core processes, be it customer engagement, proactive planning, or fraud detection. So they can attain the operational excellence they need to deliver the ultimate customer experience.
Evolving Business Models
By 2025, many insurers will have transformed their businesses to engage with cross-industry ecosystem providers.
Disruption caused by new insurance and insurtech players, shifting consumer behaviors, and innovative technology will require fundamental re-imagining of insurance business models. S/4HANA offers the insurance companies the functionality they need to stay ahead in this changing environment.
Improved Prediction Analytics
Only 25% of insurers have the ability to predict fraudulent behavior by analyzing millions of transactions in real time, but 96% of insurers believe it is important to do so.
Reduction in General Ledger and Financial Closing Costs
SAP S/4HANA provides reengineered and simplified finance processes. Accelerate the closing process by moving from fully batch-orientated, period-focused tasks to connected processes with permanent insights.
Reduction in the time customers spend making a claim
Insurance companies need a digital approach to support end-to-end life cycle of claims management. Detecting first notice of loss with sensors, assigning adjusters from the internal workforces and external talent pool, selecting repair service providers, and settling claims.
The capabilities supported by SAP S/4HANA and prebuilt, native integration with line of business solutions help ensure that processes run smoothly and efficiently, helping insurers to reduce costs and improve risk management.
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