Insurance Analytics and Digital Transformation

The New Paradigm in Insurance

The insurance industry is shifting to a new paradigm that focuses on risk mitigation and prevention rather than financial compensation for loss. This is driving the creation of new insurance ecosystems and a new breed of competitors. However, many insurers remain dogged by legacy infrastructure, siloed applications and lack knowledge in the value of insurance analytics. This is exacerbated by M&A activities and increasing demands from clients to use new technologies. Add to this the requirement for a consumer-grade experience within business applications (for example mobile apps for claims creation or self-service insurance analytics), and insurers are being forced to innovate.

The Opportunity Presented by Insurance Analytics

Technology is advancing the use of analytics in insurance. It presents a real opportunity for insurers to change the approaches by which they use data and deliver analytical insight to the business, whilst at the same time minimising disruption.

Insurers need to take action on key insights provided by IoT applications and related insurance services. They must simplify the process of collecting customer data from disparate equipment types to make more effective decisions and realise the full value of the IoT combined with insurance analytics. Gaining insight across insurance operations with multiple brands or syndicates is highly challenging if you have legacy data warehouses, outdated systems and processes. This makes it near impossible for insurers to get full end-to-end insight into policyholder activities and business operations.

The Opportunity for Insurance Analytics

Traditional approaches and technologies can often slow down the adoption of new ideas and as a result leave business users without the insight they need to grow their business. However, technology can present a real opportunity for insurers to change the approaches by which they use data and deliver analytical insight to the business, whilst at the same time minimising disruption.

Insurers need to take action on key insights provided by IoT applications and related insurance services. They must simplify the process of collecting customer data from disparate equipment types to make more effective decisions and realise the full value of the IoT combined with insurance analytics. Gaining insight across insurance operations with multiple brands or syndicates is highly challenging if you have legacy data warehouses, outdated systems and processes. This makes it near impossible for insurers to get full end-to-end insight into policyholder activities and business operations.

How Our Customers Benefit from our Financial Expertise

We are helping insurers deliver financial transformation initiatives with dramatic improvements to their financial ‘backbone’ systems (responsible for the core general ledger, accounts payable and accounts receivable functions).

With SAP S/4HANA we can provide a platform for transformed financial processes with the following key features;

• Real-time ledger integration – postings are updated and reflected in real-time across all relevant ledgers
• Multi-element chart of accounts with appropriate objects for recording responsibility and segmentation of income streams
• Automated risk management and compliance monitoring activities
• Streamlined and integrated finance processes