(SAP’s hosted insurance-in-a-box will enable rapid deployment of new business endeavors, such as Ageas’ new joint venture in the Philippines. Photo of the Banaue Rice Terraces by Nonoyborbun.)
Ageas, a Brussels-based insurer specializing in insurance partnerships with banks and retailers, has deployed a cloud-based SAP software that supports the full insurance cycle, including back- and front-end processes, with an all-inclusive set of integrated SAP solutions, according to the vendor. SAP describes the hosted, enterprise insurance software in the cloud suite as a comprehensive insurance-in-a-box offering that streamlines insurance processes from sales and operations to finance.
“Ageas will launch the suite at its new joint venture in the Philippines and potentially use the new solution portfolio for other green-field operations,” comments Hans Van Wuijckhuijse, regional director, Business Development Asia, Ageas. “With this comprehensive set of next-generation enterprise software from SAP, Ageas gets to focus on its customers and the core of its business, instead of being in the business of also running a midscale technology services firm internally.”
Much Needed Agility
Previously Ageas would have struggled to reconcile numerous independent systems from multiple providers involving multiple systems integrators, Van Wuijckhuijse adds. “This integrated set of SAP solutions, coupled with SAP taking end-to-end responsibility for this software-as-a-service offering, will give Ageas the much-needed agility to help us establish and penetrate into new markets.”
The vendor reports that the hosted, end-to-end enterprise insurance software is built on SAP S/4HANA, which delivers simplified customer engagement tools through the SAP HANA platform. It includes over 30 SAP solutions and omnichannel functionality powered by software from hybris, an SAP company. Core insurance solutions support policy administration, quotation, underwriting, claims, commissions, collections and disbursements, as well as finance, procurement, HR and enterprise analytics. The suite of solutions is entirely deployed on SAP HANA Enterprise Cloud, a fully managed and secure cloud that offers flexibility and quick time to market.
“This is a transformative development for the industry, particularly as insurers are coping with today’s consumer-powered marketplace and the increased digitization of everything,” asserts Ross Wainwright, global head of financial services, SAP. “Never before has there been such a comprehensive cloud solution for the insurance sector. We are proud to lead the IT revolution in insurance with the powerful in-memory processing of the SAP HANA platform and real-time business insights.”
SAP reports that it also will be providing a simplified end-to-end engagement model, from subscription to services and from enablement to support. That will enable Ageas to streamline further its IT management and support, reduce total cost of ownership, accelerate its time to market, strengthen operational agility across lines of business and achieve transparency and compliance, the vendor claims. Through deploying a comprehensive set of integrated insurance solutions in the cloud, the insurer is expected to cut costs by 20 percent to 40 percent in the first five years, compared to those associated with traditional, disparate systems. As a cloud solution, the SAP suite also eliminates upfront IT costs due to its pay-as-you-use model, SAP says. The cumulative economic effects of these advantages associated with the end-to-end enterprise software is the achievement ROI in just 18 to 20 months, rather than three to five years, the vendor says.