Netherlands’ Largest Insurer Taps SAP Insurance Analyzer for Compliance

Achmea cites a critical need for a solid, integrated platform to manage and streamline the process of analyzing the enormous amount of data required for international accounting and regulatory compliance demands.

Achmea, the Netherlands’ largest insurer, has selected SAP Insurance Analyzer analytic applications to address international accounting and regulatory issues. With SAP Insurance Analyzer, Achmea will adopt an integrated standard model in order to address regulations such as the new accounting rules for insurance contracts (IFRS4) and the Solvency II standard model, while improving data management and data quality, the vendor asserts.

“The protection of policyholders and the promotion of fair and stable markets have driven the evolution of regulations for the global insurance industry,” comments René Wissing, Achmea’s head of enterprise architecture. “With the expanded needs for compliance, a solid integrated platform such as SAP Insurance Analyzer is critical in managing and streamlining the process and analyzing the enormous amount of data for our organization. SAP will allow us to further solidify those data management capabilities.”

SAP Insurance Analyzer allows Achmea to take an integrated approach to finance and risk management, addressing changes in the scope and timing of new rules and leveraging data and processes for multiple accounting standards and risk approaches, the vendor asserts. According to an SAP statement, features and benefits of the analytic applications include:

  • Helping reduce complexity and costs as the deployment integrates legacy applications
  • Offering a central platform to manage IFRS4 Phase II and Solvency II simultaneously
  • Helping minimize implementation risk by providing standardized business content on a platform for integrated finance and risk management
  • Flexibility to configure the software to cover special requirements and customizable to an implementation road map that suits the company’s needs

Additional features include a pre-configured insurance data model for source and result data; processes, functionality and business content for IFRS4 and Solvency II; tools and business content to speed up the integration of source systems; and quantitative and qualitative reconciliation of data flows across system borders, according to the SAP statement.

Anthony R. O’Donnell // Anthony O'Donnell is Executive Editor of Insurance Innovation Reporter. For nearly two decades, he has been an observer and commentator on the use of information technology in the insurance industry, following industry trends and writing about the use of IT across all sectors of the insurance industry. He can be reached at [email protected] or (503) 936-2803.

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