New York Life has selected SAP to drive an enterprise-wide financial transformation to enhance business strategy. The mutual insurer plans to merge its middle- and back-office functions into one integrated platform via SAP Insurance Analyzer analytic applications employing the SAP HANA in-memory computing platform. SAP partner msg global will manage development and implementation for the project.
The initiative is expected to enable financial leadership in support of strategic business decisions, including mergers and acquisitions, financing and capital market long-term strategies that support performance.
“The insurance industry is evolving faster than ever before,” comments Randy Gonzalez, vice president and head of Finance Transformation, New York Life. “In order to keep pace we must leverage technology that enables us to shift our mindset to effectively operate in the future state, break out of silos and make strategic decisions that can support the business. SAP Insurance Analyzer leverages the SAP HANA platform to offer us agility and real-time insight, which allows us to adopt a ‘transformation mindset’ that helps us make strategic decisions.”
Among the features and benefits associated with the initiative are the following, according to SAP:
· Streamlined operations and reduced process complexity and costs;
· Improved speed, agility and real-time insight;
· Rapid innovation with comprehensive analytics, mobile and Big Data capabilities;
· Reduced time to market for tailored insurance products and services;
· Proactively managed compliance and risk management functions;
· Increased customer satisfaction and loyalty via improved performance and enhanced customer-centricity.
SAP’s Hugh Anderson, senior industry principal for financial services, characterizes SAP Insurance Analyzer as an innovative approach to integrating finance and risk analytics by delivering a consolidated enterprise view of an insurer’s assets and liabilities. “By leveraging the deep analytical capabilities of SAP HANA and the option to deploy quickly in the cloud, SAP Insurance Analyzer is an immediate opportunity for insurers of all sizes in every market,” he comments.