SAP has announced that Ageas, an international insurance group, has purchased the industry’s first end-to-end insurance software in the cloud deployed by a single software vendor. Ageas specialises in building insurance partnerships with banks and retailers, and is currently expanding into new markets in southeast Asia.
The enterprise insurance software in the cloud is a insurance-in-a-box offering that streamlines insurance processes from sales and operations to finance. The software supports the full insurance lifecycle, including back- and front-end processes, with an all-inclusive set of integrated SAP solutions that help insurance companies operate their business in the cloud.
“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. 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,” said Hans Van Wuijckhuijse, Regional Director, Business Development Asia, Ageas.
“Previously we would have struggled to reconcile numerous independent systems from multiple providers involving multiple systems integrators. 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 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. These are all deployed on SAP HANA Enterprise Cloud, a fully managed and secure cloud that offers flexibility and quick time to market.
“We are very pleased to be an enabler of insurance industry growth in the Philippines,” said François Lançon, President and MD, Southeast Asia, SAP. “The set of insurance software in the cloud, the first of its kind, is a groundbreaking solution, which helps insurers face the challenges of the digital economy by bringing operational agility and transparency to life across the entire value creation cycle. SAP is simplifying operations behind the scenes so insurers can focus on what they do best – serving the needs of their customers.”
Beyond the robust platform functionality, SAP will be providing a simplified end-to-end engagement model, from subscription to services and from enablement to support. It 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 comprehensive set of integrated insurance solutions in the cloud
is expected to cut costs by 20% to 40% in the first five years, when compared to traditional, disparate systems. It also eliminates upfront IT costs due to its pay-as-you-use model. The end-to-end enterprise software from SAP streamlines operations and generates ROI in 18 to 20 months, rather than the traditional three to five years.
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