SAP and Andersen Consulting Form Alliance to Redefine Business Solutions For Financial Services Industry; First Solution to Be Developed for Insurance Industry.WALLDORF, Germany and NEW YORK--(BUSINESS WIRE)--March 19, 1998-- SAP AG (company) SAP AG - (Systeme, Anwendungen, Produkte in der Datenverarbeitung - German for "Systems, Applications and Products in Data Processing") A company from Germany that sells the leading suite of client-server business software. The US branch is called SAP America. , the world's leading provider of enterprise application software, and Andersen Consulting See Accenture. , the world's leading management and technology consulting firm Noun 1. consulting firm - a firm of experts providing professional advice to an organization for a fee consulting company business firm, firm, house - the members of a business organization that owns or operates one or more establishments; "he worked for a , today announced a strategic alliance to create new business solutions that address the competitive challenges and operational issues facing the worldwide financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. market. Through the alliance, SAP(tm) and Andersen Consulting expect to accelerate availability of future-oriented industry-specific solutions. The solutions will enable insurers and banking institutions to measurably meas·ur·a·ble adj. 1. Possible to be measured: measurable depths. 2. Of distinguished importance; significant: a measurable figure in literature. improve business performance by significantly enhancing their operational processes, customer service and return on information technology investments. The first solution to be developed will be property and casualty claims processing for the insurance industry. "The financial services industry continues to undergo far-reaching change that impacts the marketplace today and offers new business opportunities for the future," said Stephan A. James, managing partner of Andersen Consulting's global financial services practice. "Based on our insight into the way the industry is evolving and our work with the world's leading insurance and banking organizations, we believe that the solutions we develop under this alliance will help transform the way our clients manage their operating costs operating costs npl → gastos mpl operacionales and significantly improve their profit margins." "This alliance combines the world-renowned SAP capabilities in delivering process-oriented business solutions, software development and technical architectures with Andersen Consulting's unrivaled financial services industry expertise and solutions delivery skills," said Prof. Dr. Henning Kagermann '''Executive Board: Henning Kagermann. Chairman of the Executive Board of SAP AG and CEO''' Henning Kagermann is chairman of the Executive Board of SAP AG and Chief Executive Officer (CEO). , executive board member of SAP. "This is a powerful alliance that will bring new thinking to this industry and new SAP products This presents a list of products of the enterprise software company SAP AG. Enterprise Applications
tr.v. re·in·vent·ed, re·in·vent·ing, re·in·vents 1. To make over completely: "She reinvented Indian cooking to fit a Western kitchen and a Western larder" the economics of doing business in financial services." The solutions co-developed under the alliance will be available to all SAP customers. They are open applications with inherent interface capability. As such, they will be designed to be compatible with clients' in-house developed applications as well as with finance and human resources The fancy word for "people." The human resources department within an organization, years ago known as the "personnel department," manages the administrative aspects of the employees. solutions from other software vendors. As part of the co-development alliance, SAP and Andersen Consulting will establish co-located development facilities, initially in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. and Europe. Property and Casualty Claims Processing to Be First Solution Developed Within the insurance industry, the alliance is initially targeting property and casualty (P&C) claims processing, an area that represents more than 80 percent of a P&C insurer's cost of doing business. The state-of-the-art P&C solution will be based on the SAP Business Framework(tm) and Andersen Consulting's unique claims design, which embodies the firm's vision of future best-practice processes. The solution will be designed to increase productivity and effectiveness in a number of ways, such as enabling companies to classify clas·si·fy tr.v. clas·si·fied, clas·si·fy·ing, clas·si·fies 1. To arrange or organize according to class or category. 2. To designate (a document, for example) as confidential, secret, or top secret. claims more accurately and to assign critical claims quickly to the most experienced adjusters. The solution is intended to enable insurers to improve loss adjustment expenses by 20 percent to 40 percent while reducing money paid out on claims by an estimated three to five percentage points. The P&C claims solution will be delivered in multiple releases. The initial release will consist of such capabilities as recording claim attributes, managing this information through the claims pipeline and making it available downstream From the provider to the customer. Downloading files and Web pages from the Internet is the downstream side. The upstream is from the customer to the provider (requesting a Web page, sending e-mail, etc.). for financial processing. Subsequent releases will focus on increasingly sophisticated system capabilities. Andersen Consulting and SAP will launch their P&C initiative with a select group of charter clients, with shipment of initial functionality beginning in fall 1998. About Andersen Consulting Andersen Consulting's financial services practice consists of approximately 13,000 professionals who serve nearly 700 clients around the world through three industry segments: banking, insurance and health services health services Managed care The benefits covered under a health contract . The banking segment serves, among others, retail, investment and commercial banks; investment management firms; securities firms; depositories; and exchanges. The insurance segment serves property and casualty insurers and life insurers. The health services segment serves a wide range of healthcare clients, integrated healthcare providers, health insurers, managed-care organizations and policy-making pol·i·cy·mak·ing or pol·i·cy-mak·ing n. High-level development of policy, especially official government policy. adj. Of, relating to, or involving the making of high-level policy: authorities. Andersen Consulting is a $6.6 billion global management and technology consulting organization whose mission is to help its clients change to be more successful. The organization works with clients from a wide range of industries to link their people, processes and technologies to their strategies. Andersen Consulting has 53,000 people in 47 countries. Its home page address is http://www.ac.com. About SAP SAP is a market and technology leader in client/server enterprise application software, providing comprehensive solutions for companies of all sizes and all industry sectors. Cultivating innovative technologies on a solid foundation of business experience, SAP delivers scalable solutions that enable its customers to continually con·tin·u·al adj. 1. Recurring regularly or frequently: the continual need to pay the mortgage. 2. improve upon best business practices. SAP products empower empower verb To encourage or provide a person with the means or information to become involved in solving his/her own problems people to respond quickly and decisively to dynamic market conditions, helping businesses achieve and maintain a competitive advantage. Founded in 1972, SAP is based in Walldorf, Germany, and employs more than 13,000 people at offices in more than 50 countries who are dedicated to providing a high level of support and service for the more than 13,000 installations of R/3(tm) worldwide. In 1997, SAP increased revenues by 62 percent over 1996, to $3.36 billion (U.S.). The SAP World Wide Web site can be found at http://www.sap.com. -0- SAP, Business Framework, R/3 and all SAP product and service names referenced herein are trademarks or registered trademarks of SAP AG. Other product and company names herein may be trademarks of their respective owners. (c) Copyright 1998, SAP AG CONTACT: For more information, press only: Waggener Edstrom Susan Bierma, 503/245-0905, sbierma@wagged.com or SAP America Marlene Petter, 610/725-4023, marlene.petter@sap-ag.de Narina Sippy, 781/672-6646, narina.sippy@sap-ag.de or Andersen Consulting Roxanne Taylor, 212/708-5106, roxanne.taylor@ac.com |
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