SAP Expands Insurance Offering with Acquisition of Camilion.
SAP announces plans to acquire Camilion, a provider of insurance product development, product life-cycle, and underwriting solutions that help insurance companies improve the quality of the business they write and bring new products to market faster.
The transaction will broaden the SAP solution portfolio in the insurance space, providing insurers with software tools to streamline the management and creation of new products, according to SAP. It also will give insurance brokers and underwriters simple, modern tools that speed up transactions. Together, these components could help insurers grow their businesses and reduce costs.
"With this acquisition, SAP is able to meet the needs of insurers that face a challenging new business environment and that need to make significant product and strategy changes quickly at low risk," says Simon Paris, global head of Financial Services for SAP. "Camilion brings deep expertise and trusted relationships in the new age of insurance applications, well recognized by customers and analysts."
"We are convinced this is a 'win-win-win," says Ross Orrett, president and CEO, Camilion. "It's a win for SAP and Camilion, for our joint customers and for an industry that is modernizing at a staggering pace. We intend to deliver best-in-class products and services from a combined team with unmatched depth in the insurance industry."
The move adds value to the integrated SAP for Insurance solution portfolio and positions SAP in the rapidly emerging market for integrated core insurance platforms. Traditional solution suites for the insurance industry have been limited to policy, billing and claims. SAP, together with Camilion, plans to provide an integrated yet modular end-to-end insurance offering: the SAP Business All-in-One solution for Insurance. This will include capabilities from strategy through finance to operations powered by in-memory and mobile technologies, available in the cloud or on premise.
SAP believes the acquisition brings improvement to several key areas, including:
* Global Underwriting: Insurers use Camilion's capabilities to perform sophisticated underwriting of some of complex global risks. These capabilities integrate with back-end systems to support the entire product life cycle, including the development of new business across the world.
* Product Development and Management: Camilion's ProductAuthority helps customers manage everything about insurance products into re-usable components that can be adapted to form new products or enhancements. Camilion and SAP have built their respective solutions from the ground up to externalize product information and agnostically integrate with any core system.
* Full Solution for ISO: Camilion helps insurers address the requirements of the Insurance Services Office (ISO) and state policies and regulations in the U.S. Using an advanced automated process for importing and testing content, Camilion builds complete, functional insurance product definitions as interpreted by ISO. The combination of Camilion and SAP solutions will provide a complete platform for insurers with operations in the U.S.
* Mobile and Big Data: Camilion intends to expand its mobility capabilities for quoting and underwriting, which is critical as brokers and underwriters increasingly work remotely and rely on the latest applications on iPad, iPhone and other mobile devices.
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|Publication:||Property and Casualty 360|
|Date:||Mar 7, 2013|
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