Transform Insurance with SAP Solutions The Business Value of SAP S/4HANA

Transcription

1 SAP Value Paper ǀ PUBLIC Transform Insurance with SAP Solutions The Business Value of SAP S/4HANA 20 SAP SE or an SAP affiliate company. All rights reserved.

2 The Need for an Intelligent ERP System Supporting Next Practices with Intelligent ERP Radical change in the insurance industry is occurring at a rapid pace. Changes in technologies, in business models, in standards, and in the makeup of insurance companies themselves require constant adaptation. Insurers must be able to respond to rapidly changing conditions yet still comply with all standards. How does a digital core with a true single source of truth help? Alltrust 3x 10x Faster system response rate for operations and reporting queries Responding to rapid changes A digital core is an IT architecture that offers stability and long-term reliability for core enterprise processes yet also provides the flexibility to adapt quickly to new opportunities, challenges, and regulations. This solid foundation gives you a single source of truth, which, in turn, enables flexibility for innovation to accommodate new business models, new regulations, and new business events, such as mergers or acquisitions. Simulation and analytics The ability to respond quickly is an essential part of managing an insurance company. To do this, simulation, prediction, and analytical capabilities are important. Data is critical for gaining insight to make decisions. This insight must be at a granular level so decision-makers have the detail they need to understand trends, opportunities, and risks and quickly carry out what-if analysis using predictive algorithms. The Intelligent ERP Keeping data under control Every insurance company needs the computing capability for carrying out complex risk assessments with large data sets to support timely, real-time analysis. Everyone in the company must have access to data they need, whenever and wherever they need it. They must also manage the enormous amount of data generated by connected networks to develop and deliver leading-edge products and services. Addressing innovative opportunities Customers in every industry are demanding innovation. Companies are responding with new products and services that better meet individual needs. These new offerings impact every facet of business, not just the front office. Companies must address end-to-end (E2E) processes across departments and lines of business to deliver on new customer experiences, products, and services. Bringing SAP S/4HANA and SAP Leonardo technologies together as a digital core will result in a more flexible and intelligent enterprise. To achieve next-generation business processes, companies need an intelligent ERP solution that can be continuously enhanced and extended with innovative business services and applications built on emerging technologies, including machine learning, blockchain, and the Internet of Things (IoT). Insurance companies that have big innovation appetites or prefer to be early adopters have already begun this journey. To stay ahead of industry trends and changes in the market, we transformed our business operations. Cutting-edge technology enables us to minimize risk for our customers, giving us a competitive edge. Guojun Kang, Executive Vice President, Alltrust Insurance Co. Ltd. Munich Re 20% Fewer workdays spent on administrative processes I estimate that we save at least 600 working days on administrative processes Michael Weber, IT Architect, Munich Re 2 /

3 Strategic Priorities in a Digital Economy The digital economy is disruptive. Insurance companies need strategic priorities that drive transformation. SAP solutions and technologies enable a reimagined set of end-to-end business scenarios to support the strategic priorities of working in a digital environment Digital engagement Customers want to engage with insurers through seamless, interactive experiences across all channels, including self-service portals. Insurers must communicate with people and devices and connect to external data sources to build an engagement model with the real world. The creation of consistent, loyalty-building experiences is essential to meet the expectations of customers in today s digital world. End-to-end scenario: New-generation claims processing Preconfigured native integration with line-of-business (LoB) solutions to help ensure processes run smoothly and efficiently across the end-to-end claims lifecycle Protection service Customer expectations are moving in the direction that a potential loss should be prevented before it occurs by means of a protection service. Insurers should deploy hybrid products by bundling insurance coverage across lines of business with noninsurance products and services to offer requested protection services. End-to-end scenario: Connected home Fundamental changes through the Internet of Things to the level of connectedness the insurer has to the insured object, whether that be your car, your house, your apartment, or even your body Data-driven influence Customer data about behavior and points of view needs to be analyzed to enable insurers to deliver innovative products to market quickly while maintaining existing products more efficiently. Insurers need to use the key insights provided by IoT applications and related insurance services to drive not only what products are created and what services are offered but also when and where. End-to-end scenario: Product lifecycle and process Enhanced data-driven decisions that leverage machine learning, the IoT, and analytics 3/

4 Reimagine Digital Engagement with New-Generation Claims Processing Traditional scenario Trigger initial reserving process manually. Update reserves manually. The insured person contacts the call center. The claims handler registers the claim and initiates follow-up processes. Initiate repairs. Source and negotiate with repair shop providers. Complete repair, invoice the appropriate party, and issue payment to the service provider. The client confirms the repair or service settlement. A new world with SAP Set initial reserve automatically. Update reserves automatically with the help of machine learning. Update reserves based on payments. Detect the first anomaly or notice of loss through sensors. Top value drivers* Initiate the repair with Ariba Network. Share the claims status with the policyholder through a modern user experience enabled by SAP Fiori. Reduction in the time customers spend 50% 81% making a claim with the SAP Claims Management application Match electronic invoices and initiate payments. *Benefits are based on results from early adopters of SAP S/4HANA or are conservative outside-in estimates of the benefits of moving from a traditional ERP system to enhanced SAP S/4HANA with line-of-business and cloud capabilities. As each enterprise is at a different level of maturity, our recommendation is that you work with SAP to determine the value proposition for your enterprise. Receive the client s confirmation of service settlement. Analyze claims spend data with SAP Digital Boardroom. Reduction in the number of steps in the claims payment process 4/

5 Reimagine Protection Service with the Connected Home Traditional scenario A paper-based home owner (HO) insurance policy is mailed to new HO without any interaction or additional support options. When a loss event occurs, such as a water leak, no early detection and remediation options are available. The HO must first file a claim over the phone or online, which delays the process. An adjuster is assigned and will evaluate the damages. The HO must engage a service provider directly to initiate the repairs. Claims closure is delayed due to inefficient process steps, resulting in a higher claims loss ratio. Customer satisfaction is impaired by the stressful claim process, and churn is likely. A new world with SAP With the purchase of a new home, the insurer sends the HO a smartphone insurance package that includes installation of a security system and sensors for smoke and water leaks. Top value drivers The HO receives an alert of a water leak in the basement with the option to turn off the water supply. The smartphone app provides the option to report a claim, with information automatically stored (loss location, HO policy, and so on). Higher customer satisfaction The insurer assigns emergency repair service from the Ariba Network and selects service based on best performance and contract price. Lower customer service costs This provides an up-sell opportunity for the insurer to offer a premium assistance package, enabling the HO to reduce deductibles moving forward. Analytics reveal a reduction in claim closure time, improvement in loss ratio reserve, and an increase in customer satisfaction and retention. Opportunity to cross-sell and up-sell 5/

6 Reimagine Data-Driven Influence with Product Lifecycle and Process With SAP S/4HANA at their digital core and using the SAP S/4HANA Cloud solution for intelligent product design, insurance companies can provide their customers with individualized products more quickly and at a lower cost. Traditional scenario Products are predefined and standardized by product. It is difficult to automate customer interaction. It is difficult to tailor marketing activities to address specific customer needs. Any incoming customer interaction cannot be transferred to other insurance lines of business. A new world with SAP The customer requests an address change using a chatbot. Top value drivers The insurer checks on already-existing products and services and updates them automatically. Faster time to market The insurer uses an upselling opportunity of an electronic driving coach assistant to encourage safer driving behavior based on the customer s auto history. Lower R&D costs Triggered by the address change, the home owner policy will be transferred automatically to the new address Higher revenue from new products The insurer achieves higher customer satisfaction by offering personalized services and by delivering products quickly at an acceptable price. 6/

7 Deep Dives along the Insurance Value Chain Primary capabilities where value can be achieved through SAP S/4HANA, LoB solutions, and SAP Leonardo Customer engagement Product agility Business networks Responsive workforce Profit and risk Finance Marketing with speed and agility Quotation and offer Sourcing and contract External workforce Cash and investment administration Financial planning and analysis In-the-moment customer experiences Product and policy lifecycle Operational procurement Core human resources and payroll Insurance contract accounting Accounting and financial close Omnichannel digital commerce Mobile sales force automation Sales force Omnichannel customer service Billing and payments Claim lifecycle Reinsurance lifecycle Supplier Inventory and basic warehouse Services procurement Invoice and payables Supplier collaboration Time and attendance Talent Human capital analytics Travel and expense Commissions and incentives settlement Profitability and solvency Multi-GAAP handling Combined actuarial, operational, and financial flows analysis Governance, risk, and compliance 7/

8 Customer Engagement Current state with ERP Cloud-based LoB and Typical challenges on a traditional database SAP S/4HANA capabilities SAP Leonardo capabilities Business benefits Inability to respond to customer needs quickly over a variety of channels Lack of marketing automation and efficient operations that are needed to accelerate processes and streamline marketing activities Inability to optimize customer loyalty and retention through innovation Lack of tools that enable sales teams to act quickly and sell more effectively through collaborative sales force automation Optimized omnichannel commerce platform to drive customer acquisition Consistent omnichannel experience for connected and coordinated policyholder interactions Improved customer satisfaction and loyalty through streamlined customer service processes Maximized insights with real-time data and complete customer profiles to support sales goals Ability to bundle products that go beyond insurance Ability to provide full producer relationship and broker portal environments Harmonized sales closure Service that enables intelligent monitoring of real-world situations to help service Usage-based monitoring to enable the influencing of behavior Rewards for positive behavior Optimized customer satisfaction and efficient operations by supporting all customer engagement situations Integrated customer activities with IoT devices and sensors to monitor the behavior of consumers and to provide intelligent protection Secure handling of cases between various business partners and networks using blockchain capabilities Enterprise-wide customer transparency Comprehensive marketing across digital and sales force channels Direct servicing of customer needs through omnichannel access Deliver contextually relevant offers and experiences across all channels with greater speed and agility Gain a single view of customers, products, quotes, and policies to provide a holistic digital experience Increase agent and advisor efficiency and productivity for the buying journey with lean and connected processes Provide a smooth omnichannel customer experience with selfservice and streamlined service processes 8 /

9 Product Agility Current state with ERP Cloud-based LoB and Typical challenges on a traditional database SAP S/4HANA capabilities SAP Leonardo capabilities Business benefits Difficulty in modernizing, streamlining, and automating operations Inability to deliver innovative products to the market quickly Lack of ability to optimize product configuration, policy underwriting, billing, claims, fraud, and reinsurance processes to reduce costs and increase customer satisfaction Inability to connect digital processes for all lines of business by integrating horizontal and insurancespecific solutions Tailored products and services that target groups and distribution channels Streamlined claims functionality to expedite data capture and jump-start the claims process Enhanced tracking of individual risk ceding between insurance and reinsurance companies Centralized collections and disbursements to reduce overdue premiums and revenue loss Rapid, strategic product introductions to respond quickly to market changes Scalable platform for managing mass policy changes Proactive claims rather than after-the-fact loss compensation, which helps insurers profit from cost reduction Integrated quotation and offer from the sales and front office to back-office processing systems Optimized billing and payments for a transparent customer financial view End-to-end experiences with reinsurance and other core insurance functions Artificial intelligence and machine learning to optimize efficiency, predict outcomes, and enhance customer experiences Monitored behavior of consumers with devices and sensors to provide intelligent protection by integrating data coming from the IoT Secure handling of transactions between various business partners and networks by using blockchain capabilities and integrating these into operations Optimized digital product creation to align with customer needs and support fast market launch Efficient claims, fraud, and procurement processing to improve customer service and reduce costs Real-time cash flow processes to better serve customers and improve cash positions Improved reinsurance capacity, profitability, and risk with a holistic view of the entire lifecycle 9 /

10 Business Networks Current state with ERP Cloud-based LoB and Typical challenges on a traditional database SAP S/4HANA capabilities SAP Leonardo capabilities Business benefits Difficulty in streamlining, modernizing, and automating procurement processes Limited or no ability to effectively drive compliance and control while also cutting costs and reducing risks Inability to easily connect and integrate with large business networks Excessive data errors and duplicate invoices from disconnected purchasing systems Collaboration with suppliers to attain savings targets through contract Up-to-the-minute insights with real-time procurement analytics Efficient shopping experiences for business users, with automated approval flows and integration with one of the world s largest business networks Integration for simplified invoice processing of accounts Integrated claims experience by using Ariba Network as the source for strategic repair services Access to millions of suppliers directly to improve and expedite the procurement cycle through a business network marketplace Controlled and minimized spend through advanced approaches that are optimized for cost, quality, and efficiency Secure service resources with the SAP Fieldglass Services Procurement application Use of artificial intelligence and machine learning with all network, sourcing, and procure-ment events to optimize spend and improve efficiency Monitoring of direct-need situations using the IoT to optimize customer engagement by providing goods and services rapidly and improving a claim experience or a service request Maximum transparency across the network using Big Data processing in real time, combined with analytic capabilities Better collaboration with suppliers, along with excellent sourcing and procurement processes Smoother operations, with improved spend insights and higher compliance More efficient payables and invoice processing, which improves overall cash Improved and settlement of claims using business network efficiencies, which helps reduce cost and improve risk 10 /

11 Responsive Workforce Current state with ERP Cloud-based LoB and Typical challenges on a traditional database SAP S/4HANA capabilities SAP Leonardo capabilities Business benefits Inability to build an organizational structure that is transparent, agile, and adaptable Challenges in effectively engaging insurance employees to collaborate in new ways with consumerstyle and social tools Inability to improve employee engagement and insurance business outcomes by attracting, developing, and retaining the right talent Difficulty in managing variable compensation seamlessly for the entire internal and external insurance sales force Need to improve efficiency of HR operations with a company-wide overview of employee data Challenge in speeding HR operations by consolidating disparate software systems Need to actively involve and empower all employees in a continuous improvement process Existing systems that are difficult to use, limiting the enablement of new services in a timely, efficient way Integration of the external and internal workforce to increase responsiveness Efficient and timely of HR administrative functions, including time and attendance and talent Full transparency across HR with human capital analytics Simplified handling of expense for employees and contractors Optimized employee and contractor experiences, as well as efficient operations, by monitoring all HR activities Machine learning to drastically reduce the workload of mass processing activities, such as resume-tojob matching and ticket handling of service requests Big Data processing in real time, combined with analytic capabilities, to predict activity and areas of need Better global compliance and process support across the total workforce Improved workforce readiness to meet the business challenges of today and tomorrow Better alignment of HR strategies with business strategies that maximize support for how people work Simplified HR processes that engage every employee, enabling them to feel supported, trained, and motivated to achieve their goals 11 /

12 Risk and Profit Control Current state with ERP Cloud-based LoB and Typical challenges on a traditional database SAP S/4HANA capabilities SAP Leonardo capabilities Business benefits Difficulty in assessing profitability of products, segments, and customers Challenged in bridging the gap between operations and finance because operational systems process very high volumes while finance backend systems work with aggregation Difficulty in getting transparency to meet new regulatory requirements such as IFRS17 Near-impossibility of managing multiple GAAPs Inability to provide the same data to actuarial, finance, operations, and Difficulties arising from disparate and interim systems with multiple staging areas, which result in significant manual reconciliation work across system landscapes Limited traditional databases that do not allow for the finance and operations areas to work on the same data Nonintegrated transactional and analytical data that are kept apart due to performance and traditional database limitations Full insurance subledger for insurance technical accounting Allocation of costs and revenues across multiple dimensions, with profitability and solvency Asset-side (IFRS9) and accounting of financial instruments Liability-side (IFRS17) and accounting for insurance contracts Handling of multiple GAAPs in flexible ways, allowing for easier closings and walkthroughs Bridge into actuarial processing to integrate risk views with operational and financial flows Accounting for all financial flows, which optimizes customer satisfaction and results in efficient operations Enterprise-wide transparency into financial, operational, and actuarial flows with Big Data processing in real time, combined with analytics capabilities Faster close and moreefficient processes Bridging of the gap between finance, operations, and actuarial More automated risk and compliance monitoring activities Ability to model cost drivers, make financial forecasts, and analyze massive amounts of data to streamline budgeting processes and capture growth opportunities Management of cost, profitability, and revenue allocation for insurance products with large volumes of data 12 /

13 Finance, Investments, and Compliance Current state with ERP Cloud-based LoB and Typical challenges on a traditional database SAP S/4HANA capabilities SAP Leonardo capabilities Business benefits Inability to achieve financial excellence through responsible risk, carefully balanced investments, and compliance with insurance regulations Challenge to reduce the cost of finance operations and become a strategic partner to the business Inability to adjust strategies and allocate resources to support rapid market change Difficulty to view and control all processes associated with managing cash, liquidity, investment returns, the accounting book of records, and compliance Reporting that often requires batch processes to deliver reports with limited summary information Reports that are often provided only at period end and require users to analyze reports to discover issues rather than be proactively alerted Manual accounting processes that may increase closing times and slow down decision-making Adoption of straight-through processing for cash and financial asset Embedding of financial and operational controls into business processes for risk End-to-end support for the office of the CFO Advanced general ledger capability supporting fast close and drill-down transparency Integrated financial planning and consolidation Full disclosure providing end-to-end transparency Drill-down into subledger for technical insurance accounting Shared-service center capability SAP Cash Application software that enables nextgeneration intelligent invoice matching, powered by machine learning Accounting for all financial flows, which optimizes customer satisfaction and results in efficient operations Enterprise-wide transparency on financial, operational, and actuarial flows with Big Data processing in real time, combined with analytics capabilities Streamlined finance processes so decisionmakers have vital data to take prompt action Increased speed, agility, and accuracy of forecasting Reduction of silos across business units 25% to 50% reduction in cycle time for financial forecasting and reporting* 50% to 100% reduction in financial forecasting error rate* 25% to 50% reduction in budgeting and forecasting costs* 13 /

14 SAP s Strategy Deliver the Intelligent Enterprise Customer Experience Manufacturing & Supply Chain Data Management Digital Core Intelligent Suite Intelligent Technologies AI/ML IoT Analytics Digital Platform People Engagement Cloud Platform Network & Spend Management NOTE: This representation is a general visualization of the intelligent enterprise and may include functions not covered in every industry. Intelligent ERP Is the Digital Core of an Intelligent Enterprise An intelligent enterprise can be continuously enhanced and extended with business services and applications built on a digital platform to create transformative business value. Insurance companies that have big innovation appetites or prefer to be early adopters have already begun this journey. 14 /

15 SAP Portfolio of Solutions for Insurance An End-to-End Intelligent Enterprise for Insurance Insurance companies need to constantly innovate across their company value chain to drive profitable growth and adapt to how customers want to apply and pay for their policies and services. The capabilities delivered with SAP S/4HANA and the preconfigured, native integration with LoB solutions from SAP help ensure processes run smoothly and efficiently across the engagement lifecycle, allowing companies to drive sustainable revenue growth and maintain margins. Digital customer engagement Real-time, claims processing Real-time, integrated financial planning Digital product creation to align with customer needs The Intelligent Enterprise Enabled by SAP Cloud for Insurance Usage and behavior Loyalty Service SAP Cloud for Insurance Cross-Industry Product Agility Big Data and the Internet of Things Provide innovative products and services Initiate claims repair with Ariba Network Marketplace Spend and Networks Management Logistics SAP Leonardo SAP Digital Boardroom Analytics Internet of Things Machine Learning Blockchain Marketing Omnichannel Customer Centricity Incentives and commission Digital commerce Sales Broker experience Policy Reinsurance In-memory Claims Billing Delivery External talent SAP HANA People Engagement Payroll Manage talent Attract, develop, and retain the right talent Procurement Underwriting Profitability and solvency Liabilities Subledger for Assets Profit and Risk Control Multi- Actuarial GAAP SAP Cloud Platform Planning Accounting Compliant Finance Transparency Consolidation Life Pensions Health Property Auto Commercial Markets Reinsurance Talent Travel and Mobility Calculate real-time profit and risk Assess IFRS solvency status Set initial reserves automatically Disclosure Intelligent technologies Intelligent suite Digital platform 15 / 15

16 SAP s Value Proposition for Insurance Companies SAP S/4HANA provides insurance companies with a proven framework to adopt industry best practices while attaining operational excellence across the entire value chain. Strategy enablement Accelerate creation of new business models Enter new markets and industries Accelerate synergy for mergers and acquisitions Run live (SAP Digital Boardroom) Reorganize on the fly Achieve greater speed and agility Manage risk and ensure compliance Strategy enablement Business benefits Business benefits* 30% faster analytics 5% 10% reduction in business and operations analysis and reporting costs 40% 50% reduction in days to close annual books 20% 40% reduction in general ledger and financial closing costs 20% savings in procurement function cost Empowered employees Establish finance as a partner for strategic decisions Drive informed, real-time decision-making Gain actionable insights on unified, real-time data and processes with built-in system suggestions for decision support Increase user productivity and user adoption through tailored user interfaces (UIs) enabled by the SAP Fiori user experience Empowered employees IT benefits and TCO *Benefits are based on results from early adopters of SAP S/4HANA or are conservative outside-in estimates of the benefits of moving from a traditional ERP system to enhanced SAP S/4HANA with line-of-business and cloud capabilities. As each enterprise is at a different level of maturity, our recommendation is that you work with SAP to determine the value proposition for your enterprise. IT benefits and total cost of ownership (TCO) Reduction of data footprint by up to 70% Merging of OLAP and OLTP Elimination of many desktop clients Lower testing costs Simplified landscapes Native integration 16/

17 Customers Are Achieving Value from SAP Solutions Swiss Re Industry Reinsurance SAP Solution SAP S/4HANA Customer Web site Click here to watch the business transformation video Swiss RE embarked on a comprehensive financial transformation program to meet the economic challenges of today s low interest rate market. The SAP HANA business data platform and SAP S/4HANA were leveraged to process large data volumes in a shorter period of time for improved decision-making. Data integration and drill-down functionality have helped them better evaluate products from a financial perspective. The company can now calculate solvency capital requirements automatically and make real-time adjustments within their finance and risk data platform. elseco Industry Insurance SAP Solution SAP S/4HANA Customer Web site Click here to watch the business transformation video elseco Limited, a privately owned global insurance platform, provides an intelligent approach to underwriting specialty risks. Using SAP Customer Experience solutions on a backbone of SAP S/4HANA, elseco integrated its valuable Big Data with CRM systems to personalize offers, all in the cloud. The company also created a Web portal to give members quick access to billing and claims information. After concluding on general ledger functionality, we also decided on SAP S/4HANA as the underlying architecture. In our opinion, SAP S/4HANA is the most powerful solution currently available in the market. Christian Nebauer, Finance Transformation Lead, Swiss Re We need to be cloud-based in order to really be the best at what we do, and I think SAP S/4HANA will support that. Laurent Lemaire, CEO, elseco Limited 17/

18 Customers Are Achieving Value from SAP Solutions Alltrust Industry Insurance SAP Solution SAP S/4HANA Customer Web site (Chinese) Click here to read the business transformation study To achieve exemplary development and profitable growth, Alltrust Insurance Co. Ltd. needed to incorporate a software platform that would enable it to proactively keep on top of market trends and accurately measure risks while building a standardized system to improve productivity and process efficiency across the entire organization. Alltrust implemented SAP S/4HANA, which has been instrumental in enabling the company to build a financial platform with optimum functionality, covering a broad range of core modules from financial accounting to profitability analysis to tax administration. Troo Industry Insurance SAP Solutions SAP HANA Enterprise Cloud and many more Customer Web site Click here to watch the video Troo, a startup venture of Ageas, turned to SAP HANA Enterprise Cloud to provide a secure managed cloud environment to support the new venture. Using the cloud service, Troo employees gain quick and easy access to core applications including SAP Customer Experience solutions that build customer loyalty and drive growth by creating highly relevant and personalized customer experiences at every touch point. Deploying SAP S/4HANA has given us the technological transformation we needed by improving system performance, providing unrivaled effectiveness, and enabling us to embrace revolutionary in-memory computing software. Zhihua Zuo, Vice General Manager of Finance, Alltrust Insurance Co. Ltd. I am proud to say that we are, in the Philippines, the first insurance company in the world to implement an end-to-end cloud-based solution from SAP. Hans Loozekoot, President and CEO, Troo /

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