SAP SE (NYSE: SAP) today announced that Gartner, Inc., has cited SAP as a Megavendor in its “Insurance Megavendors Shift Focus to Digital Platforms” report,* released in January 2017.
“The transition to digital insurance business models is accelerating,” said Bob Cummings, global head of the insurance industry business unit, SAP. “Insurers, insuretechs and neighboring industries such as healthcare, automotive and many others seek the capability to provide their customers with next-generation protection products. At SAP, our goal is to help these companies achieve their vision and improve the lives of their customers. We’re also continuing to add new services and solutions and looking for opportunities to partner with innovators and insuretechs and our co-innovation partners to drive new approaches in connected health, connected living and the connected car.”
According to Gartner, Megavendors are “vendors that target a large portfolio of insurance solutions, including insurance-specific software and services, to support property and casualty (P&C) and life insurance business needs.… Digitalization is the top initiative among P&C and Life Insurers; Megavendors are evolving to build digital platforms by augmenting their core system offerings with additional capabilities, such as digital front ends, analytics, IoT support and cloud enablement.”
SAP has positioned SAP Cloud Platform as the driver of its insurance digital platforms, with the goal of creating a complete end-to-end cloud environment for insurance on the SAP HANA platform. Through that platform, SAP has integrated omnichannel SAP Hybris solutions for insurance-specific purposes, leveraged SAP BusinessObjects Analytics solutions, and developed vertical solutions to address industry challenges such as fraud detection and vehicle-based usage solutions leveraging the Internet of Things (IoT). An example of a solution for insurance companies is SAP Digital Boardroom, which empowers C-suite leadership with real-time contextual information and ad hoc analysis.
More than 5,600 insurers in 107 countries rely on the SAP for Insurance solution portfolio to reduce complexity, meet customer demands and gather real-time insights. To learn more about SAP’s insurance portfolio, visit the SAP website or the SAP News Center.