SAP: SAP solutions for insurance companies

Team sitzt am PC und diskutiert über die SAP Branchenspezifische Lösungen für Versicherung

overview: Future-proof and efficient: SAP for the insurance industry

SAP provides a wide range of modules for the insurance industry. With these modules, insurers can design and automate their processes more efficiently in the areas of payments and treasury, marketing, sales, and inventory management, among others.

Overview: SAP solutions in focus

Consolidation and efficient control of all tasks and expenditures in the procurement process are at the top of the priority list for most purchasing organizations. In a digitized and automated procurement process, the global management of suppliers, purchases, approvals, payments and compliance with regulations is simple and reliable.

SAP offers several comprehensive solutions with various extensions for this purpose:

  • The SAP Ariba Cloud procurement platform and Ariba Network.
  • S/4HANA Sourcing & Procurement, as an integral part of S/4HANA
  • SAP Fieldglass as a vendor management system (VMS) specifically for service purchasing
  • SAP Concur as a cloud-based solution for travel management and purchasing

Which cross-company processes seamlessly integrate procurement digitally into the value chain, and thus increase the ROI of digital transformation, remains one of the central questions that companies must ask themselves.

The insurance market is changing permanently with the digital transformation. The expectations and requirements of customers must be placed at the center of all considerations. The SAP CX solution combines marketing, e-commerce, sales and service and helps you to create an individual and exceptional experience for your customers.

Learn more about Customer Experience

Current financial processes and architectures are increasingly causing problems for CFOs. In particular, complex, heterogeneous system architectures in which many different applications and data models are used are reaching their limits. They can no longer meet the requirements in terms of availability, flexibility and level of detail.

In order to keep pace with developments, there are three fields of action: Processes, financial architecture and software landscape. SAP S/4HANA enables the processing and analysis of large volumes of data and provides the basis for end-to-end processes. In addition, analytics give you the transparency you need to make business decisions and continuous improvements.

Learn more about the S/4HANA Transformation

Volatility of the markets, economic influencing factors, new technologies or regulations constantly present treasurers with new challenges. We introduce you to a treasury management system with all possible functions within the shortest possible time.

Learn more about Treasury und Financial Asset Management

The emergence of many alternative payment methods presents many an insurance company with a major task: the digitization of payment processes. The AP Financial Services Collections and Disbursements (SAP FS-CD) module ensures, among other things, fluid transaction processes, through which all collections and disbursements are not only processed cost-effectively and quickly, but also automated to a high degree.

Learn more about Payment Prozesse für den innovativen Zahlungsverkehr

The SAP solution portfolio can be used to map end-to-end processes in sales. Most insurance companies are aware of this. Frequently, therefore, they tend to ask questions such as:

  • which SAP solution is best suited for which field of application?, or
  • is the implementation effort in reasonable proportion to the expected benefit?

Regardless of whether you want to use the widely used FS-ICM or the cloud-based SAP Commissions, sales success correlates directly with goal-oriented management and compensation. Success factors such as fair commission models or attractive products are just as relevant here as a flexible and custom-fit IT system for managing different sales channels. That is why, in our view, the question of the “right and precisely fitting” solution for each company must be answered with priority.

advantages: Advantages of SAP standard solutions

Harmonization

By using SAP, insurers can integrate and unify their processes across different business units and link data. This gives all stakeholders the insight they need along their processes.

Flexibility

Selection and setting of required functions is easy. We support you in customizing and integration into your IT landscape.

Future-proof

To ensure that SAP products continue to meet market requirements in the future, SAP is constantly developing them further. We support release changes and ensure smooth upgrades.

our services: Industry-specific solutions – customized for you

However, how effective software like SAP is usually depends on the implementation. Every insurance company is unique. The standard is not met in all places. That is why the exact analysis of your requirements and the existing processes as well as surrounding systems is so important.

We are at your side during implementation, integration, upgrade and release change. As a long-standing SAP partner, we know the functions of SAP solutions and the possibilities of company-specific adaptation.

Businessfrau sitzt am Laptop und arbeitet mit SAP S/4HANA for Group Reporting

In-depth expertise: Why you should implement SAP together with Convista?

Profound expertise

As a long-standing partner of SAP SE, Convista Consulting AG is an internationally recognized expert in the organizational and technical integration of a wide range of SAP solutions and modules.

Insurance and SAP know-how

We not only know SAP, but also the specifics, regulations and requirements of the insurance industry. Our team of business consultants and managers has worked for years in insurance companies and brings valuable knowledge of contexts and processes.

Zwei Männer brainstormen über Optimierungsmöglichkeiten der Prozesse der gesamten Wertschöpfungskette der Versicherung

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