SAP in asian insurance market

[Former Member]

KPIs where sap is a leader in any insurance market in asia ?

while technology is great....where are the drivers for a multimillion dollar implementation of core insurance and SAP

quite interesting to develop the taiwan market with the investment in insurance products from sap However not sure thats enough.....this market requires something more than core technology.

it requires a sense of excitement that comes with human interaction...hence an insurance gaming solution....might just be the ticket

ill come back with something, let me know what you think ?

Mark

[BORIS_GREVEN]

Hi Mark,

yes, I completely agree - we do not only have to excite the market via our complete SAP Insurance Suite but as well by technology innovations digitizing the human interaction. It has to be a mobile experience using SAP HANA  - available in all regions.

What ideas do you have in mind?

Best, Boris

BORIS GREVEN @Twitter

Digitalization & Communication | Insurance GTM Lead | IBU Insurance

SAP SE | Dietmar-Hopp-Allee 16 | 69190 Walldorf Germany

[Former Member]

Boris,

i have been in the insurance market in asia for 8 years. Put in the first SAP system in asian insurance companies. Actually the culture and nature of the business is still quite interesting as its more about interim investing and capital movement than about Insurance. As far as how to make it more SAP friendly....lets catch up and discuss the relevant drivers in todays markets.

Costs

Returns

P&L impacts

customer centric issues

products

marketing

and then perhaps we can generate the next technical requirements......I dont mind traveling but better you come to Hong Kong as this will take a good week.

best

mark

[Former Member]

Hi Mark,

You're right! It's not only about technology but also about user experience, content, and benefits.

When talking about benefits and related KPI's it's sometimes difficult to define most relevant parameters.

Depending on the line of business (life insurance, p&c insurance, commercial lines, health insurance, reinsurance,....)  you're dealing with it differs a lot. While for one line (private insurance business)  the speed from first information to signing the insurance contract could be an important KPI, the focus of another line e.g. commercial insurance business will be more on risk transparency and high flexible solution offering for customers.

What we learned from markets all over the world is that as long as you're using easy to understand standard products you are also able to simplify business process for consumers (like "one-touch-travel-insurance" you can buy from any machines at the airports; just put in your credit card and select one of the offered standard policies).

What we also learned is that consumers expectations are in a shift. They do not want to have one shop for insurance, one for banking, one for investments, etc., they like to have one single source which helps to save time and money. A company who is very successful in fulfilling these requirements is MoneySuperMarket in UK.

If you look at their business case you find that they participate in every point of a customer lifecycle, from youth to retirement.

For insurance companies we also see a shift in their mindset. They do not like to run only their traditional pure insurance business but get more track around customer lifecycles. In order to be able to expand business they are looking for new business opportunities (which are by the way also oftern link to their main competencies)

For example. a commercial line insurer offered in former times property insurance for buildings and infrastructure like waterpipes, etc.

Now he thinks about to expand the business case not only to insure the waterpipes but also to invest in and maintain them. Why? Because they have a lot of money they need to invest but the financial markets have very low interest rates. So they think about to invest in infrastructure (get a regular fee from public services for it), maintain the infrastructure as well (get another regular fee for maintenance), get with predictive maintainance and sensors at all relevant points of pipe system an insight when and where a possible leakage or incident may occur (risk transparency about pipe infrastructure AND property risks signed by them close to the pipes), can immediately decide what to do, whom to involve, and when the maintenance works will probably be finished.

Business case for insurer: get payback for investments, get fee for maintenance, get insight in predictable incidents (minimize costs of repair or restitution), assign service companies for fixed prices (minimize claim payments and possible fraud), and get a satisfied customer (public authorities). Business case for public authority less costs for maintenance of infrastructure (because repair works can be predicted), costs for fees are stable and can be planned over long periods, and inhabitants do not suffer so often by interrupted supply pipes. Business case for inhabitants: more reliable supply via pipe networks.

For managing such business cases it's necessary to run appropriate IT solutions in the background, use new technologies like IoT, big data & predictive analytics, process automation, business network integration, and across all this, DIGITALIZATION of business process.

It's only one single example but there are much more which can be performed if you have the right platform & technology and/or cloud service.

Best regards

Karsten

[Former Member]

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