Many Insurance companies are still using fragmented, homegrown transactional systems to run core processes, which requires a high level of IT support. The situation is complicated by new regulatory reporting requirements such as IFRS 17 and LDTI. Unfortunately, this situation results in finance departments reporting on business outcomes, rather than helping to drive strategic business decisions. There is additional pressure to control costs and optimize operational efficiency. SAP and EY have teamed up to provide essential insurance solutions that help insurers transform their financial reporting data, systems, and processes. Bob Evans, Creator of Cloud Wars, speaks with Isabelle Santenac, Global Insurance Leader at EY and Toni Tomi, SAP Global Head of Insurance, about what is driving the need for rapid Financial Transformation and Cloud adoption within insurance, key benefits insurers are deriving, and some of the issues that still confront this transformation. | |||||||||||
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