Things are happening fast in the insurance world these days – real fast. Digitalization is putting major demands on everybody. Busy consumers can now scout for quotes online from anywhere using any device, submit queries on social media, and pay their premiums using a variety of channels. Nobody waits around for service and they shouldn’t have to. And in the companies themselves, digitalization has transformed both back-office processing functions and how businesses interact with consumers. Social media stretches even the most service-oriented service provider. In meeting rooms and strategy sessions, managers and executives expect updates and information on demand.
It’s fair to say that the companies quickest to react to market demand and maximize their resources have always been the ones most likely to succeed. But competition in the insurance sector has intensified in recent years. Increased connectivity has fueled this highly competitive market and an ability to adapt will make or break service providers in the insurance industry. To compete, you need to embrace digital transformation, and this process begins with clearly recognizing, in detail, the challenges you face.
21st century challenges facing the insurance executive
In order to make decisions, insurance executives need access to real-time data and insight. For the most part, they lack the ability to monitor information like financials, sales figures, and key information across departments. As a result, they’re unable to make major decisions based on solid, up to the minute data. Key indicators like loss ratio metrics and revenue figures can depend on numerous factors and can change very quickly.
For insurers, this is further complicated by a range of environmental factors beyond their control. Without a complete view into your critical business and supporting data residing in one place, you could waste valuable time accessing and collating data from numerous sources. And this can lead to risky decision making based on potentially outdated information.
Making the most of boardroom or consultation time can be tricky. Identifying business challenges without the insight of all major stakeholders can be a challenge in itself. Similarly, opportunities are being missed because the right people don’t have access to game-changing insight that can present new strategies or directions. Put simply, insurance decision makers need data to understand the past instantly and informed analysis to anticipate the future, in order to thrive in the present.
Helping insurers tackle the needs of the digital economy
At SAP, we have worked with insurance companies for years and we are acutely aware of the challenges you face. SAP Digital Boardroom technology gives you the ability to discover, plan, and strategize from one platform. Whether in the boardroom or with a customer, you can position yourself to answer all the business questions you need to.
Pulling information across all lines of business and operations, you can get a complete, real-time view of company situations and key figures across departments, as well as external industry-specific data sources. A single business abstraction layer delivers one source of consistent data across all business areas, allowing you monitor key financial and risk measures. The availability of high-quality internal and external data insight can improve decision making and give you and your team the ability to answer ad hoc queries, plus analyze alternatives and implications.
Thanks to the powerful analytical capabilities of the SAP HANA in-memory computing platform, you can leverage a simple, intuitive user interface. It’s easy to explore predefined metrics, which can be used to analyze root causes and identify business challenges and opportunities in real time. Built-in interactive capability helps ensure you have the insight to make decisions quickly in a boardroom setting, instead of depending on static slides or spreadsheets. And accelerated strategic decision making means you can react to market changes faster.
Running detailed simulations, from premium increases to extreme weather scenarios, can allow you to experience the impact of potential decisions without taking the risk of uninformed action. In day-to-day terms, the solution can simplify the boardroom process by reducing preparation time and offline topics – and uses collaboration tools to leverage expert knowledge.