Customers Will Benefit From First Fully Integrated Insurance Suite Managing Strategy, Finance and Operations Powered by Leading-Edge In-Memory and Mobile Technologies
SAP AG today announced plans to acquire Camilion, a leading provider of insurance product development, product life-cycle and underwriting ERP solutions that help insurance companies significantly improve the quality of the business they write and bring new products to market faster.
The transaction will broaden the SAP solution portfolio in the insurance space, providing insurers with powerful software tools to streamline the management and creation of new products. It also will give insurance brokers and underwriters — those who deal directly with customers — simple, modern tools that speed up transactions. Together, these components could help insurers grow their businesses and reduce costs.
Many insurers today struggle with outdated core insurance systems that are not agile enough to meet rapidly changing consumer needs and the latest technology trends. Insurers seek to modernize these core systems in order to increase the quality of their business and deliver new products to the market more quickly. At the same time, they need software tools that provide instant analysis and simulation across huge volumes of data — all while protecting the value of past IT investments.
The move adds significant value to the integrated SAP for Insurance solution portfolio and prominently positions SAP in the rapidly emerging market for integrated core insurance platforms, the industry’s first “Super Suite.” Traditional solution suites for the insurance industry have been limited to policy, billing and claims. SAP, together with Camilion, plans to provide an integrated yet modular end-to-end insurance offering: the SAP Business All-in-One solution for Insurance. This will include comprehensive integrated capabilities from strategy through finance to operations powered by leading-edge in-memory and mobile technologies, available both in the cloud or on premise.
“With this acquisition, SAP is able to meet the needs of insurers that face a challenging new business environment and that need to make significant product and strategy changes quickly at low risk,” said Simon Paris, global head of Financial Services, SAP. “Camilion brings deep expertise and trusted relationships in the new age of insurance applications, well recognized by customers and analysts.”
“We are convinced this is a ‘win-win-win,” said Ross Orrett, president and CEO, Camilion. “It’s a win for SAP and Camilion, for our joint customers and for an industry that is modernizing at a staggering pace. We intend to deliver best-in-class products and services from a combined team with unmatched depth in the insurance industry.”
Leading insurers use Camilion’s capabilities to perform sophisticated underwriting of some of the most complex global risks. These capabilities integrate seamlessly with back-end systems to support the entire product life cycle, including the development of new business across the world.
Product Development and Management
Camilion’s ProductAuthority helps customers manage everything about insurance products into re-usable components that can be rapidly adapted to form new products or enhancements. Camilion and SAP have uniquely built their respective solutions from the ground up to externalize product information and agnostically integrate with any core system.
Full Solution for ISO
Camilion helps insurers address the requirements of the Insurance Services Office (ISO) and state policies and regulations in the U.S. Using an advanced automated process for importing and testing content, Camilion builds complete, functional insurance product definitions as interpreted by ISO. The combination of Camilion and SAP solutions will provide a complete platform for insurers with operations in the U.S.
Mobile and “Big Data”
Camilion intends to expand its mobility capabilities for quoting and underwriting, which is critical as brokers and underwriters increasingly work remotely and rely on the latest applications on iPad, iPhone and other mobile devices. One Camilion customer already has more than 10,000 brokers using this capability.
Camilion was founded in 2001 and is an innovative software company that leading insurers use to gain enterprise-wide agility with their products and underwriting. It is privately held, with offices in Canada and the United States. SAP and Camilion have collaborated since 2008.
For more information, visit the SAP Newsroom.