Business software major SAP said Ageas, an insurance group, is bringing an insurance software, built on SAP S/4HANA cloud platform.
The insurance software in the cloud streamlines insurance processes from sales and operations to finance. The software supports the full insurance lifecycle, including back- and front-end processes, with a set of integrated SAP solutions that help insurance companies operate their business in the cloud.
SAP will be providing a engagement model, from subscription to services and from enablement to support – enabling Ageas to streamline its IT management and support, reduce total cost of ownership, accelerate its time to market, strengthen operational agility across lines of business and achieve transparency and compliance.
The insurance software in the cloud is expected to cut costs by 20 percent to 40 percent in the first five years, when compared to traditional, disparate systems. It eliminates upfront IT costs due to its pay-as-you-use model. The enterprise software from SAP streamlines operations and generates RoI in 18 to 20 months, rather than three to five years.
“Ageas will launch the suite at its new joint venture in the Philippines and potentially use the new solution portfolio for other green-field operations,” said Hans Van Wuijckhuijse, regional director, Business Development Asia, Ageas.
The deal will provide 30 SAP solutions and omnichannel functionality powered by software from hybris, an SAP company, core insurance solutions support policy administration, quotation, underwriting, claims, commissions, collections and disbursements, as well as finance, procurement, HR and enterprise analytics as the other benefits to the insurance major.