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Innovating in the Insurance Industry to Stay Competitive: SAPPHIRE NOW Conference Recap

Making the wrong decision can be costly when you’re in the insurance business, but doing nothing can be even more risky. Knowing how to creatively move forward in order to find new solutions that are both simple and smart is an art – one that our presenters at this year’s SAPPHIRE NOW conference have mastered. They have found ways to leverage new technology solutions to address age-old problems.

Check out these session highlights to learn how to master your HR processes, get more out of your data, and manage your resources like a pro.

Simplifying HR for Better Efficiency

Allstate Insurance Company is the largest publicly held personal lines insurer in the United States, but it faced a common problem: Its human resources platform was complicated, slow, and made up of disconnected systems. Without a focus on integration, simplicity, and user experience, Allstate was unable to recruit, train, and manage its employees effectively.

By investing in the SAP enterprise resource planning (ERP) human capital management (HCM) solution with SuccessFactors Talent solutions and HR analytics, Allstate is entering a new realm of operational efficiency. In addition, they’re able to put the “human” back in human resources by having more time to focus on the employee experience. Brett Winchell, Allstate HR director, shares the company’s journey.

Gaining Greater Data Visibility

The insurance industry is complicated, but your business suite doesn’t have to be. Take it from people who know – a panel of experts including leaders from within SAP and Peter Nikoletatos, the executive director and chief information officer of La Trobe University, share how the SAP S/4HANA platform enables companies to connect their entire operation without running a complicated platform. By giving greater visibility into data and processes and helping create one cohesive platform from all of your systems, SAP HANA can streamline your lifecycle management and offer a better experience for both internal and external customers. Decisions become more informed and processes speed up with the SAP S/4HANA platform.

Leveraging Data More Easily

Swiss Re is the world’s second-largest reinsurer. A company this big needed a way to easily gain instant insights from its finance data. Thomas Wright, director of finance transformation and IT lead, explains that by leveraging the SAP Simple Finance solution powered by SAP HANA, Swiss Re has seen improvements in its ability to harness data without using complicated technology. As Wright says, “Simply put, the product does what it says.” If only everything offered that kind of simplicity.

Managing Resources More Effectively

In a growing global economy, managing resources well is imperative. With new regulations that are increasingly complex, and more risks and sources of competition, the insurance industry must seek new ways to network in order to manage its resources effectively. Michael Fauscette, group vice president of software business solutions at IDC, and Alex Saric, global vice president of business network marketing at SAP, discuss smart solutions to resource deployment in this panel that you won’t want to miss.  Fauscette asks, “Can I use a network to solve this efficiently?” More often than not, the answer is yes.

Mastering the Art of Disruption

Knowing when to take risks and when to play it safe is an essential skill. But sometimes doing nothing is the biggest risk of all. In order to stay competitive and relevant, smart risks must be taken in today’s market. Three leaders, including Bob Cummings, the global head of the insurance industry business unit at SAP; Daniel Latimore, the senior vice president of banking from Celent; and Kari Escobedo, a consultant known for delivering cutting-edge, innovative technologies and IT development, discuss the perils and rewards of risk-taking and share their thoughts on how to master the art of disrupting.

Staying competitive means being responsive and proactive, but this isn’t easy when regulations abound and when being proactive can mean running into red tape. However, in the competitive insurance industry, standing still is an even greater risk. By continually innovating and leveraging new technology, companies are seeing new ways to solve old problems, and in doing so, are disrupting their industries. 

Discover more keynotes, sessions, and interviews to inspire your next decision from the SAPPHIRE NOW conference. Browse the replays now.

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