Embrace the Digitalization of the Insurance Industry
As companies across industries prepare for digital transformation, SAP Cloud Platform is helping them realize their strategic initiatives. As an open, agile, and secure platform-as-a-service (PaaS) offering, it allows companies to quickly build and roll out new applications to deliver innovative solutions that address changing business needs. The insurance industry is uniquely poised to capitalize on these benefits from SAP Cloud Platform. But what are the real-life use cases for this PaaS solution in the industry? Can it affect real change for your business? In one word – YES. Let’s look at the real ways you can use SAP Cloud Platform to support digitalization for your insurance business.
Personalized service through applications
The customer is key in insurance – and modern customers expect to be engaged and served with efficiency like never before. With SAP Cloud Platform, you can deliver personalized, responsive, and simple applications to your target group on any mobile device or browser. Improve customer engagement with automatic processing of customer inquiries and automatically classify service tickets so they immediately go to the best agent. The response process is improved with machine learning, digital interactions, and an omnichannel front office, increasing the scalability of your existing system.
Usage-based products
Improve your competitiveness in the industry with the ability to offer usage-based insurance. SAP Cloud Platform capabilities enable real-time analysis of sensor-based information to create new usage-based insurance products. The platform’s services for storing, managing, and analyzing Big Data can help you make your data-centric projects a success. By tailoring your scoring models to your customer’s telematics sensor data and keeping calculations transparent, you provide customers with the kind of digitally-enabled service they expect.
New offerings through integration
Create new offerings for your customers from external parties with the rich integration and API management capabilities in SAP Cloud Platform, or innovative new products using data from the Internet of Things. You have access to more than 1,000 innovative solutions available on SAP Cloud Platform from over 650 SAP partners. And with superior integration and extension capabilities for any SAP software system, SAP Cloud Platform provides you with the tools to integrate your new innovations with your existing business and get the most out of your SAP investment.
Increased productivity
SAP Cloud Platform has a wide array of capabilities that allow you to increase the productivity of your policy and claims handlers. Prevent bottlenecks with the ability to visualize employee workload in real time and reassign policy and claims work, and make new assignments based on employee availability. With increased efficiency, you can help your team and your company meet customer service key performance indicators and ensure happy customers.
For our clients who are already using SAP Cloud Platform, the benefits are numerous. They see up to 75% faster development and provisioning of innovative software solutions. Without any hardware infrastructure requirements and with a quick start with a free trial version, along with best practices and design thinking workshops, you can start seeing the benefits of SAP Cloud Platform very soon. Gain up-to-date functionality without adding on-premise infrastructure.
Let SAP Cloud Platform help you digitally transform your insurance business. Learn more in this solution overview.
Uwe Hofstaetter, Solution Manager Innovation & Research for Insurance, SAP SE