Building an Intelligent Insurance Enterprise in the Experience Economy: Notes from 2019 SAPPHIRE NOW
This May in Orlando, forward-thinking leaders from across the globe came together to tackle this critical challenge: How can I build an intelligent enterprise in the experience economy? From the keynotes to interactive sessions to product demos, attendees learned how embedded intelligence and digital technology are reshaping the insurance industry. Let’s take a closer look at some transformative insights and best practices gathered at SAPPHIRE NOW that apply directly to the insurance industry.
Best Run: Powering Next-Gen Business Models
In this Best Run session, we brought together leaders in the financial services and energy industries to discuss how the intelligent enterprise is helping companies delight customers and increase wallet share. Nicole Kealey, SAP Global Vice President, Intelligent Enterprise & Industry Marketing, moderated the panel that included Christof Reinert, Head of Risk Management Partners at Munich RE. “You (insurance companies) need to make sure you’re coming up with completely new business models and offering additional support to customers,” said Christof. “It’s not enough to just send a bill and have the customer pay an invoice. You need to offer additional services.”
Christof discussed how the intelligent enterprise is driving efficiency by reducing lag time and communication gaps between service teams, engineers, operations teams and customers. “The key is not just to respond, but to use predictive information to improve outcomes.” He also discussed how the retail side of the business is bundling services and providing “completely new offerings for a consumer,” creating exciting growth opportunities in the experience economy.
Interactive Sessions and Demos with Industry Visionaries
SAP leadership joined with insurance companies like Allstate and Nationwide to explore how the intelligent enterprise is empowering companies to create new business models, control costs, maintain compliance, and enhance customer loyalty.
Interactive sessions included a deep dive into how SAP Sales Cloud is empowering insurers to reduce costs and boost the profitability of sales teams, where Nationwide explained their first-hand experiences. Allstate discussed how they use SAP solutions, like SAP S/4HANA, to comply with evolving financial services regulatory requirements and gain instant insights for faster, better decisions. They adopted a single, real-time data layer for sharing integrated processes between business operations and finance.
During our demo sessions, we showed detailed solution scenarios of how SAP products deliver specific insurance value. And we explored key aspects of SAP’s Financial Services Data and Data Management Platforms that enable competitive differentiation.
Experience the Intelligent Enterprise: Watch General Session Theater Replays and Keynote Recaps
Stay on the cutting-edge of digital disruption: catch up on more highlights from SAPPHIRE NOW. Watch on-demand keynote highlights and general session theater replays and browse all of our sessions. Be sure to also save the date for next year’s conference, May 12-14, 2020.
Learn how insurance companies are creating new digital business models to improve and protect their customers’ health, property, and business with insurance solutions from SAP. Get inspired and build your business case for transformation: visit SAP Insurance for more information.