Driving Financial Performance at Swiss Re with SAP BTP
The past two years of the pandemic made it clear: To mitigate risks we need a much more holistic approach. Although companies were aware of many risks, only few could prepare for its actual impact on a global scale.
Companies were exposed to multiple risks simultaneously, ranging from immediate risks by regulations such as home office obligation, to risks by disrupted global supply chains. And although the global impact of the COVID-19 pandemic starts to decline, significant political and climate risks arise globally. Companies require full insights into all their potential risks and they need efficient (re-)insurers to address these needs.
(Re-)insurers must evolve beyond their traditional insurance products to meet their customers’ ever growing and evolving expectations. A key factor is to advance internal (technological) capacities and capabilities to develop new innovative insurance products as soon as risks appear.
A holistic risk management cannot rely on isolated historic data but needs to be driven by unified data from a variety of sources. To be prepared for the unlikely and to predict outcomes, reinsurers are urged to fully eliminate data silos, integrate diverse kinds of data, and perform sophisticated and tailor-made analyses for their customers.
SAP cloud services and solution help significantly to transform the existing technological stack and to gain one coherent picture of internal KPIs. Essentially a single-version-of-truth which allows more timely decision-making and achieve better business performance. SAP Business Technology Platform, including SAP Analytics Cloud and SAP Data Warehouse Cloud, is at the center of this transformation.
Tune in to our second episode of the Give Data Purpose live chat series to see and hear how Swiss Re approaches its technological and cultural journey incorporating SAP’s latest data and analytics technology and what this means for your own business.