Swiss Re and SAP team up to innovate financial steering and reporting

Swiss Re and SAP team up to innovate financial steering and reporting

Swiss Re and SAP team up to innovate financial steering and reporting

Swiss Re has entered into a strategic co-innovation partnership with SAP SE, a German multinational software corporation, in order to address the increasingly complex demands of global regulators in the areas of financial steering and reporting of insurance companies.
 
In a statement, the global re/insurer noted that re/insurers are faced with the challenge of maintaining compliance and consistency in managing and reporting business to a wide range of varying valuations and regulatory reporting standards.
 
New regulations, such as the International Reporting Standards (IFRS) 9 and 17 which will impose additional reporting requirements, also add to the challenges insurers face, Swiss Re continued.
 
These challenges, the re/insurance giant said “make it difficult for insurers and reinsurers to capture reliable, comparable financial information for reporting and decision-making,” as well as “significantly increase internal process complexity, reporting efforts, and operating costs.”
 
To tackle these challenges Swiss Re and SAP are working on a new approach to generate multiple valuations and apply financial steering methods based on the SAP HANA platform to enable processes to be “automated and controlled in a simple, effective way.”
 
The new approach, which Swiss Re said will be made “available over time to the entire re/insurance industry,” will allow re/insurers to:
 

  • Manage increasingly complex regulations and be able to easily incorporate new valuations and reporting standards (such as IFRS and U.S. GAAP) on an ongoing basis;

  • Reduce their reporting efforts by generating multiple financial valuations simultaneously;

  • Reduce the time they spend on operational tasks and controls, while increasing their capacity for analytics; and

  • Be able to steer the allocation of financial resources, 

 
Gerhard Lohmann, CFO reinsurance at Swiss Re, said: “We chose to work with SAP on this initiative, because it is a renowned software provider with a long and deep history of working with global insurance companies. I genuinely believe that together we can achieve our strategic vision to enable integrated steering and reporting for ourselves and across the industry.”
 

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