International insurer and reinsurer Swiss Re has announced a partnership with enterprise application software company, SAP SE, to create a solution that tackles complex issues related to financial steering and reporting of insurers and reinsurers from regulators.
The new partnership, described by Swiss Re as “a strategic co-innovation initiative” aims to address the difficulties insurers and reinsurers are faced with when trying to obtain reliable, comparable financial data for reporting and decision-making.
“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,” said Gerhard Lohmann, Chief Financial Officer (CFO) Reinsurance, Swiss Re.
New regulations across the globe make it increasingly difficult for re/insurers to maintain compliance and consistency, and the partnership between Swiss Re and SAP will see the pair look to generate “multiple valuations and apply financial steering methods based on the SAP HANA® platform, enabling processes to be automated and controlled in a simple, effective way,” says the reinsurer.
“We are proud to work with Swiss Re, a company with profound industry knowledge, to drive the development of new solutions that will provide the insurance and financial sectors with a significantly simplified approach to solving their sophisticated needs. It’s our firm belief that co-innovation projects like these are what will guide and shape the future of our industry,” commented Luka Mucic, CFO and Member of the Executive Board of SAP SE.