Global reinsurer Swiss Re and Germany domiciled multinational software corporation, SAP SE, have expanded their joint accounting solution project to include simulation, forecasting and planning capabilities.
Announced in February 2017, the joint co-innovation project sees the pair collaborate on the development of a solution that tackles complex issues related to financial steering and reporting of insurers and reinsurers from regulators.
The first development phase was completed in the summer of 2018, and at this time, the pair explained that the core of this solution is a multi-GAAP accounting engine that is complemented by a module supporting the preparation of estimated cash flows, which are provided by actuarial upstream systems.
Now, more than two years after the start of the Swiss Re and SAP journey, it’s been announced that the project now provides software that goes beyond accounting to include “simulation, forecasting and planning capabilities essential to support the business in financial analysis.”
Gerhard Lohmann, Chief Financial Officer (CFO) of Swiss Re Reinsurance, commented: “I am very proud of how much the Swiss Re and SAP teams have rapidly achieved to produce this next shipment. Bringing key functionality into the system, along with the addition of forecasting, planning and simulation, brings greater financial steering capabilities. The thought leadership on multivaluation and IFRS we have applied as part of the co-innovation has been well received throughout the industry.”
Luka Mucic, SAP CFO and member of the Executive Board of SAP SE, added: “Our close partnership with Swiss Re has helped us create an exceptional customer experience across the insurance and financial sectors.
“This next stage of co-innovation with Swiss Re means increased guidance, transparency and support across financial projects for our customers. It marks a notable effort to enable more than just accounting projects on our SAP S/4HANA platform.”
