By Eleanor Reader
SAP has announced plans to acquire the insurance product development, product life cycle and underwriting solutions provider, Camilion, in a move to expand its insurance offering.
By broadening its solution portfolio in the insurance space, SAP said it will be able to provide insurers with software tools to create new products and the ability to speed up transactions between insurance brokers, underwriters and their customers.
“With this acquisition, SAP is able to meet the needs of insurers that face a challenging new business environment and that need to make significant product and strategy changes quickly at low risk,” said Simon Paris, global head of financial services, SAP. “Camilion brings deep expertise and trusted relationships in the new age of insurance applications, well recognised by customers and analysts.”
Traditionally, solution suites for the insurance industry have been limited to policy, billing and claims. By adding to its current solution portfolio, SAP for Insurance, SAP and Camilion plan to create the industry’s first ‘Super Suite’.
The companies will offer an end-to-end insurance solution, SAP Business All-in-one solution for Insurance, which will include comprehensive integrated capabilities from strategy through finance to operations powered by in-memory and mobile technologies, available both in the cloud or on premise.
“We are convinced this is a ‘win-win-win,” said Ross Orrett, president and CEO, Camilion. “It’s a win for SAP and Camilion, for our joint customers and for an industry that is modernising at a staggering pace. We intend to deliver best-in-class products and services from a combined team with unmatched depth in the insurance industry.”
Related articles…
SAP to acquire SmartOps
Wednesday, February 27, 2013
SAP AG to acquire datango
Thursday, January 19, 2012
Ariba shareholders approve SAP acquisition
Friday, August 31, 2012
