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SAP to help banks and insurance cos enhance data analysis processes

SAP SE has announced a new foundational offering that aims to help financial services and insurance companies

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Sanghamitra Kar
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BANGALORE, INDIA: SAP SE has announced a new foundational offering that aims to help financial services and insurance companies better manage their integrated risk and finance processes.

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The SAP Cost and Revenue Allocation for Financial Products application is expected to help banks and insurers streamline profitability for insurance and banking products.

Powered by the SAP HANA platform, SAP Cost and Revenue Allocation for Financial Products is intended to give finance executives the capacity to process and analyze vast amounts of corporate data to adapt more readily.

“Profitability and cost management are becoming increasingly important as the industry becomes more competitive,” said Ross Wainwright, global head, Financial Services Industries, SAP.

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“Having the ability to process core data points quickly across the entire organization gives banks and insurers the insight they need to stay ahead of their competitors and increase their return on investment.”

SAP Cost and Revenue Allocation for Financial Products is meant to overcome technical limitations in the allocation of costs and real-time data analysis at the most granular level.

“Leading banks and insurers are increasingly looking to consolidate their operations onto a single, integrated IT platform that provides both efficiency and business intelligence, but research shows that only about half of these companies have accomplished this goal,” said Li-May Chew, research director, IDC Financial Insights.

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“Respondents to our latest survey with SAP indicate that C-suite leaders are most concerned with expanded regulatory environments and economic uncertainty. By adopting new technology solutions like those from SAP, companies can work smarter and better plan and predict future changes in the market.”

The application enables banks and insurance providers to process higher volumes of data, provide a more detailed analysis of data and accommodate a wide variety of allocation rules. With these benefits, they can manage profitability and performance measurement better.

SAP Cost and Revenue Allocation for Financial Products is designed to work seamlessly with the SAP Simple Finance solution, banking services from SAP and SAP Insurance Analyzer analytic applications.

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