EY announces enhancement of its Insurance Industry Cloud for SAP solutions to help insurance organisations accelerate digital transformation

11 August 2022

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ICMIF Supporting Member EY has enhanced their EY Insurance Industry Cloud for SAP solutions offering to help insurance organisations around the world accelerate their digital transformation. Combining the vast insurance industry knowledge and experience of EY teams with the SAP Business Technology Platform (SAP BTP), the offering provides organisations with innovative solutions to help them overcome the most urgent business challenges and build long-term value. This follows the announcement in June 2021 between the EY organisation and SAP relating to the creation of cloud solutions with industry-specific use cases, aimed at helping clients transform at speed, manage business disruption and optimise time to value.

Isabelle Santenac, EY Global Insurance Leader, says: “Changing customer expectations, continuous technological advances and the explosion of available data all present compelling performance improvement and growth opportunities for insurers and create an immediate need to successfully transform key parts of their operations, including finance. The EY insurance solutions built on the SAP Business Technology Platform offer ready-to-deploy assets that will help accelerate innovation and the improvement of finance modernisation within the industry.”

Leveraging EY Insurance Industry Cloud for SAP solutions is a value-led approach to implementation, specifically designed for the insurance sector and driven by EY industry insight and the organisation’s award-winning alliance with SAP. By tailoring an approach based on each organisation’s specific SAP software journey and business needs, EY Insurance Industry Cloud for SAP solutions help to increase the value and reduce the risks of change through:

  • Providing integrated insights for finance, risk and actuarial (FRAC). The FRAC insights platform is built on SAP Data Warehouse Cloud and helps streamline data ingestion into financial software from SAP. This finance data repository is based on an insurance-specific data model, which can support finance, risk and actuarial operational and analytics needs, while also providing assistance to sustain reporting requirements.
  • Providing packaged reporting for compliance that supports Generally Acceptable Accounting Practices (GAAP) and Statutory Accounting (STAT) reporting. The pre-configured reports powered by SAP Analytics Cloud provide real-time insights into the business.
  • Providing intelligent spend analytics that improve spend visibility by comparing spend impacts, budgets and outcomes. It can provide near real-time expense insights to enhance the procurement performance process.
  • Addressing environmental, social, and governance (ESG) disclosure requirements that demand transformation across the finance and risk operating model. Sustainability capabilities across the EY organisation provide an approach to capturing, modeling and reporting to help clients make more informed decisions.
  • Bringing the best of the EY organisation and taking a whole-of-business approach. From tax, cybersecurity and supply chain to climate change and sustainability across business and technology capabilities, the EY organisation helps unlock greater business benefits through transformation.

EY Insurance Industry Cloud for SAP solutions are aligned and complementary to EY Accelerate for RISE with SAP. This suite of accelerators, tools and services supports clients on their journey to the cloud through RISE with SAP, a comprehensive, intelligent, customer-specific SAP offering.

Anton Tomic, Global Head of Insurance, SAP, says: “Especially in the current climate of significant disruptions and change, agile and innovative industry solutions in the cloud that help clients strengthen their core business processes and innovate for the future are key. Together with EY industry and market experience, we are helping clients become sustainable, resilient and intelligent enterprises that serve their customers better.”

For more information, visit ey.com/sap.

EY is a platinum sponsor of the upcoming ICMIF Centenary Conference in Rome, Italy (25-28 October 2022). Numerous leaders from EY will be attending the Conference and look forward to meeting ICMIF members to share how they can leverage EY knowledge, expertise and support in areas ranging from digital transformation and tax services, to transactions and IFRS implementation.

In addition, EY will chair a CEO panel on the opening day of the Conference on “Mutuality at the heart of a purpose-driven business” which will look at how ICMIF members are embracing their mutual purpose as part of ambitious growth strategies to create long-term, sustainable value for all stakeholders.

Caroline Dellaway, EY Global Insurance Workforce Transformation Leader, will also speak in a session on Friday morning on “Adapting to the new world of work” looking at how the pandemic has reimagined the workforce and how ICMIF members are developing people strategies to prepare for the future of work.

For member-only strategic content on the cooperative/mutual insurance sector, ICMIF members have exclusive access to a range of online resources through the ICMIF Knowledge Hub.

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