New York Life Selects SAP to Transform Finance into Strategic Enabler for Insurance Business
New York Life, one of the largest mutual life insurers in the world, has selected SAP AG (NYSE: SAP) to enable an enterprise-wide financial transformation in order to enhance its overall business strategy. New York Life plans to merge its middle- and back-office functions into one integrated platform via SAP® Insurance Analyzer analytic applications leveraging the SAP HANA® platform. This is expected to provide financial leadership to facilitate vital strategic business direction, including mergers and acquisitions (M&A), financing and capital market long-term strategies that support performance. The contract was signed in March 2014.
Insurers are under pressure to move beyond simply protecting and preserving the assets of the organization and are increasingly tasked with providing more robust analysis and business insight. SAP Insurance Analyzer allows New York Life to support an enterprise-wide financial transformation. It helps increase operational efficiency by supporting the company’s focus on disciplined execution of strategic choices to be able to set the future direction of the company.
“The insurance industry is evolving faster than ever before,” said Randy Gonzalez, vice president and head of Finance Transformation, New York Life. “In order to keep pace we must leverage technology that enables us to shift our mindset to effectively operate in the future state, break out of silos and make strategic decisions that can support the business. SAP Insurance Analyzer leverages the SAP HANA platform to offer us agility and real-time insight, which allows us to adopt a ‘transformation mindset’ that helps us make strategic decisions.”
In collaboration with SAP partner msg global solutions for development and implementation, SAP Insurance Analyzer offers New York Life a solution architecture powered by SAP HANA to take a fully integrated and transformative approach to finance and risk. Specific features and benefits include:
- Streamlined operations and reduced process complexity and costs
- Improved speed, agility and real-time insight
- Rapid innovation with comprehensive analytics, mobile and Big Data capabilities
- Reduced time to market for tailored insurance products and services
- Proactively managed compliance and risk management functions
- Increased customer satisfaction and loyalty via improved performance and enhanced customer-centricity
“SAP provides transformative technology solutions that help our customers become best-run businesses,” said Robert Cummings, global head of Insurance Business Unit, SAP. “Our solutions enable insurance companies to grow and thrive by offering the operational scale and efficiencies needed to focus on delivering analysis and insight to inform strategic business decisions.”
The SAP for Insurance solution portfolio provides an integrated, modular end-to-end insurance offering, including comprehensive integrated capabilities from strategy through finance to operations, powered by leading in-memory and mobile technologies.
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