Largest Dutch Insurance Provider Achmea Addresses Global Regulatory Issues With SAP
WALLDORF, Germany - SAP AG (NYSE: SAP) today announced that Achmea, the largest insurance group in the Netherlands, is among the first to choose SAP® Insurance Analyzer analytic applications to address international accounting and regulatory issues.
New standards in financial reporting and risk management pose challenges for the insurance industry, especially with the implementation of the new accounting rules for insurance contracts (IFRS4) and the Solvency II standard model. With SAP Insurance Analyzer, Achmea will adapt an integrated standard model in order to address these regulations while improving data management and data quality.
Based in the Netherlands, Achmea offers life and non-life insurance and health and banking products and services in the region. Similar to any organization that operates on a global scale, the company needs to comply with all regulations, including IFRS4 and Solvency II. Due to its complex application infrastructure with many legacy policy and claims applications, there is a need to implement an integrated platform that streamlines the collection of all data from several different legacy systems and to process them for the regulatory organizations. Achmea plans to deploy SAP Insurance Analyzer over the next two years and will commence the implementation with the IFRS4 regulation.
“The protection of policyholders and the promotion of fair and stable markets have driven the evolution of regulations for the global insurance industry,” said René Wissing, head of Enterprise Architecture, Achmea. “With the expanded needs for compliance, a solid integrated platform such as SAP Insurance Analyzer is critical in managing and streamlining the process and analyzing the enormous amount of data for our organization. SAP will allow us to further solidify those data management capabilities.”
With SAP Insurance Analyzer, Achmea can take an integrated approach to finance and risk management, addressing changes in the scope and timing of new rules and leveraging data and processes for multiple accounting standards and risk approaches. Features and benefits of the analytic applications include:
- Helping reduce complexity and costs as the deployment integrates legacy applications
- Offering a central platform to manage IFRS4 Phase II and Solvency II simultaneously
- Helping minimize implementation risk by providing standardized business content on a platform for integrated finance and risk management
- Flexibility to configure the software to cover special requirements and customizable to an implementation road map that suits the company’s needs
SAP Insurance Analyzer offers insurance companies the architecture and technology to drive an integrated finance and risk vision. Additional features include a pre-configured insurance data model for source and result data; processes, functionality and business content for IFRS4 and Solvency II; tools and business content to speed up the integration of source systems; and quantitative and qualitative reconciliation of data flows across system borders.
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