The FINANCIAL — SAP AG (NYSE: SAP) on February 1 announced that the Talanx Group, the third-biggest insurance group in Germany will implement the SAP Policy Management application to unify the property and casualty lines of businesses at its subsidiaries, HDI-Gerling Firmen und Privat Versicherung AG and HDI Direkt Versicherung AG.
The key decision criteria for selecting SAP Policy Management were the software’s capabilities, flexibility and its potential to integrate with SAP and non-SAP insurance solutions. By renewing its policy administration IT landscape with SAP software, the insurance group aims to increase the efficiency of policy administration, improve customer service and accelerate the time-to-market for delivering new insurance products.
“The SAP solution will help us streamline our divisional structure, improve our flexibility and control,” said Herbert Haas, CEO, the Talanx Group. “As a result, we are able to adapt faster to changing markets and customer demands.”
The decision for SAP was taken after months of evaluating a short list of potential software providers as well as an in-depth analysis of the Talanx IT landscape. During the evaluation process the renewal of the legacy policy administration systems was pivotal. The Talanx Group needed a policy solution that would not only support its core policy administration processes for all products in private and commercial lines, but also a system that could integrate with existing insurance applications.
“Due to the merger of HDI and Gerling, the standardization of processes and systems is a high priority,” said Dr. Thomas Noth, CIO, the Talanx Group. “SAP Policy Management is a promising solution regarding functionality and future-proofness.”
“We are proud to play an important role in Talanx’s strategic realignment initiative,” said Léo Apotheker, CEO, SAP AG. “The agreement with the Talanx Group further underlines our commitment to the insurance industry, and to working closely with leading insurance providers to help them achieving their strategic business objectives.”
With the policy management solution from SAP, Talanx aims to standardize and automate its policy processes across its lines of business in property and casualty. By taking advantage of the software’s integration with SAP and non-SAP applications, the group can orchestrate business processes across its insurance business in order to adapt and respond appropriately to market changes. In addition, Talanx plans to:
quickly develop new tariffs and implement them reliably using a flexible modular structure;
expedite contract processing via automated processes;
extend qualification of employees, as they will be able to process various insurance product within the same infrastructure.
Through its IT investments, the insurance group is creating an environment that is adaptable to the changing demands from their customers and from the market. The flexibility and product functionality of the SAP Policy Management application will fit the needs of Talanx’s business objectives today and in the future. SAP will participate significantly in the implementation project.