German ERP giant SAP and Andersen Consulting have forged a strategic alliance to target the financial services industry.
Initially aimed at banks and insurers, the new solutions will be sector specific and reflect the growing challenges facing the industry – the first application being a property and claims processing system for insurance companies, an area reckoned to represent 80 per cent of an insurer’s costs.
It is envisaged that with the new solution, insurers will typically be able to slice up to 40 per cent of loss adjustment expenses while reducing money paid on claims by between 3 and 5 per cent.
The claims solution will be issued in multiple releases, with the first focusing on the ability to record claims attributes with subsequent versions incorporating sophisticated expert system capabilities. Roll-out is expected to start this autumn. Said Stephen James, managing partner for Andersen’s global financial services practice: “The solutions developed under this alliance will help to transform the way clients manage their operating costs while improving profit margins.”
The solutions are also being designed for compatibility with clients’ existing, bespoke applications as well as the finance and HR packages from other software vendors.
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