Insurance Companies Integrate Data to Evolve in Real Time

The top 10 takeaways from the session at the SAPPHIRE NOW conference

The Evolving Insurance Industry Landscape

Keep the Conversation GoingIndustry professionals shared their insights into the challenges and opportunities facing insurance companies today at this year’s SAPPHIRE NOW conference.

Here are some highlights.

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Integration Unlocks Business InsightBig Data, marketing analytics, and business intelligence are all trends supporting improved decision making. Standardizing the sourcing of data while integrating and aligning systems and methods enables insurance companies to unlock real-time insights from a single source of truth across the organization, driving more insightful analyses and faster execution of business processes.

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Innovation Is in the CloudLeading insurance companies are increasingly innovating for the future with cloud technology, which not only benefits the bottom line, but also provides business users an integrated, intuitive, easy-to-use interface they can use to unlock insights in real time.

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The Need for SpeedFrom quick and easy implementations to lightning-fast reporting times, cloud-based solutions run by in-memory technology are accelerating insurance companies’ time to value.

Cloud Solutions:

• Implementation time: 3-4 months

• Latency: less than 180 milliseconds

• Move from one cloud solution to SAP HANA Enterprise Cloud solutions: 1 week

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Less Is MoreCloud solutions are enabling insurance companies to reduce their long-term operating costs and consolidate their data models to simplify their business environments.

Cloud Advantages:

• 70% cost savings ($3 million in five years) compared to on-premise solution

• 10 times reduction in database size

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Welcome to the Age of Customer Engagement

Old customer relationship management (CRM) systems no longer work. Today, it’s about how you differentiate yourself, delight your customers, and increase revenue through omnichannel customer service.

First-Generation CRM

Inside out

Customer Experience

Focus on 1:1 Customer Engagement

Market FocusInternal Focus

Front OfficeEfficiency

Front OfficeEffectiveness

Second-Generation CRM

Inside out

Customer Engagement

Outside in

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The Changed World of Customer ServiceInsurance companies must be prepared to anticipate their customers’ needs and be available with personalized interactions at whatever point customers reach out to them.

Service excellence is

• The right insight at the right time

• Personalized interactions every time

• The channels your customers want

• Rich mobile apps

• Solutions integrated to your enterprise

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50 billion devices are expected be connected to the Internet of Things (IoT) by 2020.

The IoT has created massive opportunities for companies to take advantage of Big Data, real-time insights, mobile machine-to-machine communication, predictive analytics, and more, all made possible by the ubiquitous presence of cloud computing.

Take Advantage of the Internet of Things

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IT on the Shop FloorFrom wearables in action on a manufacturing floor to 60-story cranes avoiding collisions, the IoT is providing workers with the right information at the right time to reduce complexity and increase efficiency of business processes.

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Making ConnectionsSAP’s unique technology stack encompassing the cloud, SAP HANA in-memory platform, analytics, mobile, and real time is the foundation of the IoT projects that create true business value and competitive advantage.

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Hear more of the keynotes, sessions, and interviews from the SAPPHIRE NOW conference.