SAP announces plans to acquire Camilion, a provider of insurance product development, product life-cycle, and underwriting solutions that help insurance companies improve the quality of the business they write and bring new products to market faster.

The transaction will broaden the SAP solution portfolio in the insurance space, providing insurers with software tools to streamline the management and creation of new products, according to SAP. It also will give insurance brokers and underwriters simple, modern tools that speed up transactions. Together, these components could help insurers grow their businesses and reduce costs.

"With this acquisition, SAP is able to meet the needs of insurers that face a challenging new business environment and that need to make significant product and strategy changes quickly at low risk," says Simon Paris, global head of Financial Services for SAP. "Camilion brings deep expertise and trusted relationships in the new age of insurance applications, well recognized by customers and analysts."

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