SAP announces the introduction of SAP Insurance Analyzeranalytic application to address two challenging regulatory topicsfacing the insurance industry. An integrated finance and risksoftware solution, the application aims to help insurance companiesaddress the upcoming new accounting standards for insurancecontracts (IFRS4) and the Solvency II standard model.

The insurance industry is challenged by a wave of newregulations in financial reporting and risk management. Couplingnew regulations with existing IT challenges, such as complex andfragmented system landscapes and insufficient data quality,insurance companies are in search of an approach that enables themto adapt to new regulations, while improving data management anddata quality.

In a recent Solvency II report Gartner makes the recommendationto “…analyze, together with the business department, potentialsolution synergies between Solvency II and IFRS4. The delay of theregulatory framework should be an incentive to review your entiresystem architecture and reporting infrastructure.”

SAP Insurance Analyzer is intended to enable insurance companiesto move away from expensive and risky tactical approaches, puttingSAP at the forefront of providing an integrated standard approachfor IFRS4 and Solvency II. The analytic application aims to providethe architecture and technology to drive an integrated finance andrisk vision, while offering business content to address IFRS4 andSolvency II requirements. Planned features include:

• A pre-configured insurance data model for source and resultdata
• Processes, functionality and business content for IFRS4 andSolvency II
• Tools and business content to speed up the integration ofsource systems and quantitative and qualitative reconciliation ofdata flows across system borders

“Our mission is to help our customers become best-run businessesand SAP Insurance Analyzer is another example of delivering on thispromise as the market transforms with new regulations andtechnological advancements,” says Robert Cummings, global head ofinsurance business unit, SAP AG. “SAP software solutions enableinsurance companies to thrive by providing the insight andforesight necessary to make sound business decisions.”