Swiss EY team wins prize at SAP Hackathon in Bonn
- SAP Forum 2016: digital revolution entails challenges for banks and insurers
- EY team from Switzerland comes second at Hackathon in Bonn with »ultimate formula« for calculating solvency capital requirements in real time
Zurich, 13 July 2016 – The digitization process is at the root of a fundamental transformation in the banking and insurance sector. This year’s "SAP Forum for Banks and Insurers", which EY Financial Services Practice supported as a premium partner, looked at how companies in both of these industries can overcome the associated challenges and anticipate opportunities. A total of 1,165 visitors made the journey to the World Conference Center in Bonn for a discussion with leading experts and representatives of both industries.
EY used the event as an opportunity to present various S/4HANA-based applications that banks and insurers can both work with. EY experts gave presentations on flexible data management in the context of regulatory requirements, as well as aspects of integrated finance and risk reporting.
The "HACK_NCODE" Hackathon: EY demonstrates its digital expertise
EY demonstrated its extensive expertise in the development of digital solutions to improve business processes by taking part in the "HACK_NCODE" Hackathon, the 30-hour SAP-HANA developer competition in which adaptable applications for optimizing business processes were programmed on-site.
The team of EY developers from Switzerland entered together with R+V-Versicherung and Postbank, and presented the "ultimate formula" for insurers to be able to calculate and chart (dashboard) their solvency capital requirements in real time. In a time of low interest rates and substantial regulatory pressure, insurers are seeking to keep their equity ratios as low as possible. This is where the solution developed by the EY team can help.
Daniel Haudenschild, a Partner at EY’s Financial Services service line, said "The EY team showed that we can use a combination of FinTech, InsurTech and RegTech to develop innovative solutions for our customers that offer clear added value."
The EY team of six developers from Switzerland (Sven Moeller, Waldemar Scherer, Kamal Youssefi, Lutz Marquard, Ruben Duijn and Ruairi O’Dwyer) implemented Big Data analyses using S/4HANA, winning second place at this year’s Hackathon competition in Bonn with this innovative solution.
Banks and insurers must anticipate innovations
Both industries are confronted with new trends. The main one in the world of banking is the blockchain, which can make transfers, lending and securities trading faster and cheaper. Low costs and fast processing give it a competitive advantage over established institutions. Nevertheless, banks have the opportunity to benefit from the new technology and reinforce their position. Banks can position themselves as advisors and brokers, which is exactly what consumers will increasingly want in the future.
There are a number of start-ups in the field of InsurTech that are relevant to insurers. Digital insurance managers focus on the management of policies and submission of claims, but do not offer comprehensive advice or even the full settlement of claims. This is an opportunity for insurers to adapt digital interfaces, work with start-ups or promote solutions they have developed themselves using dedicated teams, with core expertise being retained by the established companies.
About EY Financial Services Practice
EY is an international market leader in audit, tax, transaction and risk and management advisory services. EY Financial Services Practice employs more than 35,000 people around the world, primarily in the wealth and asset management, banking and capital markets, and insurance sectors.
About Daniel Haudenschild
Daniel Haudenschild is a Partner at EY Switzerland, a leading audit and advisory company. He is a member of EY (EMEIA)’s European Financial Services organization, and is in charge of Finance at our Performance Improvement Financial Services, Switzerland service line.
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