EY announces EY Insurance Industry Cloud for SAP® solutions enhancement to help insurance organizations accelerate digital transformation

• Helps accelerate finance modernization, streamline compliance and facilitate tangible business results
• Supports continuous accounting with flexible multidimensional analysis and reporting
• Leverages EY insurance industry experience and award-winning EY alliance capabilities with SAP innovation to help clients address business challenges

The EY organization has enhanced their EY Insurance Industry Cloud for SAP solutions offering to help insurance organizations around the world accelerate their digital transformation. Combining the vast insurance industry knowledge and experience of EY teams with the SAP Business Technology Platform (SAP BTP), the offering provides organizations with innovative solutions to help them overcome the most urgent business challenges and build long-term value. This follows the announcement in June 2021 between the EY organization and SAP relating to the creation of cloud solutions with industry-specific use cases, aimed at helping clients transform at speed, manage business disruption and optimize time to value.

Isabelle Santenac, EY Global Insurance Leader, says:

“Changing customer expectations, continuous technological advances and the explosion of available data all present compelling performance improvement and growth opportunities for insurers and create an immediate need to successfully transform key parts of their operations, including finance. The EY insurance solutions built on the SAP Business Technology Platform offer ready-to-deploy assets that will help accelerate innovation and the improvement of finance modernization within the industry.”

Leveraging EY Insurance Industry Cloud for SAP solutions is a value-led approach to implementation, specifically designed for the insurance sector and driven by EY industry insight and the organization’s award-winning alliance with SAP. By tailoring an approach based on each organization’s specific SAP software journey and business needs, EY Insurance Industry Cloud for SAP solutions help to increase the value and reduce the risks of change through:

• Providing integrated insights for finance, risk and actuarial (FRAC). The FRAC insights platform is built on SAP Data Warehouse Cloud and helps streamline data ingestion into financial software from SAP. This finance data repository is based on an insurance-specific data model, which can support finance, risk and actuarial operational and analytics needs, while also providing assistance to sustain reporting requirements.
• Providing packaged reporting for compliance that supports Generally Acceptable Accounting Practices (GAAP) and Statutory Accounting (STAT) reporting. The pre-configured reports powered by SAP Analytics Cloud provide real-time insights into the business.
• Providing intelligent spend analytics that improve spend visibility by comparing spend impacts, budgets and outcomes. It can provide near real-time expense insights to enhance the procurement performance process.
• Addressing environmental, social, and governance (ESG) disclosure requirements that demand transformation across the finance and risk operating model. Sustainability capabilities across the EY organization provide an approach to capturing, modeling and reporting to help clients make more informed decisions.
• Bringing the best of the EY organization and taking a whole-of-business approach. From tax, cybersecurity and supply chain to climate change and sustainability across business and technology capabilities, the EY organization helps unlock greater business benefits through transformation.

EY Insurance Industry Cloud for SAP solutions are aligned and complementary to EY Accelerate for RISE with SAP. This suite of accelerators, tools and services supports clients on their journey to the cloud through RISE with SAP, a comprehensive, intelligent, customer-specific SAP offering.

Anton Tomic, Global Head of Insurance, SAP, says:

“Especially in the current climate of significant disruptions and change, agile and innovative industry solutions in the cloud that help clients strengthen their core business processes and innovate for the future are key. Together with EY industry and market experience, we are helping clients become sustainable, resilient and intelligent enterprises that serve their customers better.” 

For more information, visit ey.com/sap.

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About EY

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