New York Life Selects SAP for Enabling Enterprise-wide Financial Transformation

June 27th, 2014 by blogadmin Leave a reply »

New York Life is one of the largest mutual life insurers in the world. It has selected SAP AG for enabling an enterprise-wide financial transformation, whereby enhancing its overall business strategy too. New York Life has planned to merge its middle and back-office functions into one integrated platform using the SAP Insurance Analyzer analytic applications leveraged on the SAP HANA platform. This strategy will help in providing financial leadership by facilitating vital strategic business direction, including mergers and acquisitions (M&A), financing and capital market long-term strategies that support performance. This contract between SAP and New York Life was signed in March 2014.
Insurers have always been under pressure to move away from simply protecting and preserving the assets of the organization and to focus on providing more robust analysis and business insight. SAP Insurance Analyzer will facilitate New York Life in supporting an enterprise-wide financial transformation. It will help in increasing operational efficiency by supporting the company’s focus on disciplined execution of strategic choices to be able to set the future direction of the company.
SAP has collaborated with msg global solutions for development and implementation, under which SAP Insurance Analyzer offers New York Life a solution architecture powered by SAP HANA to take a completely integrated and transformative approach towards finance and risk. Specific features and benefits of Insurance Analyzer include:
• Streamlined operations and reduced process complexity and costs
• Improved speed, agility and real-time insight
• Rapid innovation with comprehensive analytics, mobile and Big Data capabilities
• Reduced time to market for tailored insurance products and services
• Proactively managed compliance and risk management functions
• Increased customer satisfaction and loyalty via improved performance and enhanced customer-centricity

The SAP for Insurance solution portfolio offers an integrated, modular end-to-end insurance offering, which includes comprehensive integrated capabilities from strategy through finance to operations, powered by leading in-memory and mobile technologies.
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