The in-memory technology of SAP HANA® is enabling the seamless analysis of big data with concurrent updating of risk pricing and selection. The API-driven platform allows elseco member insurance companies to have real-time access to their portfolio, performance analysis and bordereau reports. Compliance is even built into the process flows allowing different classes of users, control of licenses and monitoring of sanctions, limits and risk accumulation.
SAP SE has announced that elseco Limited, a leading high technology insurance underwriting agency, has partnered with SAP as co-innovation partner to develop its ATOM insurtech next generation technology platform on SAP Core Insurance Suite, Hybris and S4/HANA, powered by SAP HANA.
The ATOM technology platform will result in more efficient underwriting and lower running costs, allowing insurance companies to benefit from: (i) Ecommerce Exchange where agents, customers and insurers can collaborate; (ii) Automated end-to-end premiums to claim processing and billing; (iii) Big Data (iv) Predictive analysis and artificial intelligence; and (v) Relevance via efficient pooling.
From its headquarters in the Dubai International Financial Centre (DIFC) in Dubai, UAE, and offices in London, Paris and Washington DC, elseco’s current platform is supported by 60 of the largest insurance groups in the world and underwrites, as a lead market, high tech insurance classes of space, aviation and energy insurance.
With a commitment to delivering the future of innovation in insurance, elseco is making this investment to support its existing and prospective member and direct insurance clients in embracing the opportunities emerging through a scalable and open technology platform.
“We are delighted to team up with elseco to work on its innovative ATOM product,” said Sakis Tassoudis, GM Financial Services at SAP EMEA South. “By boosting the capacity, power and functionality of its platform, we aim to help elseco to serve more clients in a streamlined, cost-effective and efficient manner.”
Through its digital core, which provides advanced real-time data analytics as well as open architecture, SAP technology enables elseco to redefine experiences for its member and direct insurance clients.
Salmaan Jaffery, Chief Business Development Officer at DIFC Authority, said: “It is very exciting to see elseco embarking on new partnerships and growth opportunities from its headquarters in DIFC. This is exactly what we aim to enable our member companies to achieve as we continue to deliver on our commitment to drive the future of finance in the region. The areas of innovation and technology remain a key focus for us, and we are particularly excited about the InsurTech and aviation sectors as we continue to see growing demand for innovative and flexible financial services solutions.”
The scalable and flexible ATOM platform will allow elseco to cost effectively extend to multiple lines of insurance, increase the number of insurance members, allow third parties to utilise the elseco platform as their underwriting system and expose the elseco platform to third parties as an eCommerce platform. Through the modular and flexible SAP platform, elseco expects to gain a competitive advantage with greater business agility and lower total cost of ownership.
“Our goal since setting up the company 11 years ago has been to create the most efficient underwriting platform by continuously improving our systems, offering relevant capacities, and having best-in-class multi-dimensional and entrepreneurial teams operating globally,” said Laurent Lemaire, Chairman and CEO of elseco. “The SAP technology provides us with the tools to realise this vision.”
In addition to Hybris billing and SAP Insurance Product Lifecycle and Underwriting Management Product Suite, elseco will also deploy S4/HANA Suite, Predictive Analytics and Hybris Commerce, all powered by SAP HANA. Predictive analytics coupled with big data will allow elseco to develop automatic proprietary pricing models for high volume lines of insurance and Hybris Commerce will enable elseco to get closer to the source of business and reduce the costs of the supply chain.
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