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March 7, 2013 /PRNewswire/ --
SAP AG (NYSE: SAP) today announced plans to acquire Camilion, a leading provider of insurance product development, product life-cycle and underwriting solutions that help insurance companies significantly improve the quality of the business they write and bring new products to market faster.
The transaction will broaden the SAP® solution portfolio in the insurance space, providing insurers with powerful software tools to streamline the management and creation of new products. It also will give insurance brokers and underwriters — those who deal directly with customers — simple, modern tools that speed up transactions. Together, these components could help insurers grow their businesses and reduce costs.
Many insurers today struggle with outdated core insurance systems that are not agile enough to meet rapidly changing consumer needs and the latest technology trends. Insurers seek to modernize these core systems in order to increase the quality of their business and deliver new products to the market more quickly. At the same time, they need software tools that provide instant analysis and simulation across huge volumes of data — all while protecting the value of past IT investments.
The move adds significant value to the integrated
SAP® for Insurance solution portfolio and prominently positions SAP in the rapidly emerging market for integrated core insurance platforms, the industry's first "Super Suite." Traditional solution suites for the insurance industry have been limited to policy, billing and claims. SAP, together with Camilion, plans to provide an integrated yet modular end-to-end insurance offering: the SAP® Business All-in-One solution for Insurance. This will include comprehensive integrated capabilities from strategy through finance to operations powered by leading-edge in-memory and mobile technologies, available both in the cloud or on premise.
"With this acquisition, SAP is able to meet the needs of insurers that face a challenging new business environment and that need to make significant product and strategy changes quickly at low risk," said
Simon Paris, global head of Financial Services, SAP. "Camilion brings deep expertise and trusted relationships in the new age of insurance applications, well recognized by customers and analysts."
"We are convinced this is a 'win-win-win,'" said
Ross Orrett, president and CEO, Camilion. "It's a win for SAP and Camilion, for our joint customers and for an industry that is modernizing at a staggering pace. We intend to deliver best-in-class products and services from a combined team with unmatched depth in the insurance industry."