from DSSResources.comNew York Life selects SAP to transform finance into strategic enabler for Insurance businessWALLDORF, Germany, June 25, 2014 /PRNewswire/ -- New York Life, one of the largest mutual life insurers in the world, has selected SAP AG to enable an enterprise-wide financial transformation in order to enhance its overall business strategy. New York Life plans to merge its middle- and back-office functions into one integrated platform via SAP® Insurance Analyzer analytic applications leveraging the SAP HANA® platform. This is expected to provide financial leadership to facilitate vital strategic business direction, including mergers and acquisitions (M&A), financing and capital market long-term strategies that support performance. The contract was signed in March 2014. Insurers are under pressure to move beyond simply protecting and preserving the assets of the organization and are increasingly tasked with providing more robust analysis and business insight. SAP Insurance Analyzer allows New York Life to support an enterprise-wide financial transformation. It helps increase 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. "The insurance industry is evolving faster than ever before," said Randy Gonzalez, vice president and head of Finance Transformation, New York Life. "In order to keep pace we must leverage technology that enables us to shift our mindset to effectively operate in the future state, break out of silos and make strategic decisions that can support the business. SAP Insurance Analyzer leverages the SAP HANA platform to offer us agility and real-time insight, which allows us to adopt a 'transformation mindset' that helps us make strategic decisions." In collaboration with SAP partner msg global solutions for development and implementation, SAP Insurance Analyzer offers New York Life a solution architecture powered by SAP HANA to take a fully integrated and transformative approach to finance and risk. Specific features and benefits include:
"SAP provides transformative technology solutions that help our customers become best-run businesses," said Robert Cummings, global head of Insurance Business Unit, SAP. "Our solutions enable insurance companies to grow and thrive by offering the operational scale and efficiencies needed to focus on delivering analysis and insight to inform strategic business decisions." The SAP for Insurance solution portfolio provides an integrated, modular end-to-end insurance offering, including comprehensive integrated capabilities from strategy through finance to operations, powered by leading in-memory and mobile technologies. For more information, visit the SAP News Center. Follow SAP on Twitter at @sapnews. Any statements contained in this document that are not historical facts are forward-looking statements as defined in the U.S. Private Securities Litigation Reform Act of 1995. Words such as "anticipate," "believe," "estimate," "expect," "forecast," "intend," "may," "plan," "project," "predict," "should" and "will" and similar expressions as they relate to SAP are intended to identify such forward-looking statements. SAP undertakes no obligation to publicly update or revise any forward-looking statements. All forward-looking statements are subject to various risks and uncertainties that could cause actual results to differ materially from expectations. The factors that could affect SAP's future financial results are discussed more fully in SAP's filings with the U.S. Securities and Exchange Commission ("SEC"), including SAP's most recent Annual Report on Form 20-F filed with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates. SOURCE SAP AG RELATED LINKS http://www.sap.com |