Asia’s leading non-life insurer turns to SAP to streamline operations and advance in a fast changing regulatory environment.
At the SAP Media Summit in Singapore. From left to right: Scott Russell, Chief Operating Officer, SAP Asia Pacific Japan & Alan Wilson, Regional CEO, MSIG Asia talk about how Big Data is changing the Financial Services Industry. Photo provided by SAP.
Leading non-life insurer MSIG has chosen SAP Core Insurance Platform for its Singapore and Indonesia companies.
“To keep pace with the industry’s changing customer needs and the dynamic regulatory environment, we wanted a flexible and scalable solution to meet both our current and future needs,” said Alan Wilson, regional CEO, MSIG Asia.
Along with driving operational efficiencies, faster time-to-market and improved customer service, the SAP Core Insurance Platform will empower these MSIG operations with a single system that will better enable growth and support the innovations and flexibility required to meet the fast-changing business demands of today and tomorrow.
Currently, there are software solutions from two main providers within MSIG in Asia, each of which has in place its own variation on the main processes and supporting systems and have undergone custom development over time.
This has made it difficult to gain a single consolidated view of the business.
“SAP has a clear understanding of our industry and of the key drivers for our business success, so choosing SAP solutions for insurance was a significant strategic decision for our group and a key investment in our infrastructure to enable us to realize our exciting ambitions in Asia,” added Wilson.
The existing legacy systems have also limited opportunities for expansion into new lines of business and product development.
Finally, the material effort required to enhance the existing business processes and systems was not conducive to MSIG’s client-focused approach.
To address these challenges and help realise MSIG’s ambitions in Asia, the firm sought a solution that could revamp its IT infrastructure, streamline its operations and enhance customer-centricity. MSIG Asia chose SAP.
The enterprise-wide deployment of SAP software will integrate most of MSIG’s core business functions in the insurance business value chain.
“The deployment of SAP at MSIG underscores our commitment to help insurers achieve the operational efficiency and flexibility needed to capture business opportunities quickly in this fast-changing industry,” said Scott Russell, COO & Head of Strategic Industries in Asia Pacific Japan at SAP.
Product design, policy administration, claims and customer service incentives, commission management and billing and payment, together with reinsurance and data insights, will come together onto a single platform.
This customer-centric integration will help maximise operational efficiencies across different lines of business and locations, to lower expenses and strengthen the business infrastructure.
Automating and standardising core processes will enable MSIG to bring new products to market more swiftly while improving customer service and satisfaction.
“Both MSIG Asia and SAP share the desire to drive transformational change through innovation. Empowering MSIG to transform its business model — from selling individual policies to offering more tailored insurance solutions better catering to the needs of businesses and consumers — ties in beautifully with SAP’s vision of helping the world run better,” added Russell.
To ensure a fast and cost-efficient deployment of SAP Core Insurance Platform, SAP will employ an engagement delivery model which offers MSIG the flexibility to transform and optimise processes to seize new business opportunities, placing them at the heart of innovation.
This integrated delivery model enables MSIG to achieve faster, simpler implementation of the integrated core insurance platform with significantly shorter time-to-value.
MSIG can harness the power of three SAP delivery organizations – SAP Active Global Support, SAP Consulting and SAP Custom Development under one engagement model.
Tags: enterprise IT, Indonesia, infrastructure, insurance, Japan, MSIG, SAP, Singapore