Managing Risk and Compliance
To manage risks and comply with regulations applicable to the insurance industry, companies must be able to adequately monitor defined risk indicators and assess compliance status at any given time. Companies must also be able to respond to changing markets and finance plans that affect compliance and policy processing risks. An IDC Global Survey sponsored by SAP reveals this tightening relationship between risk and finance. Recommendations for resolving these issues include:
Accurate Finance Data Is Part of the Plan
Insurance companies also need to balance financial considerations with up-to-date risk data and industry regulation information. The need to assess regulation compliance and risks related to overall finance operations is imperative. This will contribute to the insurer’s success in achieving financial goals and business sustainability at lower costs.
Preparing financial plans based on accurate data is essential for managing financial and operational performance. Real-time assessments are needed for insurance companies to get a clear picture of business costs and revenues for stronger financial forecasting. With improved solutions for financial planning, analysis and monitoring, insurers can:
SAP Value and Business Benefits
SAP for Insurance solutions, like the Insurance Analyzer (watch video), help reduce business costs and improve financial operations, with complementary risk management and compliance monitoring capabilities. Through the use of efficient and integrated finance processes, companies have access to essential, real-time information, making it easier to take prompt business actions. The benefits are clear:
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