Hi, I am currently doing my project study in configuring and implementing SAP for an insurance company. Is there a SAP evaluation software for insurance?

[former_member216004 · Accepted solution]

Dear Alan,

Can you please me more specific? What kind of software are you searching for?

A brief description of your requirements will eventually get you the answer you are looking for.

Best regards

Jorge Laranjo

jorge.laranjo@SBGConsulting.eu

[Former Member]

Sorry for the not so specific question sir but thanks again for the helpful and prompt reply.

Actually, I am looking for a SAP software for use for an insurance company. My project study in our university requires the configuration and implementation of a SAP solution for use by an insurance company (our university only has SAP ECC 6.0 with no enhancement package). The  insurance company that I am referring to is not yet implementing SAP but I would like to propose a SAP for Insurance solution.  I am a beginner in SAP and would like to practice configuration in a real SAP software. Can you give me some suggestions. Thanks again.

[former_member185321]

Hi Alan,

This is an interesting project which you are working on.

SAP is more of a business ERP application supporting;

• Financial Management
• Human Capital Management
• Procurement
• Supply Chain Management
• Business Analytics
• Technology based applications like Cloud Computing, Enterprise Mobility etc

                          And the list goes on … 

What you are perhaps referring to is more to do with Core Insurance operations like Sales and Marketing of Insurance policies, Policy Issuance, Policy servicing, Underwriting, Claims, Reinsurance etc based on line of business like Individual life , P & C, Health etc.

SAP for Insurance covers this space with it's modules like

•     SAP Claims Management FS-CM
•     SAP Policy Management FS-PM
•     SAP Collections and Disbursements FS-CD
•     SAP Incentive and Commission Management ICM
•     SAP Reinsurance Management FS-RI

Out of this FS-CD, FS-CM & FS-RI are widely used by Global Insurance companies.

Before implementing any of these solutions, the selections are based on various parameters such as (to name a few);

• Features and business functionality supported
• Capability to handle expected business volume
• History of implementation
• Integration with existing software applications
• Budget, Cost of Maintenance with space for future up gradation. Cost involved in implementing SAP for Insurance is mainly the license cost of each module and the resources required for implementation ( this is a very subjective topic )
• Risk of failure

Hope this helps!

Thanks,

Sagar

[former_member216004]

I'd usually expect an insurance company to implement SAP FI (Financial Accounting) and then SAP FS-CD (Collections and Disbursements) or even both at the same time.

I do not expect anyone to use SAP FS-CD without SAP FI (although technically possible, would not be something I'd advise to do).

In order to advise you, I'd need to know what business processes you want to cover and what goals you'd want to accomplish, business wise.

Thank you

Jorge Laranjo

jorge.laranjo@SBGConsulting.eu

+44 741 847 5946