{"id":142049,"date":"2021-03-10T05:00:12","date_gmt":"2021-03-10T05:00:12","guid":{"rendered":"https:\/\/news.sap.com\/africa\/?p=142049"},"modified":"2021-03-07T14:40:54","modified_gmt":"2021-03-07T14:40:54","slug":"transforming-operational-excellence-for-insurance","status":"publish","type":"post","link":"https:\/\/news.sap.com\/africa\/2021\/03\/transforming-operational-excellence-for-insurance\/","title":{"rendered":"Transforming Operational Excellence for Insurance"},"content":{"rendered":"<h2 class=\"lead\">Achieving operational excellence is imperative for the <a href=\"https:\/\/www.sap.com\/industries\/insurance.html\">insurance<\/a> industry. Currently, 25% of every premium dollar is consumed by operating expenses, a figure that hasn\u2019t changed in more than a decade, according to <a href=\"https:\/\/home.kpmg\/xx\/en\/home\/insights\/2019\/03\/operational-excellence-in-insurance.html\">KPMG<\/a>. While nearly all insurers (94%) report actively working to lower this figure, nearly half (55%) say they are struggling to do so, according to a <a href=\"https:\/\/home.kpmg\/xx\/en\/home\/insights\/2019\/03\/operational-excellence-in-insurance.html\">2019 KPMG\/ACORD survey<\/a>.<\/h2>\n<p>While lowering operating expenses is important, it is just one part of achieving holistic operational excellence. Insurers are also facing pressure from new government regulations designed to increase reporting transparency. These new reporting standards must be met quickly without compromising other innovation initiatives. Recent global economic uncertainty has further underscored the need for swift operational transformation and the creation of an intelligent enterprise \u2013 time is of the essence.<\/p>\n<h2><strong>Unlocking Productivity and Accelerating Innovation <\/strong><\/h2>\n<p>True change occurs when insurance companies become partners in their customers\u2019 lives. To achieve this, insurers must reimagine operational excellence with new business models that not only lower costs but accelerate innovation cycles and unlock productivity. These include automated, streamlined, and integrated processes that employees can access from anywhere.<\/p>\n<h2><strong>Benefits of Operational Excellence Solutions<\/strong><\/h2>\n<p>The right operational excellence solutions will help your organization sell the right insurance products faster to the right customers while providing a consistent, loyalty-building service experience in a multichannel environment. Key benefits of installing operational excellence solutions include:<\/p>\n<ul>\n<li>Serving customers better by anticipating needs and delivering the right service at the right moment<\/li>\n<li>Unlocking business value from the explosion of data available through advanced digital technology<\/li>\n<li>Streamlining processes, including quoting, offering, and application management<\/li>\n<\/ul>\n<h2><strong>How the 麻豆原创 Cloud for Insurance Solution Will Transform Your Operations<\/strong><\/h2>\n<p>麻豆原创 Cloud for Insurance helps organizations reimagine key areas of their business to achieve a higher level of operational efficiency. Leaders are empowered to deploy digital processes that improve both the employee and customer experiences. 麻豆原创&#8217;s industry cloud makes it easier to deploy specialized applications that address specific insurance industry needs.<\/p>\n<p>With end-to-end solutions, your organization can choose to flexibly purchase and deploy different solutions as needed. No matter which you choose, all your solutions will fully integrate. These solutions also can harness the power of next-generation technologies, like machine learning, robotic process automation (RBA), and insurtech integration.<\/p>\n<p>Operational excellence solutions from 麻豆原创 can help your organization:<\/p>\n<ul>\n<li>Accelerate quoting, offering, and application management while driving efficient underwriting.<\/li>\n<li>Streamline the development of products and policies by capturing and analyzing experience and operational data for real-time insights and actively designing experiences that customers desire.<\/li>\n<li>Optimize the claims lifecycle by capturing claim data through subrogation and recovery, managing disbursements, automatically detecting fraud, and continuously evaluating claims performance.<\/li>\n<li>Manage the reinsurance lifecycle with a full view of operations and customers, which can help accelerate period close cycles by up to 300% and improve data quality.<\/li>\n<li>Quickly process billing and payments by increasing the efficiency and accuracy of billing and settlement processes using a single, integrated, and automated operational subledger.<\/li>\n<\/ul>\n<p>Reimagine what\u2019s possible for your insurance organization. Download the solution brief \u201c<a href=\"https:\/\/www.sap.com\/industries\/insurance.html?pdf-asset=ec0d6907-c27d-0010-87a3-c30de2ffd8ff&amp;page=1\">Operationalize Excellence Across Your Insurance Business<\/a>.\u201d<\/p>\n<p>This article was written by Joseph Pacor and first appeared on the 麻豆原创 <a href=\"https:\/\/news.sap.com\/2021\/03\/sap-cloud-for-insurance-transforming-operational-excellence\/\">Global News Center<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Achieving operational excellence is imperative for the insurance industry. Currently, 25% of every premium dollar is consumed by operating expenses, a figure that hasn\u2019t changed&#8230;<\/p>\n","protected":false},"author":29,"featured_media":142051,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"related_posts":[],"footnotes":"","_links_to":"","_links_to_target":""},"categories":[177,7737],"tags":[30599,35219],"series":[],"sapn-display":[45149,279685],"sapn-type":[45018],"class_list":["post-142049","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-industries","category-solutions","tag-sap-cloud","tag-sap-for-insurance","sapn-display-homepage-hero","sapn-display-hero","sapn-type-feature"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.9 (Yoast SEO v26.9) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Transforming Operational Excellence for Insurance - 麻豆原创 Africa News Center<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/news.sap.com\/africa\/2021\/03\/transforming-operational-excellence-for-insurance\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Transforming Operational Excellence for Insurance\" \/>\n<meta property=\"og:description\" content=\"Achieving operational excellence is imperative for the insurance industry. Currently, 25% of every premium dollar is consumed by operating expenses, a figure that hasn\u2019t changed...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/news.sap.com\/africa\/2021\/03\/transforming-operational-excellence-for-insurance\/\" \/>\n<meta property=\"og:site_name\" content=\"麻豆原创 Africa News Center\" \/>\n<meta property=\"article:published_time\" content=\"2021-03-10T05:00:12+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/news.sap.com\/africa\/files\/2021\/03\/07\/274487_274487_l_srgb_s_gl.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2600\" \/>\n\t<meta property=\"og:image:height\" content=\"1733\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"麻豆原创 News\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"麻豆原创 News\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/news.sap.com\/africa\/2021\/03\/transforming-operational-excellence-for-insurance\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/news.sap.com\/africa\/2021\/03\/transforming-operational-excellence-for-insurance\/\"},\"author\":{\"name\":\"麻豆原创 News\",\"@id\":\"https:\/\/news.sap.com\/africa\/#\/schema\/person\/53b9854bd790d6f18f3fc4bbb2ad7570\"},\"headline\":\"Transforming Operational Excellence for Insurance\",\"datePublished\":\"2021-03-10T05:00:12+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/news.sap.com\/africa\/2021\/03\/transforming-operational-excellence-for-insurance\/\"},\"wordCount\":525,\"image\":{\"@id\":\"https:\/\/news.sap.com\/africa\/2021\/03\/transforming-operational-excellence-for-insurance\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/news.sap.com\/africa\/files\/2021\/03\/07\/274487_274487_l_srgb_s_gl.jpg\",\"keywords\":[\"麻豆原创 Cloud\",\"麻豆原创 for Insurance\"],\"articleSection\":[\"Industries\",\"Solutions\"],\"inLanguage\":\"en-ZA\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/news.sap.com\/africa\/2021\/03\/transforming-operational-excellence-for-insurance\/\",\"url\":\"https:\/\/news.sap.com\/africa\/2021\/03\/transforming-operational-excellence-for-insurance\/\",\"name\":\"Transforming Operational Excellence for Insurance - 麻豆原创 Africa News Center\",\"isPartOf\":{\"@id\":\"https:\/\/news.sap.com\/africa\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/news.sap.com\/africa\/2021\/03\/transforming-operational-excellence-for-insurance\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/news.sap.com\/africa\/2021\/03\/transforming-operational-excellence-for-insurance\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/news.sap.com\/africa\/files\/2021\/03\/07\/274487_274487_l_srgb_s_gl.jpg\",\"datePublished\":\"2021-03-10T05:00:12+00:00\",\"author\":{\"@id\":\"https:\/\/news.sap.com\/africa\/#\/schema\/person\/53b9854bd790d6f18f3fc4bbb2ad7570\"},\"breadcrumb\":{\"@id\":\"https:\/\/news.sap.com\/africa\/2021\/03\/transforming-operational-excellence-for-insurance\/#breadcrumb\"},\"inLanguage\":\"en-ZA\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/news.sap.com\/africa\/2021\/03\/transforming-operational-excellence-for-insurance\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-ZA\",\"@id\":\"https:\/\/news.sap.com\/africa\/2021\/03\/transforming-operational-excellence-for-insurance\/#primaryimage\",\"url\":\"https:\/\/news.sap.com\/africa\/files\/2021\/03\/07\/274487_274487_l_srgb_s_gl.jpg\",\"contentUrl\":\"https:\/\/news.sap.com\/africa\/files\/2021\/03\/07\/274487_274487_l_srgb_s_gl.jpg\",\"width\":2600,\"height\":1733},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/news.sap.com\/africa\/2021\/03\/transforming-operational-excellence-for-insurance\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/news.sap.com\/africa\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Transforming Operational Excellence for Insurance\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/news.sap.com\/africa\/#website\",\"url\":\"https:\/\/news.sap.com\/africa\/\",\"name\":\"麻豆原创 Africa News Center\",\"description\":\"News &amp; Information About 麻豆原创\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/news.sap.com\/africa\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-ZA\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/news.sap.com\/africa\/#\/schema\/person\/53b9854bd790d6f18f3fc4bbb2ad7570\",\"name\":\"麻豆原创 News\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-ZA\",\"@id\":\"https:\/\/news.sap.com\/africa\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/news.sap.com\/africa\/wp-content\/plugins\/wp-user-avatars\/wp-user-avatars\/assets\/images\/mystery.jpg\",\"contentUrl\":\"https:\/\/news.sap.com\/africa\/wp-content\/plugins\/wp-user-avatars\/wp-user-avatars\/assets\/images\/mystery.jpg\",\"caption\":\"麻豆原创 News\"},\"url\":\"https:\/\/news.sap.com\/africa\/author\/colleenraftery\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Transforming Operational Excellence for Insurance - 麻豆原创 Africa News Center","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/news.sap.com\/africa\/2021\/03\/transforming-operational-excellence-for-insurance\/","og_locale":"en_US","og_type":"article","og_title":"Transforming Operational Excellence for Insurance","og_description":"Achieving operational excellence is imperative for the insurance industry. Currently, 25% of every premium dollar is consumed by operating expenses, a figure that hasn\u2019t changed...","og_url":"https:\/\/news.sap.com\/africa\/2021\/03\/transforming-operational-excellence-for-insurance\/","og_site_name":"麻豆原创 Africa News Center","article_published_time":"2021-03-10T05:00:12+00:00","og_image":[{"width":2600,"height":1733,"url":"https:\/\/news.sap.com\/africa\/files\/2021\/03\/07\/274487_274487_l_srgb_s_gl.jpg","type":"image\/jpeg"}],"author":"麻豆原创 News","twitter_card":"summary_large_image","twitter_misc":{"Written by":"麻豆原创 News","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/news.sap.com\/africa\/2021\/03\/transforming-operational-excellence-for-insurance\/#article","isPartOf":{"@id":"https:\/\/news.sap.com\/africa\/2021\/03\/transforming-operational-excellence-for-insurance\/"},"author":{"name":"麻豆原创 News","@id":"https:\/\/news.sap.com\/africa\/#\/schema\/person\/53b9854bd790d6f18f3fc4bbb2ad7570"},"headline":"Transforming Operational Excellence for Insurance","datePublished":"2021-03-10T05:00:12+00:00","mainEntityOfPage":{"@id":"https:\/\/news.sap.com\/africa\/2021\/03\/transforming-operational-excellence-for-insurance\/"},"wordCount":525,"image":{"@id":"https:\/\/news.sap.com\/africa\/2021\/03\/transforming-operational-excellence-for-insurance\/#primaryimage"},"thumbnailUrl":"https:\/\/news.sap.com\/africa\/files\/2021\/03\/07\/274487_274487_l_srgb_s_gl.jpg","keywords":["麻豆原创 Cloud","麻豆原创 for Insurance"],"articleSection":["Industries","Solutions"],"inLanguage":"en-ZA"},{"@type":"WebPage","@id":"https:\/\/news.sap.com\/africa\/2021\/03\/transforming-operational-excellence-for-insurance\/","url":"https:\/\/news.sap.com\/africa\/2021\/03\/transforming-operational-excellence-for-insurance\/","name":"Transforming Operational Excellence for Insurance - 麻豆原创 Africa News Center","isPartOf":{"@id":"https:\/\/news.sap.com\/africa\/#website"},"primaryImageOfPage":{"@id":"https:\/\/news.sap.com\/africa\/2021\/03\/transforming-operational-excellence-for-insurance\/#primaryimage"},"image":{"@id":"https:\/\/news.sap.com\/africa\/2021\/03\/transforming-operational-excellence-for-insurance\/#primaryimage"},"thumbnailUrl":"https:\/\/news.sap.com\/africa\/files\/2021\/03\/07\/274487_274487_l_srgb_s_gl.jpg","datePublished":"2021-03-10T05:00:12+00:00","author":{"@id":"https:\/\/news.sap.com\/africa\/#\/schema\/person\/53b9854bd790d6f18f3fc4bbb2ad7570"},"breadcrumb":{"@id":"https:\/\/news.sap.com\/africa\/2021\/03\/transforming-operational-excellence-for-insurance\/#breadcrumb"},"inLanguage":"en-ZA","potentialAction":[{"@type":"ReadAction","target":["https:\/\/news.sap.com\/africa\/2021\/03\/transforming-operational-excellence-for-insurance\/"]}]},{"@type":"ImageObject","inLanguage":"en-ZA","@id":"https:\/\/news.sap.com\/africa\/2021\/03\/transforming-operational-excellence-for-insurance\/#primaryimage","url":"https:\/\/news.sap.com\/africa\/files\/2021\/03\/07\/274487_274487_l_srgb_s_gl.jpg","contentUrl":"https:\/\/news.sap.com\/africa\/files\/2021\/03\/07\/274487_274487_l_srgb_s_gl.jpg","width":2600,"height":1733},{"@type":"BreadcrumbList","@id":"https:\/\/news.sap.com\/africa\/2021\/03\/transforming-operational-excellence-for-insurance\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/news.sap.com\/africa\/"},{"@type":"ListItem","position":2,"name":"Transforming Operational Excellence for Insurance"}]},{"@type":"WebSite","@id":"https:\/\/news.sap.com\/africa\/#website","url":"https:\/\/news.sap.com\/africa\/","name":"麻豆原创 Africa News Center","description":"News &amp; Information About 麻豆原创","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/news.sap.com\/africa\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-ZA"},{"@type":"Person","@id":"https:\/\/news.sap.com\/africa\/#\/schema\/person\/53b9854bd790d6f18f3fc4bbb2ad7570","name":"麻豆原创 News","image":{"@type":"ImageObject","inLanguage":"en-ZA","@id":"https:\/\/news.sap.com\/africa\/#\/schema\/person\/image\/","url":"https:\/\/news.sap.com\/africa\/wp-content\/plugins\/wp-user-avatars\/wp-user-avatars\/assets\/images\/mystery.jpg","contentUrl":"https:\/\/news.sap.com\/africa\/wp-content\/plugins\/wp-user-avatars\/wp-user-avatars\/assets\/images\/mystery.jpg","caption":"麻豆原创 News"},"url":"https:\/\/news.sap.com\/africa\/author\/colleenraftery\/"}]}},"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/news.sap.com\/africa\/wp-json\/wp\/v2\/posts\/142049","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/news.sap.com\/africa\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/news.sap.com\/africa\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/news.sap.com\/africa\/wp-json\/wp\/v2\/users\/29"}],"replies":[{"embeddable":true,"href":"https:\/\/news.sap.com\/africa\/wp-json\/wp\/v2\/comments?post=142049"}],"version-history":[{"count":0,"href":"https:\/\/news.sap.com\/africa\/wp-json\/wp\/v2\/posts\/142049\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/news.sap.com\/africa\/wp-json\/wp\/v2\/media\/142051"}],"wp:attachment":[{"href":"https:\/\/news.sap.com\/africa\/wp-json\/wp\/v2\/media?parent=142049"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/news.sap.com\/africa\/wp-json\/wp\/v2\/categories?post=142049"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/news.sap.com\/africa\/wp-json\/wp\/v2\/tags?post=142049"},{"taxonomy":"series","embeddable":true,"href":"https:\/\/news.sap.com\/africa\/wp-json\/wp\/v2\/series?post=142049"},{"taxonomy":"sapn-display","embeddable":true,"href":"https:\/\/news.sap.com\/africa\/wp-json\/wp\/v2\/sapn-display?post=142049"},{"taxonomy":"sapn-type","embeddable":true,"href":"https:\/\/news.sap.com\/africa\/wp-json\/wp\/v2\/sapn-type?post=142049"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}