SAP SE has announced that, in collaboration with its co-innovation project with the leading reinsurance company Swiss Re (leading reinsurance company), new reporting management capabilities have been developed with the aim of helping financial companies meet future accounting standards, optimising accounting flows and increasing transparency and control.
The latest features provide insurance and financial companies with a solution to put the customer at the center and allow banks, insurance companies and fintech companies to expand their reporting capabilities to drive financial transformation with a complete subledger solution. The solution, which combines accounting and financial planning, makes it easy to produce more reconciled valuations for financial products.
“Since the announcement of our partnership in 2017, SAP and Swiss Re have begun to develop a solution to meet the increasingly complex demands of insurance companies’ financial management and reporting by regulators around the world,” said Gerhard Lohmann, CFO of Swiss Reinsurance. “The successful completion of the co-innovation project marks an important milestone in our long-term digital transformation strategy. With regulations constantly evolving, these innovations are important to help companies adapt easily to new regulatory and accounting standards”.
The new version of the product offers additional functionality and reporting content for accounting related to the 1909 release of SAP S/4HANA, which improved the continuous management of the closure process. The solution promotes greater efficiency through improved functionality, which allows equal emphasis to be placed on insurance contracts and financial instruments, as they are now accounted for by the subledger solution of financial products.
“We are proposing our subledger solution to a wider user group and other developments are underway,” said Luka Mucic, CFO SAP and member of the Executive Board of SAP SE. “There has been enormous interest in the solution from the outset. Our customer base quickly expanded to 39 organizations in the first year and hundreds of new companies have already joined. The solution is designed to meet the complex regulatory and reporting requirements that insurance companies, banks, fintech companies and finance companies face today. The combination of accounting and financial planning capabilities helps the industry to be ready for future accounting standards, such as IFRS 17 and Long Duration Targeted Improvements (LDTI).