By automating key business processes, SAP Reinsurance helps insurers reduce manual workloads, improve accuracy, and ensure compliance with regulatory standards. This robust tool integrates seamlessly with core insurance systems, offering real-time insights into risk management, contract performance, and cost allocation.
In this article, we explore the key functionalities of SAP Reinsurance, its benefits for insurers, and how it supports better decision-making in today’s dynamic insurance landscape.
Introduction to Reinsurance Management
SAP Reinsurance Management (FS-RI) is a complete ERP solution for the reinsurance industry that offers core capabilities that cover all basic and complex insurance requirements, including treaties, policies, accounts, claims, partners, and calculation logic.
The Reinsurance platform is built on a flexible architecture and can be customized according to evolving customer needs and requirements. It enables the process flows associated with reinsurance to a large extent for professional reinsurers and primary insurers, further automating core insurance functions and improving productivity across internal teams.
Benefits of SAP Reinsurance Management
Efficient risk management
SAP Reinsurance provides real-time visibility into reinsurance contracts and claims, enabling insurers to effectively monitor risks and optimize coverage strategies. It offers a central system for professional reinsurers and primary insurers to manage critical data and improve operations.
Enhanced regulatory compliance
SAP’s end-to-end solution for reinsurance ensures adherence to industry regulations and reporting standards, helping insurers mitigate compliance risks and maintain transparency in their operations. It also considers core accounting rules to maintain compliance with HGB, IAS, and other key principles.
Seamless system integration
SAP Reinsurance integrates with core insurance systems and financial tools, ensuring smooth data flow, better collaboration, and comprehensive performance insights.
Operational efficiency
By automating manual processes, such as claim settlements and premium calculations, SAP Reinsurance reduces administrative overhead and minimizes errors.
Operational Efficiency
With intelligent automation tools, SAP Reinsurance enables users to streamline and automate core operational reinsurance processes, reduce manual errors, and improve core process efficiency. It also provides built-in connectors to facilitate seamless integration across the SAP ERP landscape, empowering users to process assumed and ceded treaties and improve overall efficiency.
Users can also leverage the Reinsurance solution to create operational efficiencies and automate every step of the end-to-end reinsurance life cycle from underwriting to Schedule F.
Risk Management with SAP
The SAP Reinsurance platform offers critical risk analysis tools to perform effective risk and capital modeling, analyze key business data, and support strategic decision-making processes.
Effective risk analysis is a key part of the reinsurance decision-making process, and SAP Reinsurance Management makes it easier for users to identify potential risks and determine future opportunities for growth.
Global Reinsurance Business Management
SAP S/4HANA Insurance for reinsurance management supports premiums, loss reserves, commission calculation, claims processing, and reporting for life and non-life agreements and ceded and assumed contracts. It is designed for effective reinsurance management, leveraging SAP S/4HANA as the underlying technology to support robust operations and provide a visual overview of core insurance workflows.
The S/4HANA Insurance platform provides both on-premise and cloud options to ensure critical business requirements are met and streamline key business processes across the complete reinsurance life cycle.
Get Started with SAP Experts
Whether you need help assessing your current SAP setup to identify key improvement areas, additional support managing critical data migration initiatives, or an extra hand navigating integrations across your technical landscape, Surety Systems is here to help.
Our senior-level, US-based SAP consultants have the skills and experience to understand your critical project needs and ensure your internal teams are prepared for continuous improvement and innovation over time.
Contact Us
For more information about our SAP consulting services or to get started on a project with our team of expert consultants, contact us today.