SAP SE (NYSE: SAP) announced the expansion of its joint co-innovation project with insurance giant Swiss RE, which now provides software that goes beyond accounting to include simulation, forecasting and planning capabilities essential to support the business in financial analysis.
SAP and Swiss Re started their journey in 2017 with the goal of creating an innovative multi-GAAP solution to manage increasingly complex financial steering and reporting requirements, including IFRS 17 and 9 compliance affecting insurance companies worldwide. Swiss RE provides reinsurance, insurance and other insurance-based risk transfer products.
“I am very proud of how much the Swiss Re and SAP teams have rapidly achieved to produce this next shipment,” Swiss Re Reinsurance CFO Gerhard Lohmann said. “Bringing key functionality into the system, along with the addition of forecasting, planning and simulation, brings greater financial steering capabilities. The thought leadership on multivaluation and IFRS we have applied as part of the co-innovation has been well received throughout the industry.”
“Our close partnership with Swiss Re has helped us create an exceptional customer experience across the insurance and financial sectors,” said Luka Mucic, SAP CFO and member of the Executive Board of SAP SE. “This next stage of co-innovation with Swiss Re means increased guidance, transparency and support across financial projects for our customers. It marks a notable effort to enable more than just accounting projects on our SAP S/4HANA platform.”