It appears that SAP HANA’s launch has been the catalyst for not only in-house innovation, but also SAP’s onslaught of tuck-in acquisitions of its close partners. After the recent SmartOps acquisition in the supply chain management (SCM) space, SAP today announced plans to acquire Camilion, a provider of insurance product development, product lifecycle, and underwriting solutions that help insurance companies improve the quality of the business they underwrite and bring new products to market faster. Camilion was founded in 2001 and insurers use its products to gain enterprise-wide agility with their products and underwriting. The vendor was privately held, with offices in Canada and the United States. SAP and Camilion have collaborated since 2008.
The transaction will broaden the SAP for Insurance solution portfolio, providing insurers with software tools to streamline the management and creation of new products. It also will give insurance brokers and underwriters—those who deal directly with customers—simple and modern tools that speed up transactions. Together, these components could help insurers grow their businesses and reduce costs.
Many insurers today struggle with outdated core insurance systems, which are not agile enough to meet rapidly changing consumer needs and the latest technology trends. Insurers seek to modernize these core systems in order to increase the quality of their business and deliver new products to the market more quickly. At the same time, they need software tools that provide instant analysis and simulation across massive volumes of data—all while protecting the value of their past information technology (IT) investments. To that end, Camilion has been providing the following capabilities to insurers:
Traditional solution suites for the insurance industry have been limited to policy, billing, and claims. SAP, together with Camilion, plans to provide an integrated yet modular insurance offering: the SAP Business All-in-One solution for Insurance. This solution will include comprehensive integrated capabilities from strategy through finance to operations powered by SAP’s in-memory and mobile technologies, available both in the cloud or on premises. Camilion intends to expand its mobility capabilities for quoting and underwriting, which is critical as brokers and underwriters increasingly work remotely and rely on the latest applications on Apple iPad, iPhone, and other mobile devices. Reportedly, one Camilion customer already has more than 10,000 brokers using this capability. With this move, SAP is trying to catch up with Oracle, whose global insurance business unit has long been bolstered by the AdminServer and Skywire acquisitions.