SAP Financial Services Industry Live: Cloud and AI Transform Insurance

Innovating Insurance


The Big Themes:


Cloud adoption challenges and benefits: Cloud adoption has
been relatively slow because insurance companies and financial
institutions tend to act conservatively, but now it's picking up.
A core cloud enabler has been the need to standardize and
centralize systems in order to increase speed, bring down costs,
and bring in more data quality and transparency.

Generative AI integration: GenAI is the next step after the
movement from on-prem to cloud is completed, although some
companies have already begun integrating it. Gen AI, along with
the cloud, will dramatically change insurance so that ten years
from now the public might not even recognize where insurance is
bought from or where it is included.

Regulatory compliance and localized requirements: Global
companies like Sun Life must make sure they meet many different
countries' regulations and requirements. Regulations can go
beyond countries and regions and come from different companies or
governments. Regulatory compliance for insurance often
necessitates data centers in specific countries.



 


The Big Quote: "The objective is to further simplify,
standardize, in the end, the core systems, because only by doing
that [will] companies . . . be able to go into a public cloud
now. The end goal ... is not the private cloud. It's the public
cloud, and in the public cloud, standardization is a key topic.
And in the public cloud, SAP is offering [the] right services."


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