Recently SAP AG (SAP - Analyst Report) launched the world’s first cloud-based solution for tracking and analyzing Insurance Service Office (ISO) Circulars. This solution is targeted for a seamless monitoring of the insurance industry for gaining a deep insight into the ISO circulars and easily following changes in them.
SAP’s solutions for insurance provide advanced claims, policy and billing management capabilities, enabling insurers to implement best-in-class business processes, optimize reinsurance processes, and gain sophisticated functionality for statutory reporting.
In Mar 2013, SAP acquired Ontario-based Camilion Solutions Inc., which focuses on product development, product life-cycle and underwriting solutions for the insurance industry. The transaction broadened SAP’s solution portfolio in the insurance space and enabled it to leverage Camilion’s deep expertise in further developing the product.
This cloud-based business tool will be helpful in making more timely and frequent product updates, in accordance with the regulatory changes. This is also likely to standardize the process for interpreting and adopting ISO changes, thereby making it more time and cost efficient. The advanced solution, backed by historical information, will make decision making easier and faster and thus will enable staff to focus more on high-value work, while the regulatory part will be managed by the software.
With these advanced and innovative solutions, SAP is constantly developing and broadening the scope of its insurance business solutions. SAP is a recognized leader in providing collaborative e-business solutions for all types of industries for every major market. Currently SAP is the world's largest business software company and the third-largest independent software provider overall.
SAP currently has a Zacks Rank #1 (Strong Buy). Other stocks operating in the same industry and worth reckoning at the moment are Aspen Technology Inc. (AZPN - Snapshot Report) , Pegasystems Inc. (PEGA - Snapshot Report) , both carrying Zacks Rank #1 (Strong Buy), while Actuate Corporation (BIRT) has Zacks Rank #2 (Buy).