This morning, SAP AG announced plans to acquire Camilion, a provider of insurance product development, product lifecycle and underwriting solutions, and a company SAP has worked with since 2008.
SAP said the transaction will broaden its portfolio in the insurance space, including offering integrated core insurance platform suite called SAP Business All-in-One solution for Insurance. It will include comprehensive integrated capabilities from strategy through finance to operations powered by leading-edge in-memory and mobile technologies, available both in the cloud or on premise, SAP said.
"With this acquisition, SAP is able to meet the needs of insurers that face a challenging new business environment and that need to make significant product and strategy changes quickly at low risk," said Simon Paris, global head of Financial Services, SAP. "Camilion brings deep expertise and trusted relationships in the new age of insurance applications, well recognized by customers and analysts."
Ross Orrett, president and CEO, Camilion, said, "It's a win for SAP and Camilion, for our joint customers and for an industry that is modernizing at a staggering pace. We intend to deliver best-in-class products and services from a combined team with unmatched depth in the insurance industry."
Those products and services include, global underwriting, product development and management (Camilion's ProductAuthority), full solution for ISO, and mobile and big data. 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 iPad, iPhone and other mobile devices.
