The partnership will use SAP A1 solution as a managed cloud service (MCaaS) go-to-market model on a customer subscription basis. The project supports SAP A1 Enterprise Resource Planning and the core insurance module of the deal includes Policy Management, Commissions Management, Collections and Disbursements, Claims Management, Casualty for Insurance, Investment Management and Fraud Management.
According to SAP West Africa MD, Richard Edet, ”Western Africa is a price sensitive region when it comes to software purchases. SAP A1 provided as a managed cloud service solution and offered in a licensing model should better meet the needs of the insurance sector customers than traditional on premise software since it will offer them quicker implementation, quicker time to value and better total cost of ownership.”
It also includes Business Analytics, HCM (Human Capital Management ) and CRM (Customer Relationship Management) solutions and will increase processing efficiencies and customer service while supporting the insurance industry’s expansion in the region. The firms say they aim to offer insurance sector customers a very powerful and price competitive solution to meet their technology needs and budget constraints and allow them to challenge traditional competitors that have dominated this market segment up until now.
Adebayo Akinwunmi, CEO at Hartford Green Consulting said the new SAP A1 model will shorten the insurance sales cycles drastically, as customers can now enrol on a single source solution provider.
“Hartford also aims to address the mid to upper end of the insurance market with this subscription-based cloud offering. With a competitive offering Hartford will be able to scale, be more competitive and drastically increase the reach of SAP Africa in the West African geography,” Akinwunmi said.
The new solutions are expected to drive profitable sales of innovative products, support informed business decisions and provide visibility while also reducing operational costs in the region’s insurance sector.