Insurance Analytics in Real Time – SAP
SAP’s new High Performance Analytic Appliance (HANA) is helping insurance companies to harness and analyse massive volumes of structured and unstructured data in real time at unprecedented speeds. This enterprise-class, in-memory technology transforms areas such as claims analytics, fraud detection, customer segmentation and Solvency II, and gives SAP’s customers the means to get ahead and stay ahead.
As well as existing HANA customers such as Germany’s AOK, one of Europe’s largest financial institutions is now running real-time, on-demand reports on 40m customers and 700m+ transactions in only 5 seconds (compared with 45 minutes before). With Gartner recently describing the in-memory HANA platform as ‘a double wake-up call for SAP’s competitors’, a 120 million line-item analysis and report can now be delivered in seconds with no limit on detail or drill-downs.
From a business perspective, HANA lets business managers analyse any volume of customer, risk or claims data in real-time, combined with user-friendly dashboards for instant insights, fact-based decision-making, reporting (incl. Solvency II) and ‘what if’ modelling. In addition, the system features mobile capabilities to deliver real-time reporting anytime, anywhere.
From a technology perspective, by removing the time and processing constraints imposed by conventional systems when dealing with multi-million line datasets (including structured and unstructured data), SAP’s system enables IT teams to aggregate and compress growing data volumes in just seconds, even across siloed business units. This makes it easier and faster for IT to deliver game-changing functionality for your business users.