Insurance companies need to embrace digitalisation, adapt to the growing trend of embedded insurance and navigate the rise of ecosystems in order to stay competitive. A big hurdle for insurers is that their legacy IT systems hold them back when it comes to launching new products quickly or being flexible in adjusting existing offers to changing needs.  

SAP Fioneer, a German-based insurtech focuses on streamlining insurance companies’ processes and reducing their time-to-market from months to just days or weeks. All this without the need to exchange core insurance systems. They do this with solutions that increase the speed-to-market, connecting business components and facilitating fast assembly, as well as enabling connectivity to broader ecosystems. SAP Fioneer’s latest solution is the Engagement Hub, which is currently in the middle of its MVP phase and being co-developed with a group of leading insurers.

SAP Fioneer’s Engagement Hub has been designed to bridge the gap between core insurance systems and distribution channels. It helps insurers to facilitate digital distribution and efficiently assemble fit-to-market insurance offerings, while reducing  both time-to-market, as well as operational costs. It also enables embedded insurance and the development and implementation of new business models.

How it works

The Engagement Hub is positioned between the core insurance systems and distribution channels and works according to the following steps: 

1. Create standardised, feature-rich white-label master products in the core insurance systems. These products are then imported into the Engagement Hub and utilised as the foundation for developing commercial propositions. The white-label master products are key to unlocking the personalised tailoring potential of propositions of the Engagement Hub.

2. Customise product variant via ‘narrowing.’ Proposition managers at insurers or distributors determine the insurance plans they want to offer to distributors’ end-customers and select which coverages they wish to include, exclude or make optional from the base product. The Engagement Hub supports them in the process of creating competitive propositions with the right data and insights.

3. Achieve integration into the distribution channel through product-driven and auto-generated APIs. Widgets pre-filled with insurance content and customised look & feel are also available for embedding into the distributors’ customer journey. Additionally, microsites are available for specific business needs like launching new brands, styled and themed with the new brand and quickly supporting essential online services like quotation, selling a policy, and First Notice of Loss (FNOL).

Why we selected SAP Fioneer for ITC DIA Europe

Insurers often struggle to introduce differentiated product variants to the market due to the hindrance of intricate and inflexible legacy IT systems. SAP Fioneer’s Engagement Hub solution helps to resolve this issue by streamlining the process of launching new products and improving time-to-market, while keeping insurers’ core systems intact. What makes SAP Fioneer distinctive is their capability to seamlessly integrate with the insurers’ existing core insurance solutions, allowing insurers to leverage their base products already present in their core systems and still offer seamlessly integrated, personalized insurance offerings to attract new customers. 

At ITC DIA Europe in Barcelona, Nikola Djokic, MD Insurance, and Nikola Raseta, Senior Consultant, presented a demo of the MVP of Engagement Hub, showcasing several newly added capabilities.

Who is SAP Fioneer?

SAP Fioneer builds software and platforms that enable banks, insurance companies and challengers to transform and grow – cost-efficiently and at scale and speed.  

Backed by global technology leader SAP and entrepreneurial investor Dediq, SAP Fioneer is in a unique position to combine the speed and agility of a start-up with the experience and capabilities of a best-in-class software company. SAP Fioneer is a global business with 1,100 employees in 17 countries and over 800 customers globally. They partner with insurers worldwide to help them achieve their goals.  SAP Fioneer has received several awards: they ranked first place in core banking/back-end systems in the Fintech Leaders 2022 report by the Center for Financial Professionals (CeFPro), and CIOReview recognized SAP Fioneer as one of the 20 most promising insurance technology solution providers.

“At SAP Fioneer, we put our customers at the heart of everything we do, combining the proven, rock-solid technology of an industry leader with the agility and responsiveness of a startup. We work closely with our customers to develop software solutions that address their specific needs, empowering them to stay ahead in this dynamic market.”

Dirk Kruse, CEO, SAP Fioneer