At SAP Financial Services Industry Live, Bob Evans speaks with SAP executives, customers, and partners to gain insight into the latest innovations in the banking and insurance markets. In today’s episode, Bob is Global Head of Insurance at SAP SE and he speaks with Toni Tomic. Dariush Shoja, Vice President and Corporate CIO, Sun Life; Andy Hefti, Partner, Financial Services, Deloitte Consulting; The four discuss how the insurance industry is moving to the cloud and the role generative AI (GenAI) will play in the future.
SAP, Sunlife, Deloitte | Innovative Insurance
Big theme:
- Challenges and benefits of cloud adoption: Cloud adoption has been relatively slow as insurance companies and financial institutions tend to act conservatively, but it is now accelerating. At the core of cloud enablement is the need to standardize and centralize systems to increase speed, reduce costs, and increase data quality and transparency.
- Generative AI integration: GenAI is the next step after completing the on-premises to cloud migration, but some companies have already started integrating it. Gen AI and the cloud will change insurance so dramatically that 10 years from now, people may no longer even know where their insurance is purchased from or what’s included.
- Regulatory Compliance and National Requirements: A global company like Sun Life must ensure that it meets the regulations and requirements of various countries. Regulations may be enacted by different companies and governments across countries and regions. Compliance with insurance regulations often requires data centers in specific countries.
Key Quote: “The goal is ultimately to further simplify and standardize the core system, because that’s the only way we can do it.” [will] companies. . . You can now move to the public cloud. The end goal is…not a private cloud. It’s a public cloud, and standardization is a big topic in public clouds. And in the public cloud, SAP offers: [the] Proper service. ”
Stream the audio version of this episode here:
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