SAP Fioneer’s Engagement Hub: economically serve a high number of digital channels with fit-to-market insurance offerings
Traditionally, insurers had to serve a few channels and distribution partners: their own channels (agents and portals), traditional partners (brokers and banks), and potentially a few others like aggregators. To survive and thrive in today’s world, insurers need to overcome numerous challenges such as digitalization, the emerging trend of embedded insurance, and the evident rise of ecosystems.
SAP Fioneer can help insurers to play an active role in ecosystems, enabling them to economically serve a high number of digital channels and partners with quickly assembled fit-to-market insurance offerings.
SAP Fioneer has a product in the making called Engagement Hub. Engagement Hub’s has been designed to integrate with existing core insurance solutions, enabling insurers to utilize their base products and existing set of online services (like quotation and policy issuance) and to acquire new customers through seamless and innovative ways of offering their insurance products.
Engagement Hub is now in the final preparation steps before entering the MVP phase. SAP Fioneer is working with several carriers in polishing MVP scope, use cases, and user journeys; which will be the focus of their MVP development.
SAP Fioneer’s goal is to propose the Engagement Hub as a solution that sits between the core insurance systems and distribution channels, enabling insurers to:
1. Quickly assemble Fit-To-Market insurance offerings
2. Faster Time-To-Market
3. Increase exposure of their products by embracing new business models
How it works
The operating model of Engagement Hub consists of the following steps:
1. Creation of white-label, standardized, feature-rich master products in the core insurance systems. Once white-label products are defined, they are imported into the Engagement Hub where they will be used as the basis for the creation of the propositions/commercial products.
2. The assembly of tailored product variants through the concept of narrowing. Insurers’ employees, and in the future even distributors, can define a number of plans that they would like to offer to their customers, decide which coverages from the base product they would like to include, exclude, or make optional, and which coverage options to default or configure within the ranges defined by the carrier.
3. Finally, seamless integration into the distribution channel via:
- Automatically generated, product-driven APIs
- Widgets, prefilled with insurance content and ready to be embedded into the distributor’s existing customer journeys
- Widgets reserved for specific business needs like launching new brands – microsites, styled and themed with the new brand that can quickly support basic online services like quotation, selling a policy, FNOL, etc\
Why did we select SAP Fioneer for DIA Munich 2022?
Most of the traditional insurers are used to introducing all innovations by adapting either their core insurance systems or integration layers to fulfil additional market needs. SAP Fioneer believes this traditional innovation approach won’t be a viable option in the long term. The company helps insurers to create a digital enterprise by utilizing the power of data spread across dispersed systems, and enabling them to generate additional value for both their customers and partners.
Who is SAP Fioneer?
Technology leader SAP and investor Dediq enable SAP Fioneer to combine the speed and agility of a start-up with the experience and capabilities of a best-in-class software company. SAP Fioneer was launched in 2021 and builds software and platforms that enable banks, insurance companies, and challengers to run, transform and grow – cost-efficiently and at scale and speed.
SAP Fioneer has 1,000 employees in 17 offices across 14 countries. It has a strong presence in Europe, North and Latin America, the Middle East, and Asia-Pacific with a broad ecosystem of partners.
SAP Fioneer has over 800 customers with 50% of the world’s largest insurers as customers. Amongst other awards, it was recognized by CIO Review as one of the “Most promising insurance tech solution providers 2021”
“SAP Fioneer is the SAP you already know and trust but with a sole focus on building the next generation of financial services software, together with our clients.”Dirk Kruse, CEO, SAP Fioneer