Swiss Re partners with software firm to tackle increasingly complex financial reporting

Swiss Re has entered into a strategic initiative with SAP, a company that sells enterprise application software. The companies said they aim to develop a solution to address the increasingly complex demands related to financial steering and reporting of insurance companies from regulators across the globe.

They noted that maintaining compliance and consistency is an increasingly challenging process, especially as valuations are typically performed sequentially and with many redundancies. New regulations, such as International Financial Reporting Standards (IFRS) 9 and 17, will also enforce additional reporting requirements

Swiss Re and SAP are working on a new approach to generate multiple valuations and apply financial steering methods in an automated and controlled in a simple, effective way.

Gerhard Lohmann, CFO Reinsurance at Swiss Re, said: “We chose to work with SAP on this initiative, because it is a renowned software provider with a long and deep history of working with global insurance companies. I genuinely believe that together we can achieve our strategic vision to enable integrated steering and reporting for ourselves and across the industry.”

Luka Mucic, CFO and Member of the Executive Board of SAP SE, added: “We are proud to work with Swiss Re, a company with profound industry knowledge, to drive the development of new solutions that will provide the insurance and financial sectors with a significantly simplified approach to solving their sophisticated needs. It’s our firm belief that co-innovation projects like these are what will guide and shape the future of our industry.”

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