New regulatory frameworks, skills shortages and continuous innovation in game-changing technologies are ramping up the pressure on insurers to transform and seize value from new opportunities. A KPMG-guided SAP S/4HANA transformation can help enable that growth.
Expectations in finance are evolving
Many insurers are looking to their finance function to support multiple business imperatives and propel their modernization journeys.
Leaders want deeper insights to support long-term planning, a robust and connected performance management framework, and real-time analytics to unlock value from short-term disruption. The finance function’s role in supporting insurers’ path through increasingly complex regulation and reporting requirements, including ESG, is also growing.
As the landscape changes, the need for an integrated approach to technology, data and people is vital. But for many insurers’ their systems and processes could be holding them back. For example:
- Insurers’ IT systems may still exist on legacy platforms that restrict agility and obscure value opportunities
- Complex manual processes that are time-intensive rely too heavily on talent in an in-flux job market
- Poorly stored and quantified data may be constraining many organizations’ growth potential, a long-term problem that has restricted insurers’ ability to steer a course for success
Many leaders are looking to digital transformation to overcome these shortcomings. SAP S/4HANA, a multi-dimensional cloud ERP, cuts across functions to unify systems and processes, deliver real-time capabilities, and enable new technologies like AI to drive enterprise-wide efficiencies.
Why KPMG?
KPMG professionals help guide insurers through their transformation process. KPMG firms bring experience in building SAP-enabled modern enterprises to construct a new operating model grounded in quality data, clear ways of working and standardized and harmonized processes.
KPMG professionals employ the KPMG functional transformational methodology to support businesses through each stage of the transformation journey to stay competitive in a market that has seen a growing trend in consolidation. KPMG consultants identify a ‘north star’, apply industry best-practice tools and documentation, and support organizations to evolve continuously. These elements are vital in a world where market-shifting technology lands with little notice.
KPMG professionals also understand the myriad IT and business benefits of finance transformation and have the deep industry experience used to pinpoint where improvements can be made. KPMG firms can deliver a modern technology stack and effective change management program to help your organization enhance control over risk and working capital management, build stronger skills and efficient capabilities, and improve your ability to react to external shocks in the market.
Commit to change, supercharge your modernization journey, and realize your finance function’s real potential with KPMG and SAP S/4HANA.
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