SAP AG (SAP) is planning to acquire provider of insurance product development, product life-cycle and underwriting solutions, Camilion.
The acquisition is expected to leverage SAP solution portfolio by providing powerful software tools for insurers to streamline the management and creation of new products.
Additionally, the transaction enables insurance brokers and underwriters to deal directly with customers while enhancing businesses and reduce costs.
SAP and Camilion will jointly provide SAP Business All-in-One solution for Insurance, an integrated modular end-to-end insurance, which includes integrated capabilities from strategy through finance to operations powered by leading-edge in-memory and mobile technologies.
SAP Financial Services global head Simon Paris said, "With this acquisition, SAP is able to meet the needs of insurers that face a challenging new business environment and that need to make significant product and strategy changes quickly at low risk."
