German business software company SAP AG is to expand the functionality of its mySAP Insurance product to include financial services policy management capabilities by the end of 2003, the company announced Thursday.
The Walldorf, Germany, company has partnered with IT consulting and system integration company MSG Systems AG, of Munich, to make the policy management functionality available in the software suite in Germany, Austria and Switzerland, SAP said in a statement. SAP also plans to make the software available in other countries with added capabilities for other lines of insurance, though no timelines were given.
Designed to work with all types of insurance policies and products, the policy management component of mySAP is aimed at allowing users to manage business processes including claims, commissions, collections and disbursements, business partner and business warehousing from end-to-end, SAP said.
Policy management will also give users the option of reusing and recombining existing components of mySAP Insurance to define and maintain new insurance products, SAP said.
SAP is working with a client, the Austrian insurance company, Wiener Stadische AG, which has a volume of 20 million insurance contracts, to design and tailor the policy management functions in a real-world setting, the company said.