A lot of companies struggle with change in their industry. Whether this change is coming from new developments in technology, new trends in regulation or shifting client perceptions – it is always hard to recognize, correctly estimate and react to these dynamics. Senior executives know they cannot control the external industry environment. But they know they can anticipate the change by understanding, managing and reacting to the forces that are behind the change.
One of these driving forces for the insurance industry is regulatory change. Supervisors demand increasing reporting frequencies and shortening time to report, as well as more granular information than in the past. It marks a significant shift in regulatory and statistical reporting towards a future framework which must be able to cope with the growing demand of supervisors including ad hoc requests that fall outside the regulatory reporting cycle. With shifting to In-Memory technology and a dedicated industry solution, SAP as one of the major accounting software firms made a big step to anticipate the dynamics that are behind today’s industry driving forces.