Kawasaki, Japan and Walldorf, German, Nov 18, 2024 - (JCN Newswire) - Fujitsu and SAP Fioneer have signed a partnership master agreement to accelerate the digital transformation of Japan’s insurance industry. Under the agreement, Fujitsu and SAP Fioneer will collaborate on product planning, development, and marketing, including the development of the Japan Edition of SAP Fioneer Cloud for Insurance (1), an end-to-end cloud-based platform that packages core insurance services and combines localized business content with global industry best practice.
The insurance industry is undergoing a profound transformation driven by technological advancements, including the rise of the digital native generation and the emergence of FinTech companies, but also societal challenges including declining birth rates and an aging population. These dynamics are not only reshaping customer expectations but also intensifying the competitive landscape – both on a global scale and in Japan. To ensure that they are positioned for sustainable success in a rapidly evolving market, insurers need to address critical challenges such as outdated and opaque legacy systems and a shortage of skilled IT professionals, and accelerate digital transformation to enhance compliance and operational efficiency.
With the Japan Edition of SAP Fioneer Cloud for Insurance that Fujitsu plans to provide, customers will be able to quickly standardize core insurance operations and systems such as product management, quotation and underwriting management, policy management and claim management. They will also gain a competitive advantage by strategically allocating resources, such as personnel and investments, to high value-added areas such as new product development and sales channel expansion, while ensuring robust IT capabilities and continuous quality improvements.
In addition, by developing this edition as the de facto standard for business collaboration in the insurance industry in Japan, Fujitsu and SAP Fioneer aim to drive innovation in products, channels and processes, as well as strengthen governance across the sector.
Based on this partnership agreement, Fujitsu will conduct proof-of-concept projects with customers to validate the feasibility of the Japan Edition of SAP Fioneer Cloud for Insurance and aims to start offering the service by the end of March 2026.
Masaru Yagi, Corporate Executive Officer, EVP, Vice Head of Global Customer Success, Fujitsu Limited, comments:
“We are excited to start a partnership with SAP Fioneer. The collaboration marks a pivotal moment in our efforts to drive digital transformation (DX) for our financial customers. By merging SAP Fioneer's cutting-edge financial services solutions with Fujitsu's unparalleled expertise and quality in system development for the financial sector, we are poised to deliver groundbreaking and efficient solutions like never before. Through this partnership, we will closely collaborate with SAP Fioneer from product planning to development and marketing, and advance DX in the financial industry.”
Chirag Shah, Managing Director Insurance, SAP Fioneer comments:
“Japan's insurance market requires solutions that address its unique local regulatory and functional requirements. In response to the industry's demand for an adaptable packaged software suited to the Japanese insurance sector, we are partnering with Fujitsu to develop the Japan Edition of SAP Fioneer Cloud for Insurance, our core insurance platform, which combines localized business content with global industry best practices.”
(1) Cloud for Insurance: SAP Fioneer solution that covers end-to-end core insurance business processes, including product management, quoting and underwriting, contract management, insurance payments, and claims collection. It is built on SAP Fioneer’s proven and performant technology and is trusted by major insurers around the world.About Fujitsu
Fujitsu’s purpose is to make the world more sustainable by building trust in society through innovation. As the digital transformation partner of choice for customers in over 100 countries, our 124,000 employees work to resolve some of the greatest challenges facing humanity. Our range of services and solutions draw on five key technologies: Computing, Networks, AI, Data & Security, and Converging Technologies, which we bring together to deliver sustainability transformation. Fujitsu Limited (TSE:6702) reported consolidated revenues of 3.7 trillion yen (US$26 billion) for the fiscal year ended March 31, 2024 and remains the top digital services company in Japan by market share. Find out more: www.fujitsu.com.
About SAP Fioneer
SAP Fioneer was launched in 2021 as a joint venture between global technology leader SAP and entrepreneurial investor Dediq to become the world’s leading provider of financial services software solutions and platforms.With a broad ecosystem of partners, over 800 financial services customers and more than 1,300 employees, SAP Fioneer is a global business present in 17 countries across Europe, North and Latin America, Middle East and Asia-Pacific.
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