Source: PEHub Canada
SAP announced plans to acquire Markham, York Region based Camilion Solutions, a leading provider of insurance product development, product life-cycle and underwriting solutions that help insurance companies significantly improve the quality of the business they write and bring new products to market faster.
The transaction will broaden the SAP® solution portfolio in the insurance space, providing insurers with powerful software tools to streamline the management and creation of new products. It also will give insurance brokers and underwriters — those who deal directly with customers — simple, modern tools that speed up transactions. Together, these components could help insurers grow their businesses and reduce costs.
Many insurers today struggle with outdated core insurance systems that are not agile enough to meet rapidly changing consumer needs and the latest technology trends. Insurers seek to modernize these core systems in order to increase the quality of their business and deliver new products to the market more quickly. At the same time, they need software tools that provide instant analysis and simulation across huge volumes of data — all while protecting the value of past IT investments.
The move adds significant value to the integrated SAP® for Insurance solution portfolio and prominently positions SAP in the rapidly emerging market for integrated core insurance platforms, the industry’s first “Super Suite.” Traditional solution suites for the insurance industry have been limited to policy, billing and claims. SAP, together with Camilion, plans to provide an integrated yet modular end-to-end insurance offering: the SAP® Business All-in-One solution for Insurance. This will include comprehensive integrated capabilities from strategy through finance to operations powered by leading-edge in-memory and mobile technologies, available both in the cloud or on premise.
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The Regional Municipality of York is located in the heart of the Greater Toronto Area and is home to 1.1 million residents and 42,000 business establishments, making it one of Canada’s largest municipalities and the second largest business centre in the Province of Ontario.
Comprised of nine local municipalities, York Region is a premier business location in Canada. The Region is home to operations of 14 Fortune 100 companies, four of Canada’s top 10 corporate R&D investors, Canada’s second largest Information & Communications Technology (ICT) cluster and global industry leaders in Life Sciences, CleanTech, Financial Services and Advanced Manufacturing.
As Canada’s fastest growing large municipality, York Region has one of the most educated and diverse workforces in North America, the lowest commercial property taxes in greater Toronto and an exceptional quality of life attracting top global talent.
York Region’s local municipalities include the City of Markham, the City of Vaughan, the Town of Richmond Hill, the Town of Newmarket, the Town of Aurora, the Town of Whitchurch-Stouffville, the Town of East Gwillimbury, the Town of Georgina and the Township of King.