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SAP SE  announced a new foundational offering that aims to help financial services and insurance companies better manage their integrated risk and finance processes.

The SAP Cost and Revenue Allocation for Financial Products application is expected to help banks and insurers streamline profitability for insurance and banking products.

Powered by the SAP HANA platform, SAP Cost and Revenue Allocation for Financial Products is intended to give finance executives the capacity to process and analyse vast amounts of corporate data to adapt more readily to a challenging market environment.

“Profitability and cost management are becoming increasingly important as the industry becomes more competitive,” said Ross Wainwright, global head, Financial Services Industries, SAP. “Having the ability to process core data points quickly across the entire organization gives banks and insurers the insight they need to stay ahead of their competitors and increase their return on investment.”

SAP Cost and Revenue Allocation for Financial Products is expected to improve business processes. The application enables banks and insurance providers to process higher volumes of data, provide a more detailed analysis of data and accommodate a wide variety of allocation rules. With these benefits, they can manage profitability and performance measurement better.

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