New York Life has selected SAP Insurance Analyzer analytic applications to power an enterprise-wide financial transformation strategy that it hopes will enhance its overall business strategy.
The insurer plans to merge its middle- and back-office functions into one integrated platform so it can better facilitate vital strategic business direction, including mergers and acquisitions, financing and capital market long-term strategies that support performance.
"The insurance industry is evolving faster than ever before," said Randy Gonzalez, vice president and head of Finance Transformation, New York Life, in a statement. "In order to keep pace we must leverage technology that enables us to shift our mindset to effectively operate in the future state, break out of silos and make strategic decisions that can support the business."
SAP partner MSG Global will help develop and implement the software, which is powered by the SAP HANA in-memory computing platform.