Walldorf, Germany-based SAP will acquire Camilion, a Toronto-based provider of insurance product development software. The move follows closely another major vendor consolidation in the insurance industry between Insurity and AQS, which was announced Tuesday, and heralds an increasing SAP commitment to the insurance vertical.
SAP says that Camilion fills in its end-to-end software suite by adding product development, lifecycle and underwriting capabilities to its existing policy administration, claims, and billing components. The final product will be named the SAP Business All-in-One solution for Insurance and 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," according to a company statement.
"With this acquisition, SAP is able to meet the needs of insurers that face a challenging new business environment and that need to make significant product and strategy changes quickly at low risk," adds Simon Paris, global head of Financial Services, SAP, in a statement. "Camilion brings deep expertise and trusted relationships in the new age of insurance applications, well recognized by customers and analysts."
Camilion and SAP have collaborated since 2008 on some projects, the companies note.
"It's a win for SAP and Camilion, for our joint customers and for an industry that is modernizing at a staggering pace," Ross Orrett, president and CEO, Camilion, states. "We intend to deliver best-in-class products and services from a combined team with unmatched depth in the insurance industry."