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Patrick Schmid, Head of Transformation & Fioneer 2025 and Head of Business Unit Insurance VerticalsIn light of this, the insurance sector is seeking partners that can assist them to effectively consolidate their ever-evolving datasets in an efficient manner, demystify the regulatory complexities, and digitalize their processes in lockstep with customer behavior. And as most InsurTech or insurance services companies cater to a part of this overall need, a majority of insurers invest significant resources to gain a 360° visibility and control of their operations.
As an alternative to this cost-intensive approach, Germany-based SAP Fioneer offers its one-stop software platform that combines SAP's proven technology with a focus on accelerated innovation in banking and insurance, and deliver end-to-end solutions for insurers. The company’s comprehensive suite of products and services helps insurance firms pursue new digital business models while enhancing and safeguarding their clients' health, property, and business. "Our portfolio enables our customers to innovate and transform their business by meeting the needs for digital innovation and cost efficiency in financial services," says Patrick Schmid, Head of Transformation &Fioneer 2025 and Head of Business Unit Insurance Verticals at SAP Fioneer.
The genesis of SAP Fioneer was sparked by global software provider SAP when they recognized that the financial services the industry is in need of solutions specific to its sector in order to successfully solve today's pressing challenges. To help their customers meet the ever-changing demands of the industry, the software giant formed a strategic partnership with investment company DEDIQ and started SAP Fioneer. "With SAP Fioneer, SAP made a strategic leap to even better mitigate the challenges faced by banks and insurance firms," states Schmid. As an organization, SAP Fioneer was launched on September 1st, 2021, with a vision to become a leading provider of financial services software, solutions, and platform that can enable its clients to innovate and transform their businesses.
SAP Fioneer's offerings include its finance and core insurance products. The insurance finance platform is geared to aid its clients in effectively adapting to the changes in accounting regulations on a daily basis, thereby eliminating the compliance complexities and equipping them for the imminent IFRS 17 requirements. On the other hand, the company's digital and core insurance product portfolio comprises various solutions with functionalities such as advanced policy, product, quotation, underwriting, claims, billing, as well as incentive and commission management functionalities for insurers, helping them improve their efficiency and customer loyalty.
From the outside, we are a company backed with SAP's reliable and trusted technology while on the inside, we are a start-up that is hungry to make impactful changes in the financial services market
At the heart of SAP Fioneer is a highly customer-centric culture, which the company blends with its banking and insurance-driven digital business innovation, cloud technology, and solutions to enable its clients in meeting their speed, scalability, and cost-efficiency needs. "From the outside, we are a company backed with SAP's reliable and trusted technology while on the inside, we are a start-up that is hungry to make impactful changes in the financial services market," adds Schmid. At the same time, the company's start-up with a comprehensive portfolio and resource-backed nature makes it a hub for highly competent professionals from the realms of banking, insurance, and technology. As a result, SAP Fioneer, even in its three-month-long journey has already made an impact in the way its clients operate and deliver their services.
Looking ahead, SAP Fioneer plans to expand the capabilities of its portfolio by working with co-innovation partners on co-innovation projects. "Co innovation projects allow us to eliminate a lot of the trial and error that usually happens in a lab because when working in collaboration, we get to consider real-world scenarios while developing feature-sets for an upcoming product," explains Schmid. In pursuit of this, the company has already started a co-innovation project to develop an innovative commercial lending solution. On the M&A front, SAP Fioneer acquired Hedwell—a software engineering company specializing in insurance IT consultation.
With such unmatched core competencies powering its solutions and services, SAP Fioneer is perfectly poised to become one of the go-to names of the banking and insurance services space in the coming years.
SAP Fioneer launches tailored SME banking offering
Tuesday, July 04, 2023
WALLDORF - SAP Fioneer, announced the launch of its Fioneer SME Banking Edition. The solution will enable banks and neobanks to offer banking capabilities in a digital-first and data-driven approach, tailored to the financial needs of small and medium-sized enterprises (SMEs) – a historically underserved market segment.
The small and medium-sized enterprise (SME) sector plays a crucial role in the global economy, comprising 99% of businesses in the UK and EU and employing approximately 16.4 million and 84 million individuals, respectively. Despite their significant contribution to GDP and employment, SMEs have historically faced difficulties in accessing financial services tailored to their specific needs due to perceived high risks and costs.
To address these challenges, Fioneer SME Banking Edition offers a solution by facilitating the connection between banks and external data sources such as Open Banking, central company registries, e-commerce platforms, and Enterprise Resource Planning (ERP) systems. By leveraging this data, actionable insights are generated, empowering SMEs to proactively manage their cash flow and providing banks with valuable information to offer smart funding options. Consequently, this solution broadens the range of businesses banks can serve while granting SMEs transparency and aiding their financial decision-making.
Fioneer SME Banking Edition stands out as a comprehensive end-to-end solution that seamlessly integrates with any core banking system. It enables banks to expand their services beyond traditional offerings like loans and deposits, incorporating embedded services and offering enhanced financial advice directly to SMEs. Moreover, the solution facilitates easy integration and connection to ecosystems through pre-configured APIs.
Charlie Platt, Managing Director of Banking at SAP Fioneer, emphasizes the importance of supporting SMEs by stating, "SMEs are the lifeblood of the economy, and it is crucial for them to access the financial services they deserve. Our SME Banking Edition empowers banks to create commercially viable, distinctive, and improved banking experiences for SMEs, enabling them to thrive in a challenging economic environment."
SAP Fioneer Launches ESG Software to Help Financial Institutions Mitigate Growing Regulatory Risks
Thursday, October 05, 2023
SAP Fioneer, a leading global provider of financial services software solutions and platforms, has launched its first software solution for ESG data orchestration and calculation for portfolio and single exposure KPI. The solution not only plugs the data gap banks and insurers need to remain ESG compliant, but also enables them to leverage the pertinent business potential.
The Fioneer ESG KPI Engine is the world’s first software solution to provide full visibility into ESG-related portfolio data, enabling financial institutions to make sustainable, cross-departmental decisions based on reliable insights. By revealing real-time financed and insurance related CO2e emissions, financial institutions can seize transition opportunities and avoid greenwashing, bolstering transparency and accountability.
Maria Patschke, CEO of SAP Fioneer ESG Solutions: “Banks and insurance companies are the biggest source of capital, so it’s of little surprise that their ESG regulatory obligations are increasingly under the spotlight. With over USD 90 trillion in Financed Emissions assets that are disclosed under PCAF, financial institutions naturally want to avoid the reputational risk of greenwashing – but the lack of (useable) data to analyze their portfolios is a huge concern for many, until now.”
The Fioneer ESG KPI Engine covers all asset classes and markets, no matter if the data can be sourced or not. The new software saves financial institutions cost and time by offering clear calculations and simplified data presentation, as well as ending the need for employees to spend hour after hour uploading data manually on spreadsheets. The Fioneer ESG KPI Engine brings standardization, auditability and is updated in real-time to react to new regulations automatically, freeing up employees to spend more time analyzing the data and finding new business opportunities and creating a more sustainable portfolio.
“We believe our solution represents a pivotal step towards a greener, more sustainable financial industry. By equipping financial institutions with the tools they need to navigate the complexities of ESG regulations on portfolios, loans and investments, we envision a future in which transparency and sustainability drive business decisions,” adds Maria Patschke.
Compliant with TCFD, CSRD, EU Taxonomy, and real-time updates, the solution ensures full adherence to evolving regulations. Securing 2023 reporting, the solution provides data historization, auditability and compliance.
Due to its architecture-agnostic approach, the Fioneer ESG KPI Engine can be implemented in any existing financial institution infrastructure. Closing data gaps with the PCAF framework, the solution calculates values consistently, independent of data availability.
The Fioneer ESG Engine is available on-premise, in a private cloud instance or can be hosted in a public cloud.
Company
SAP Fioneer
Management
Patrick Schmid, Head of Transformation & Fioneer 2025 and Head of Business Unit Insurance Verticals
Description
Emerged from SAP, a market leader in enterprise application software, SAP Fioneer can build on a heritage of outstanding technology and a thorough understanding of both corporate and consumer demands. SAP Fioneer’s vision is to become a leading global provider of financial services software solutions and platforms. They enable customers to innovate and transform their business by combining premier technology with development expertise and a broad ecosystem of partners.
