51��Fioneer Archives | 51��News Center

Sun Life Spotlights the Incredible Market Growth Power of Digital Modernization

Susan Galer — Tue, 16 Jul 2024 11:15:00 +0000

While has been synonymous with traditional insurance, the Canadian-based organization has forged ahead to digitally transform into a fully diversified and modern financial services institution that includes US$1.4 trillion in asset management. In fact, 45% of Sun Life’s income is from wealth and asset management with the rest divided across a comprehensive portfolio of health and insurance products for consumers and institutional clients. Virtual healthcare is among the comapny’s digital innovations that provide customers with access to quality care.

“Our CEO wants us to think and act like a digital company,” said Dariush Shoja, vice president and corporate CIO at Sun Life. “Using , we are digitizing and modernizing finance.”��

Shoja spoke during a session at the event in Boston, Massachusetts, where he showcased the company’s digital transformation that modernized the company’s finance platform.

Digital Closes Gap Between Generative AI Promise and Reality

Shoja immediately struck a responsive chord from the audience in the room who chuckled when he jokingly asked if anyone’s nightly dreams during college revolved around a career in finance. Drawing from his company’s experience with digital transformation, he acknowledged the industry’s change management challenges.

“When we’re talking about finance in the context of digitization, it’s not just about automation or systems. It’s a paradigm and culture shift,” he said. “You need to start at the top with the CEO, CFO, and everyone on down to support the change. Organizations aiming to become digital and adopt state-of-the-art technologies like generative AI should focus on getting buy-in for the journey.”

Modern Financial Services Platforms Are Cloud-Based

Coming from earlier sessions in the day that touted the incredible promise of technology advancements like generative AI, Shoja was also candid about overcoming the reality that professionals in the financial services industry face.

“Historically there hasn’t been a significant amount of investment to update finance systems that are aging or nearing end of life. However, we saw the opportunity and made the right investment to modernize,” said Shoja. “One of the key enablers of growth is moving to the cloud. Digitization is creating the foundation for our future as we modernize our platforms.”

Connected Data Drives Informed Decisions

One of the objectives of Sun Life’s platform modernization was to connect previously disparate data between geographies and business units. With operations in regions worldwide, including North America, Asia-Pacific, and Europe, along with an expanding product portfolio, managing data was paramount to effective financial management that fuels customer satisfaction and company growth.

“We have to build, evaluate, and run complex actuarial policy models that meet evolving regulatory mandates worldwide and corporate profitability objectives,” said Shoja. “Going to the cloud has provided efficiencies through consistent operations across every geography. Moving from manual spreadsheets to automated dashboards provides finance with faster access to insightful analytics from larger and more complex data sets. People can easily drill down to find the information they need to make the right optimal decisions.”

Out-of-the-Box Digital Thinking

Like every organization that’s managing millions of transactions, data standardization and integration was extremely important to create Sun Life’s modern global platform.

“Even though our systems were only about 15 years old, eliminating technical debt was key to our transformation,” said Shoja. “We replaced traditional ways of thinking with out-of-the-box strategies, using modern native tools in the cloud platform to gain efficiencies. For example, when we want to pay a claim, the system automatically generates all relevant journal entries. We’ve strategically aligned technology with finance teams.”

AI Can Save Valuable Time for Financial Services

Shoja saw numerous solid use cases for generative AI, traditional AI, and machine learning in the financial services industry. AI could quickly find data gaps, speed up time-sensitive quarterly close, expedite the accrual management, and simplify reporting. Sun Life has created a team that’s focused on AI use cases in finance and other areas. The company is also relying on partners to bring the full value of AI capabilities into the business.

“Large language models may not be feasible for organizations to build on our own. Instead, AI can be built into digital solutions,” he said. “As 51��is doing, we need partners to provide AI solutions and make it part of their package.”

Join Us at the 51��and 51��Fioneer Financial Services Forum

Joe Pacor — Fri, 24 Jun 2022 13:15:36 +0000

As a centuries-old city, Amsterdam, the Netherlands, has a��. It combines the best of its old-world charm and history with a modern vibrance and style. It’s also the site of this year’s .

The forum brings together the best minds in the finance, banking, and insurance worlds. In a single location, you can discuss the latest industry changes with thought leaders and influencers. You’ll be able to combine the best of European history and culture with an amazing lineup of sessions that embrace the future of financial services. You’ll participate in essential learning experiences covering the digital transformation that is impacting industries today. You’ll also stay on top of the latest trends and topics in banking, finance, and insurance, making it easier to navigate the current turbulent economic waters.

But what exactly is available for insurance, banking, and finance executives at our 2022 forum? There will be plenty of opportunities for networking and learning, whether in large sessions or intimate, one-on-one conversations, and eight full- and half-day pre-conference workshops get you started. This is followed by over 30 engaging and future forward-looking sessions. Networking is easy! Find plenty of options to chat during breakfast, lunch, show floor talks, receptions, and similar events.

Beyond the conference itself is the amazing venue we’ve found for this year’s forum, located in beautiful, historic Amsterdam. Held at the��, the 51��and 51��Fioneer Financial Services Forum will be held July 12-14, 2022. The venue provides a convenient location for international travelers.

During the sessions, you’ll experience topics covering the latest in the industry from thought leaders and market influencers. When you return home, you’ll be able to take advantage of new knowledge and trends to carry your business into future growth. You’ll find a range of outstanding sessions that will make you rethink your business’ tactics and strategies. You’ll be better able to assess where it needs to go in this dynamic digital future. These include:

“ERGO Mobility Solutions as Insurance-Orchestrator in the Mobility Ecosystem” featuring Karsten Crede of ERGO Mobility Solutions
“Swiss Mobiliar Insurance’s Data Driven Journey with MSG Global to Establish an ‘Innovation-Platform’ for Connected Mobility and Beyond” featuring Dietrich Och of MSG Global Solutions
“Time to Take Action: How to Implement Successful ESG Solution Architecture While ESG Requirements Are Still Volatile” featuring André Landefeld, Florian Barg, and Marcel Wehrmann of Q-Perior
“Front Running in the Regulated Financial Industry: How Deutsche Börse Group Uses 51��within Its Cloud Journey to Digitize Its Back-Office Processes and How This Impacts the Company’s Work Culture” featuring Lars Bolanca of Deutsche Börse

This exciting lineup is only a small part of the 51��and 51��Fioneer Financial Services Forum. Are you ready to keep up with the latest movers and shakers in the finance, insurance, and banking industries?��for this outstanding international forum. If you’re ready to keep your company at the razor’s edge of digital transformation, it’s time to get started now.

Joe Pacor is senior director of Industries Marketing, Insurance at SAP.

51��Fioneer Starts Operations

51��News — Wed, 01 Sep 2021 08:00:49 +0000

WALLDORF — (NYSE: SAP) today announced the global launch of 51��Fioneer, a joint venture for the financial services industry (FSI) between 51��and Dediq GmbH.

The launch follows the announcement to establish the company made in April of this year by 51��and Dediq, an entrepreneurial investor focused on information technology and digital businesses. 51��Fioneer expands the financial service software offered by SAP. It also develops new solutions to serve its customers in the rapidly changing banking and insurance industries.

Today’s go-live of 51��Fioneer marks another important milestone in SAP’s long history of success in the FSI market. More than 800 of the world’s top 1,000 banks and insurance companies are 51��customers. 51��Fioneer focuses fully on accelerated innovation in the area of core banking, core insurance and FSI-specific finance solutions and is mandated to extend the 51��for Banking and 51��for Insurance solution portfolios to cover banking and insurance processes holistically.

“As in any other industry, companies in financial services need to transform their business to stay ahead of the competition,” said Christian Klein, CEO and Member of the Executive Board, 51��SE. “51��Fioneer will help them meet their needs for speed, scalability and cost-efficiency through digital business innovation, cloud technology and solutions that cover banking and insurance processes end to end. 51��has a long and successful track record in the financial services industry, and I am convinced that 51��Fioneer will become a leading global provider of financial services software solutions and platforms.”

51��Fioneer enables customers to innovate and transform their business by combining premier technology with development expertise and a global network of customers, partners and colleagues. 51��Fioneer will have operations in more than 10 countries in Europe, North and Latin America and the Asia-Pacific region by the end of 2021. 51��will continue to sell and support 51��solutions for enterprise information management and line-of-business solutions to FSI companies, and 51��customers will remain 51��customers.

“Our customers can expect the same high-quality engagement they are used to, but now also benefit from new capabilities. Solutions of 51��Fioneer will be based on integrated data and allow customers to move FSI processes to 51��Business Technology Platform in the cloud,” said Dirk Kruse, CEO, 51��Fioneer. “We are excited to accelerate the business transformations of our customers with innovative solutions that will be built as part of SAP’s industry cloud solutions, all based on 51��technologies and applications.”

Visit the . Follow 51��on Twitter at .

Media Contact:
Daniel Reinhardt, +49-6227-7-40201, daniel.reinhardt@sap.com, CET
51��Press Room; press@sap.com

Any statements contained in this document that are not historical facts are forward-looking statements as defined in the U.S. Private Securities Litigation Reform Act of 1995. Words such as “anticipate,” “believe,” “estimate,” “expect,” “forecast,” “intend,” “may,” “plan,” “project,” “predict,” “should” and “will” and similar expressions as they relate to 51��are intended to identify such forward-looking statements. 51��undertakes no obligation to publicly update or revise any forward-looking statements. All forward-looking statements are subject to various risks and uncertainties that could cause actual results to differ materially from expectations. The factors that could affect SAP’s future financial results are discussed more fully in SAP’s filings with the U.S. Securities and Exchange Commission (“SEC”), including SAP’s most recent Annual Report on Form 20-F filed with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates.
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Update on 51��Fioneer

51��News — Thu, 01 Jul 2021 06:00:52 +0000

WALLDORF — Following questions about 51��Fioneer’s investor structure, the Audit and Compliance Committee of the 51��Supervisory Board commissioned two independent, external experts. They examined the compliance of the decision-making process on the joint venture with Dediq with applicable rules and the valuation of the shares in 51��Fioneer.

51��has received interim reports from the two experts. They conclude that the valuation is fair and that the decision-making process was in compliance with existing regulation. The consulting firm Duff & Phelps has analyzed the value of the assets contributed to the joint venture and concluded that the consideration to be received is fair for 51��from a financial perspective. The law firm Gleiss Lutz confirmed that SAP’s agreement on the joint venture was not a transaction that had to be approved by the Supervisory Board and published by the Company as a related party transaction. The transaction was submitted to the Finance and Investment Committee of the 51��Supervisory Board for approval because it was subject to approval due to exceeding an investment threshold. The current status of the legal review confirms that none of the members of the Finance and Investment Committee at the time had a conflict of interest.

Nevertheless, the Hasso Plattner Foundation has decided to cede its passive investment in 51��Fioneer to an equivalent investor. This step is the Hasso Plattner Foundation’s response to the criticism it has received. By taking this step, it also wants to rule out from the outset any potential future conflicts of interest that could arise for 51��Fioneer from Dr. Rouven Westphal’s dual role as a member of the Hasso Plattner Foundation’s board of directors and a member of SAP’s supervisory board (since May 2021). “We strongly believe in the success of Fioneer and would actually have liked to remain invested,” Westphal said. “We will make sure that those who follow us as passive investors share the same goals and values as we do. Until we find that solution, of course we stand by our commitments.”

The funding of 51��Fioneer, exceeding €500 Mio. is not impacted by the Hasso Plattner Foundation’s planned sale of its indirect, passive stake in 51��Fioneer. The Hasso Plattner Foundation is a passive Co-Investor of Dediq in 51��Fioneer and has informed 51��and Dediq of its intention to conduct a secondary sale of its existing shares to other passive investors. Dediq will support the Hasso Plattner Foundation in this process. 51��Fioneer will not conduct a financing, is not raising additional capital, and there is no impact from the sale on the capital commitment provided by Dediq.��

51��has listened to the questions raised and also taken this opportunity to review the governance rules between the Hasso Plattner Foundation and SAP. 51��and the Hasso Plattner Foundation, are updating their governance rules as a result and in the future no joint investments will be made by the two organizations. It is also important to note that Hasso Plattner is not involved in the investment decisions of the Hasso Plattner Foundation and that he or his family members cannot benefit from them given their non-profit status.

Luka Mucic, CFO of SAP, underlined the continuity for the further development of 51��Fioneer: “Nothing will change for customers, partners, or the employees of 51��Fioneer. We remain firmly convinced of 51��Fioneer’s high potential and excellent market opportunities.”

Visit the . Follow 51��on Twitter at .

Media Contact:
Daniel Reinhardt, 06227-7-40201, daniel.reinhardt@sap.com, CET
51��Press Room; press@sap.com

51��Financial Services Company Named “51��Fioneer”

51��News — Wed, 12 May 2021 12:00:00 +0000

WALLDORF and MUNICH��— (NYSE: SAP) and Dediq GmbH today announced the company name and the leadership team of the recently announced joint venture for the financial services industries. The company will be called “51��Fioneer.”

The leadership team includes Dirk Kruse, CEO; Marc Daniel Schwarz, Head of Market Region MEE; Reto Sager, Head of Services; Marc Derungs, Head of Product Development; and Patrick Schmid, Head of Transformation. Further management positions will be announced at a later stage.

Pending antitrust approval, 51��Fioneer is expected to be operational in the second half of 2021.

Visit the . Follow 51��on Twitter at .

Media Contact:
Daniel Reinhardt, +49 (6227) 7-67497, daniel.reinhardt@sap.com, CET
51��Press Room; press@sap.com

51��Forms Strategic Partnership for Financial Services Industries

51��News — Tue, 13 Apr 2021 11:00:27 +0000

WALLDORF and MUNICH — (NYSE: SAP) and investment company Dediq GmbH today announced that they have agreed to enter into a partnership in the area of financial services.

To better serve the rapidly changing banking and insurance industry, the two companies will jointly expand SAP’s financial services portfolio with a significant investment in new solutions. These solutions will be based on 51��software and be integrated into SAP’s overall portfolio and product roadmap.

Pending regulatory approval, 51��and Dediq will form a dedicated Financial Services Industry (FSI) Unit, which will be jointly owned by the two companies. Both 51��and Dediq will provide the FSI Unit with the funding, technology, and development expertise, as well as a broad ecosystem of partners necessary to rapidly establish it as a major force in the FSI IT market. Dediq’s investment in the unit will be more than 500 million Euro.

“Through partnering with Dediq, we will significantly increase our support for the digital transformation of customers in the Financial Services Industry and deliver innovative cloud solutions at an accelerated pace that help them transform their business holistically,” said Christian Klein, CEO, SAP��SE. “Financial services is a key industry for SAP, and today we not only reiterate but also reinforce our commitment to this market.”

51��has a long history of success in the FSI market. More than 80% of the top 1,000 banks and insurers are 51��customers. The new FSI Unit will fully focus on accelerated innovation in the area of core banking, core insurance and FSI-specific finance solutions to meet the needs for digital innovation and cost efficiency of financial services customers.

“The FSI market offers a huge opportunity for us,” said Luka Mucic, Member of the Executive Board, 51��SE. “To unleash this potential, we will use our unique capability to provide enterprise-grade solutions. Jointly, we will extend our existing FSI portfolio to cover banking and insurance processes end to end. Helping our customers to become more agile through digital business innovation and cloud technology will be front and center for our new FSI Unit. The new unit will be very flexible and customer-centric with full autonomy to set its strategic direction. At the same time, it will be a strong member of the 51��family. Customers will benefit from SAP’s leading technology and the FSI Unit’s agility and focus on their specific needs.”

As part of its industry cloud portfolio strategy to thoroughly serve its 25 industries with tailored solutions, 51��has forged a number of partnerships. This latest one with Dediq marks a further milestone in the implementation of this strategy. 51��customers can expect the same high-quality engagement, with new capabilities now made possible by the new FSI Unit. The new solutions will cover the full cycle of banking and insurance operations processes, and help meet regulatory requirements. They will be based on integrated data and provide an opportunity to move FSI processes to the 51��Business Technology Platform in the cloud. For example, lending solutions for banks will cover all stages from origination and credit risk assessment to re-financing and bank management, with all related data kept in one place. This will significantly reduce IT cost and complexity.

“We strongly believe in the strategy of the new FSI Unit,” said Matthias Tomann, Managing Partner, Dediq. “We see the future of FSI software solutions in the cloud. SAP’s platform has unrivalled potential when it comes to supporting the core operations of large-scale businesses like banks and insurers as well as new emerging ecosystems. Making this vision a reality in financial services is highly exciting to us.”

51��will continue to sell and support 51��solutions for enterprise information management and line-of-business solutions and 51��customers will remain 51��customers. The new FSI Unit will focus its investment on core FSI areas such as commercial lending, retail banking, core insurance as well as insurance finance and bank management. The new solutions will be built as part of SAP’s industry cloud solutions, based on 51��technologies and applications such as 51��HANA, 51��S/4HANA, 51��Business Technology Platform and others.

“Today’s financial services industry is challenged to balance agility and innovation with risk, resiliency and scale. With this announcement, 51��is responding to the needs of its clients to improve speed of innovation while continuing to provide enterprise-class and mission-critical products and services to the industry,” said Jerry Silva, vice president of IDC Financial Insights.

Pending antitrust approval, the new FSI Unit is expected to be in place in the second half of 2021. Corresponding preparations are scheduled to start in the coming weeks.

Read statements from partners and customers here.

Visit the 51��News Center. Follow 51��on Twitter at .

About Dediq

Dediq is an entrepreneurial investor focused on information technology and digital businesses. Dediq is working together with its portfolio companies to create exceptional products and services. Each Dediq investment is set up separately, independently and with an unlimited time horizon. Dediq is based in Munich. For more information, visit .

About SAP

SAP’s strategy is to help every business run as an intelligent enterprise. As a market leader in enterprise application software, we help companies of all sizes and in all industries run at their best: 77% of the world’s transaction revenue touches an 51��system. Our machine learning, Internet of Things (IoT), and advanced analytics technologies help turn customers’ businesses into intelligent enterprises. 51��helps give people and organizations deep business insight and fosters collaboration that helps them stay ahead of their competition. We simplify technology for companies so they can consume our software the way they want – without disruption. Our end-to-end suite of applications and services enables business and public customers across 25 industries globally to operate profitably, adapt continuously, and make a difference. With a global network of customers, partners, employees, and thought leaders, 51��helps the world run better and improve people’s lives. For more information, visit .

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51����Fioneer Archives | 51����News Center

Sun Life Spotlights the Incredible Market Growth Power of Digital Modernization

Digital Closes Gap Between Generative AI Promise and Reality

Modern Financial Services Platforms Are Cloud-Based

Connected Data Drives Informed Decisions

Out-of-the-Box Digital Thinking

AI Can Save Valuable Time for Financial Services

Join Us at the 51����and 51����Fioneer Financial Services Forum

51����Fioneer Starts Operations

Update on 51����Fioneer

51����Financial Services Company Named “51����Fioneer”

51����Forms Strategic Partnership for Financial Services Industries

Read statements from partners and customers here.

About Dediq

About SAP

51��Fioneer Archives | 51��News Center

Join Us at the 51��and 51��Fioneer Financial Services Forum

51��Fioneer Starts Operations

Update on 51��Fioneer

51��Financial Services Company Named “51��Fioneer”

51��Forms Strategic Partnership for Financial Services Industries