SAP is expanding its array of software products for the insurance industry with the acquisition of Camilion. Terms of the deal were not disclosed.
Toronto-based Camilion's portfolio covers the life and annuity, property and casualty, and health care insurance fields. Its technology handles insurance product configuration, policy management and quoting and underwriting, among other capabilities, according to its website.
Many insurance companies are burdened with legacy systems that can't handle today's demands, according to SAP. Camilion's products will be combined with SAP's Business All-in-One for Insurance ERP (enterprise resource planning) application, resulting in a suite that insurers can use to modernise their operations, SAP said.
Other plans include expanded mobile applications for Camilion's quoting and underwriting software, SAP said.
The companies had partnered for some time, with SAP having already embedded Camilion technology into its insurance offerings.
Camilion also partners with SAP rival Oracle, which also offers a set of applications for insurers.