SAP India To Offer Solutions To Banking & Insurance Sector

Mumbai: | Updated: Sep 26 2003, 05:30am hrs
SAP India will focus on offering core and human resource (HR) solutions for the banking and insurance industry this year.

The company has developed customised solutions in these areas and is now ready to offer them to clients, said SAP India, BFSI sector sales director Atul Sareen. We were targetting other verticals like manufacturing. Now we have made our solutions available in the banking and insurance sector. We have set up a specific sales team for this purpose and will be aggresively approaching banks, he added.

SAPs customisation had to take care of operations like payroll, loan processing, increment, reimbursements, manpower planning and claims. These form a sizeable portion of our product customisation. Reimbursements is a big area where customers see a gain, said SAP India product manager Rajesh Jagtiani.

SAP is in talks with several banks and is even recommending a phased deployment. We are suggesting deployment of our solutions in data intensive areas like personnel administration, claims processing and promotions in the first phase of implementation. This would roughly take us four months to implement. The idea is to automate the basic processes and create a foundation for value added services in the second phase of implementation, said Mr Sareen.

SAP believes that the competitive market situation in the banking sector will lead banks to move towards such comprehensive centralised solutions. Along with the deployment in the core banking areas, SAP expects banks to go for solutions in HR too. SAP has 700-800 banking development solutions worldwide. In India, the company views it as a new thrust area.

Currently, private sector banks have taken initiatives in customer relationship management and strategic enterprise management. Public sector banks are currently implementing IT solutions in core banking and looking at HR. We see the banking industry ready to increase spending in IT. This is the right time for us to focus on the banking sector, said Mr Sareen.