SAP to acquire Toronto-based Camilion Solutions

Technology giant SAP announced Thursday plans to acquire Toronto’s Camilion Solutions, a provider of insurance product development, product lifecycle and underwriting products and services aimed at helping insurance companies get to market faster.

The acquisition will broaden SAP’s presence in the insurance space, the company noted in a statement. 

With the transaction, SAP is targeting outdated broker and underwriting systems that aren’t keeping pace with today’s technology trends and consumer needs, it said.

Together with Camilion, the company will offer the SAP Business All-in-One for Insurance offering, which will include capabilities from strategy through finance to operations, available on premise and in the cloud, it said.

“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,” commented Simon Paris, global head of Financial Services at SAP.

“Camilion brings deep expertise and trusted relationships in the new age of insurance applications, well recognized by customers and analysts.”