With SAP’s flagship enterprise resource planning (ERP) application, China Life aims to optimize its financial and human resource management processes, provide reliable support for its future operations and apply tools for better strategic decision-making on a unified, efficient and information-based platform.
Since its establishment in 1999, China Life has seized opportunities in China’s booming insurance market and grown rapidly in all segments in which it operates. The company was successfully listed on the Hong Kong and the United States stock exchanges in 2003. In light of the need for new business development strategies following its initial public offering (IPO), China Life’s management identified broader and more strategic use of information technology as one of the company’s key development objectives.
Based on the SAP NetWeaver technology platform, SAP for Insurance will support China Life’s strategies by unifying its business processes across the organization, enabling its management to make better decisions for day-to-day and future operations. SAP will work together with China Life to leverage SAP’s well-established experience in the insurance industry and leading technology, to create an advanced platform on which China Life can streamline its operations.
China Life management believes that optimized financial and human resource management processes are key for effective management of internal operations. SAP ERP will help China Life improve productivity for these core operations of its business while reducing total cost of ownership by aligning all systems on a common, modern platform.
“SAP China continues to strengthen its leadership position in China’s rapidly evolving financial services industry,” said Geraldine McBride, president and CEO of SAP Asia Pacific Japan. “SAP allows insurers to build their delivery strategy on a stable platform of enterprise management and industry-specific applications. The partnership with China Life further validates SAP’s role as China’s preferred solution provider for the financial services marketplace.”
SAP commitment to the insurance industry in Asia
China Life joins the increasing numbers of insurers globally who have selected SAP as the provider of a single integrated platform for all of their business process needs — from claims management, distribution and billing to financial and human resources (HR). Nine of the top 10 global insurance companies use SAP software, and SAP has more than 600 insurance companies in 60 countries that run SAP solutions. In addition to China Life, SAP global customers include Co-operative Insurance Society, Montpelier Re and Offentliche Versicherung Braunschweig (OVBS).
SAP has a strong presence in Asia, because of the company’s commitment to the insurance industry, vast solution offerings and strong partner ecosystem. New SAP customers from Asia include Dubang (China), Happy Life (China), Kyobo (Korea), New China Life, NTUC Income (Singapore), PICC Health Insurance (China), PICC Holding (China), PICC Life (China) and Taikang (China).