Beijing — The largest life insurer in China, China Life Insurance Company Limited (“China Life”), has selected Germany-based SAP AG’s SAP for Insurance solutions to help the company quickly respond to the changing insurance market and create a stable platform for future growth and evolving business needs. 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, 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 with China Life 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 a key component for effective management of internal operations. SAP ERP is designed to 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.
China Life joins the increasing number 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. 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, says the solution provider.
Source: SAP
