Demonstrating ongoing leadership in providing innovative solutions to insurers worldwide, SAP AG (NYSE: SAP), today announced the largest life insurer in China, China Life Insurance Company Limited ("China Life") has selected 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 (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."