BEIJING, March 11 /PRNewswire-FirstCall/ -- Demonstrating ongoing leadership in providing innovative solutions to insurers worldwide, SAP AG , today announced the largest life insurer in China, China Life Insurance Company Limited ("China Life") has selected SAP(R) 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.
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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(R) 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(R) 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).
About China Life
Listed respectively in New York, Hong Kong and Shanghai, China Life Insurance Company Limited (China Life) is the world's largest listed life insurer and is a leader in China's insurance market. As the country's largest life insurer, China Life has always maintained its leadership of the life insurance market in the Chinese Mainland. According to China GAAP statistics, China Life took a market share of 45.27% at the end of 2006, continuing its leading position in China's life insurance market.
China Life is a leading provider of individual and group life insurance products and services, as well as annuity, accident insurance and health insurance. The company has, through China Life Insurance Asset Management Company Limited, where China Life has a controlling share, become China's largest insurance asset manager and one of China's largest institutional investors. With a longest history in life insurance operations, a leading market share and the largest countrywide customer base, China Life enjoys the most popularity in China's life insurance sector. According to research on the insurance market across 50 Chinese cities, China Life is a life insurance brand that enjoys the highest brand recognition of up to 92.3% among Chinese consumers.
About SAP
SAP is the world's leading provider of business software*. Today, more than 46,100 customers in more than 120 countries run SAP(R) applications -- from distinct solutions addressing the needs of small businesses and midsize companies to suite offerings for global organizations. Powered by the SAP NetWeaver(R) technology platform to drive innovation and enable business change, SAP software helps enterprises of all sizes around the world improve customer relationships, enhance partner collaboration and create efficiencies across their supply chains and business operations. SAP solution portfolios support the unique business processes of more than 25 industries, including high tech, retail, financial services, healthcare and the public sector. With subsidiaries in more than 50 countries, the company is listed on several exchanges, including the Frankfurt stock exchange and NYSE under the symbol "SAP." (Additional information at http://www.sap.com/)
(*) SAP defines business software as comprising enterprise resource planning and related applications such as supply chain management, customer relationship management, product life-cycle management and supplier relationship management.
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