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Generali Accelerates Finance Transformation in Hong Kong with SAP Solutions

SAP Hong Kong
2020-05-29 11:00 2745

HONG KONG, May 29, 2020 /PRNewswire/ -- SAP Hong Kong today announced that Generali Life (Hong Kong) has successfully embarked on its finance transformation journey with a range of SAP solutions. General Life (Hong Kong) is a member of the Generali Group, one of the largest global insurance and asset management providers in the world, serving 61 million customers in over 50 countries with innovative insurance solutions and financial products.

Generali Life selected SAP solutions as a key driver in its digital transformation to establish a robust and well-structured finance and data management infrastructure. Generali's transformation is guided by its vision to address new financial reporting and regulatory requirements mandated by a new insurance industry standard IFRS 17.

To that end, Generali Life went live earlier this month with a number of SAP solutions to automate business processes, enhance operational efficiency, generate business insights with a centralized financial data hub and integrate existing finance solutions to attain insurance industry compliance. The deployment included SAP S/4HANA (including Enterprise Management, Business Planning and Consolidation, Intelligent Robotic Process Automation), SAP BusinessObjects, SAP Analytics Cloud for Business Intelligence and SAP Digital Access. This go-live deployment in Hong Kong follows the Generali Group's company-wide strategy to implement and integrate SAP Financial Products Subledger solution around Asia.

Arsh Kaumi, Chief Financial Officer, Generali Life (Hong Kong) said, "Generali Hong Kong always strives to be a pioneer in transformation. Our goal is to simplify operations and improve customer service. We achieved yet another milestone by implementing SAP. This eliminates manual tasks and reduces turn-around times by providing seamless integration with other systems. Our journey will continue by fully automating IFRS17 financial reporting, which will be one of the biggest changes in insurance accounting. The implementation was done in record time despite the challenges of Covid-19 and work from home arrangements. This can be attributed to excellent teamwork and a strong sense of shared responsibility for the delivery from our partner, SAP." 

"The digital economy demands companies to harness technology to be intelligent enterprises and provide the best customer experience in their chosen fields," said Fabian Padilla Crisol, Managing Director, SAP Hong Kong. "With our next-generation ERP solution, S/4HANA, and other technologies, Generali is in a position to generate real-time actionable financial analytics and incorporate innovation, such as machine learning, predictive insight and in-memory database, in its finance transformation. We look forward to supporting Generali Life to address evolving industry realities with data-driven insights and solidify its trajectory in its next phase of growth."  

About Generali Hong Kong

Since the 1970s, Generali Hong Kong has enabled people to shape a safer future by caring for their lives and dreams. Over the years, we have come to understand the individual requirements of our customers, and are continuously adapting and innovating to meet their changing needs.

Through our extended distribution network of over 300 brokers and intermediaries, we combine our local knowledge with Generali Group's global network and experience to design unique and innovative, yet straightforward and flexible life and general insurance solutions to ensure peace of mind for people in Hong Kong.

About Generali Group

Generali is one of the largest global insurance and asset management providers. Established in 1831, it is present in 50 countries in the world, with a total premium income of more than € 69.7 billion in 2019. With nearly 72,000 employees serving 61 million customers, the Group has a leading position in Europe and a growing presence in Asia and Latin America. Generali's ambition is to be the life-time partner to its customers, offering innovative and personalized solutions thanks to an unmatched distribution network.

About SAP

As the Experience Company powered by the Intelligent Enterprise, SAP is the market leader in enterprise application software, helping companies of all sizes and in all industries run at their best: 77% of the world's transaction revenue touches an SAP® system. Our machine learning, Internet of Things (IoT), and advanced analytics technologies help turn customers' businesses into intelligent enterprises. SAP helps give people and organizations deep business insight and fosters collaboration that helps them stay ahead of their competition. We simplify technology for companies so they can consume our software the way they want – without disruption. Our end-to-end suite of applications and services enables more than 440,000 business and public customers to operate profitably, adapt continuously, and make a difference. With a global network of customers, partners, employees, and thought leaders, SAP helps the world run better and improve people's lives. For more information, visit www.sap.com.

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Source: SAP Hong Kong
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