Executive Summary

Recent deregulation has turned China into a growing market for investments coming from private life-insurance companies.

BearingPoint supported a global insurance company to position itself for business growth in the Chinese market, while ensuring compliance with local requirements and future global regulatory demands, by leveraging an SAP ERP solution.

客户业务挑战

China has embarked on a policy of deregulation, which is a marked shift on direction from the country’s past centrally planned economy and state-owned social service. This new trend offers great opportunities for foreign companies, especially in the life-insurance sector.

Our client, a global insurance company, wanted to grow in the Chinese market and needed to comply with complex local requirements and the globalIFRS17standard that is coming into effect in January 2023. The client’s operating entities in China were facing outdated IT systems and unsynchronized accounting processes that prevented their financial teams from collaborating efficiently. Manually processing of a vast volume of data on a daily basis was also time-consuming and subject to a high risk of incurring human error.

Further challenges like working in different time zones, cultural and language barriers, and Chinese-specific legal demands, were also in the client’s way when setting up its business practices properly.

BearingPoint’s Contribution

Although the project initially required on-site travel, the team quickly adapted to the Covid-19 restrictions and performed the tasks entirely remotely. To do this, BearingPoint mobilized experts in its local offices to engage with each client location in China and Europe, set up a virtual, collaborative platform, to host online meetings and store data for capturing results, and trained and onboarded the participant teams quickly. They then helped all parties to understand the requirements coming from the client’s local and global entities, international insurance regulations, and the Chinese authorities.

开发了一种特定的数据管理工具,以自动处理大量的每日会计数据。然后,BearingPoint指导客户的员工准备将数据导入SAP系统所需的文档模板。该团队还将用户手册文档本地定位为正在进行的练习参考。

客户业务成果

全球保险公司已成功地定位中国市场的增长,确保遵守IFRS17标准以及所有地方和全球保险法规。客户的实体有权在中国独立运营,具有综合的财务系统和适应性的运营模式,以促进未来的业务发展。

全球SAP解决方案是由客户在欧洲总部运行的,同时适应了中国的当地法律要求。这有助于降低维护工作并降低相关成本。自动化数据检查和处理任务可显着提高效率和生产率,同时最大程度地减少人为错误的风险。

该解决方案还提供了数字基础,可改善其他服务领域,例如数字客户关系管理和客户旅程。

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