SAP BusinessObjects is one of the SAP solutions deployed for Generali Life (Hong Kong) Limited’s finance transformation.
Generali Life (Hong Kong) Limited, a member of the global insurance company Generali Group, has successfully embarked on a digital transformation journey following the company-wide strategy of Generali Group to implement and integrate SAP Financial Products Subledger solution around Asia.
According to SAP Hong Kong, a range of SAP solutions were deployed to aid in the company’s finance transformation strategy. SAP BusinessObjects, SAP S/4HANA (including Enterprise Management, Business Planning, and Consolidation, Intelligent Robotic Process Automation), SAP Analytics Cloud for Business Intelligence, and SAP Digital Access were chosen for the go-live deployment in Hong Kong to build a robust and well-structured finance and data management infrastructure.
SAP Business Objects is comprised of several reporting and analysis applications. The SAP BusinessObjects Business Intelligence Suite enables organisations’ to share insights, make better decisions, and expand through its analytics platform that provides a flexible architecture.
Fabian Padilla Crisol, Managing Director at SAP Hong Kong shared how SAP solutions support today’s organisations’ journey to an intelligent enterprise. The MD said:
“The digital economy demands companies to harness technology to be intelligent enterprises and provide the best customer experience in their chosen fields.”
“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, an 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.”
Arsh Kaumi, Chief Financial Officer at Generali Life (Hong Kong) shared the insurance company’s goals. He 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’, he added.
In View of the New IFRS 17
Taking into account the insurance industry standard IFRS 17, the newest IFRS standard for insurance contracts that supersedes IFRS 4, Generali Life proceeded with the finance transformation to address new financial reporting and regulatory requirements. Kaumi shared:
“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 CFO explained.
About Generali Life (Hong Kong) Limited
Generali Life Hong Kong has been providing flexible life and general insurance solutions since the 70s. Currently, the Hong Kong insurance company’s distribution network of over 300 brokers and intermediaries integrates with Generali Group’s global network and experience to design unique and innovative insurance products.
Generali Group has celebrated its 188th year in the industry in 2019 and is one of the largest global insurance companies with over 71,000 employees worldwide serving 61 million customers in more than 50 countries worldwide. The Group has a leading position in Europe and a growing presence in Asia and Latin America.
In May 2020, Generali was awarded the “Best Travel Insurance Product” at the 2020 International Finance Awards with Bravo Travel Protector.