The deployment of SAP solutions is part of Generali complying with insurance industry standard IFRS 17


Generali’s office building in Mogliano Veneto. (Credit: Assicurazioni Generali S.p.A.)

Generali Life (Hong Kong), a subsidiary of Italian insurer Generali, has selected SAP range of solutions as part of its finance transformation.

Generali Life selected SAP solutions to drive its digital transformation and to establish a robust and well-structured finance and data management infrastructure. The selection of SAP’s solutions is part of the Generali’s vision to address new financial reporting and regulatory requirements are motivated by a new insurance industry standard IFRS 17.

Earlier this month, Generali Life (Hong Kong) has gone live using several of SAP solutions for automaton of business processes, enhancing operational efficiency, to generate business insights with centralised financial data hub and to integrate existing finance solutions to comply with insurance industry standard.

Generali Life (Hong Kong) chief financial officer Arsh Kaumi 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 Italian insurer deployed 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.

The deployment is part of Generali’s strategy to implement SAP across its Asian subsidiaries

The deployment in Hong Kong follows the Italian insurer’s company-wide strategy to implement and integrate SAP Financial Products Subledger solution across Asia.

SAP Hong Kong managing director Fabian Padilla Crisol 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 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.”