German insurance company Munich Re has selected Coupa Software, a business spend management (BSM) services provider, to transform procurement and related spend management processes by deploying its source-to-pay solution.

Munich Re

Image: With Coupa's spend management services, Munich Re aims to reduce paper invoicing. Photo: Courtesy of Lalmch/Pixabay.

Coupa stated that its BSM Platform can support Munich Re in its global digital transformation by reducing paper invoicing, simplifying and standardizing procurement and related spend management processes and will offer suppliers a unified platform for simpler and faster global transacting.

The spend management software developer claims that with digital resources such as Source to Pay, Supplier Information Management, Coupa Analytics, Services Maestro, and Coupa Inventory, under one platform, Munich Re will be able to continue to build its competitive edge.

Munich Re reinsurance accounting global head Christoph Carus said: “We were impressed with the ease-of-use of the Coupa platform and see high potential to further automate the inbound invoice traffic with our suppliers, giving us the ability to speed up payments.”

Munich Re chief procurement officer Thomas Faller said: “Coupa’s strong product innovations, customer successes, and KPI-measured value were evident while attending Inspire EMEA last year.

“As we looked at our areas for improvement, Coupa demonstrated the ability to address the needs of our many stakeholders, including suppliers who can seamlessly adopt the BSM platform.”

Last July, Coupa Software’s business spend management platform was selected by Zurich Insurance to manage its procurement spend with greater visibility, smarter analytics, and better processes.

Zurich was looking for an integrated solution that could manage spend from purchase all the way through to payment. Streamline employee expense management processes and transition to a simple and new compliant platform that can enhance employee experience.

Last month, Munich Re acquired membership in German Research Centre for Artificial Intelligence (DFKI). This move is expected to be step forward for cooperation between DFKI and the insurance company in the field of artificial intelligence (AI).

By collaborating with the DFKI, we are living out our aspiration to play a leading role in AI in the insurance sector. Not only will the partnership help us develop the most modern, effective and best processes for our clients, it will also make the latest research available to our employees and further advance research in this field, Munich Re noted.