Dongbu Selects Accenture to Implement New Financial Management System
SEOUL; Sept. 21, 2005 – Accenture has been selected to help Dongbu Insurance, Korea’s second-largest non-life insurer, enhance its accounting and financial management operation to improve operational efficiencies and increase financial data transparency.
As part of the project, Accenture will help Dongbu Insurance implement an enterprise resource planning solution based on the mySAP 2004 ERP system. The solution will be designed to enable Dongbu to create timely, accurate financial and management reporting; obtain consistent financial and customer data that is easy to manage and retrieve; more effectively manage its various assets, including real estate and information technology; and automate its business processes.
Included within the scope of the ERP implementation, Accenture will also provide change management services, such as consulting on user education and organizational change.
Dongbu Insurance is the first South Korean insurance company to implement the mySAP 2004 ERP system.
“Accenture’s track record of successful ERP implementations for Dongbu Steel, Dongbu Chemical and Dongbu Anam Semiconductor made it a natural fit for this project,” said Jae-Hang Kim, senior project manager, Dongbu Insurance. “Accenture has a proven reputation for successful ERP implementations as well as a leading global insurance practice with the experienced resources we need on the ground in Korea to help us complete this important strategic initiative.”
“Increased regulatory requirements in the Korean Insurance market require leading insurance companies like Dongbu to update their financial management systems to remain competitive,” said Suk-Geun Lee, a partner in Accenture’s Insurance practice. “We are honored to extend our relationship with Dongbu to help the company streamline its financial operations to increase productivity and promote collaboration between its business units. Additionally, the implementation further solidifies the alliance we have built with SAP in Financial Services."
About Dongbu Insurance
Founded in 1962, Dongbu Insurance is Korea’s second largest non-life insurer today. The Company serves both corporate and individual customers with a business portfolio spanning automobile, fire, marine, long-term, aviation, machinery, title, building and health insurance policies as well as annuity plans. Its operations currently includes 6 domestic regional headquarters and 47 branches including offices in Guam, Jakarta and New York City. For the fiscal year ending June 2004, the company generated an adjusted net income of 63.1 billion(KRW) with total assets exceeded 4.27 trillion(KRW). Its home page is www.dongbuinsurance.com.
Accenture is a global management consulting, technology services and outsourcing company. Committed to delivering innovation, Accenture collaborates with its clients to help them become high-performance businesses and governments. With deep industry and business process expertise, broad global resources and a proven track record, Accenture can mobilize the right people, skills and technologies to help clients improve their performance. With more than 115,000 people in 48 countries, the company generated net revenues of US$13.67 billion for the fiscal year ended Aug. 31, 2004. Its home page is www.accenture.com.
Accenture and SAP Alliance
In September 2003, SAP and Accenture entered into an alliance for the Financial Services industry, offering banks and insurance providers a more effective and lower risk way to help them transform and grow their business, through a dedicated joint development team and sales channel, integrated solutions and services, innovative delivery, and highly efficient implementation. With a 30-year history and experience delivering innovative business solutions for more than 1000 leading financial services institutions, Accenture and SAP work together to help insurers and banks achieve the vision of an open standards-based architecture.