Life Insurance Company Financial Shared Services Research

As the important way of enterprise value chain reconstruction of integration of internal resources,shared services (Shared Services) has been widely used in automobile, communication, oil and otherindustries. Recently, with the development of the financial industry to accelerate the development of thetrend of mixed operation, more and more financial groups have in the financial, IT, customer service,purchasing, human resources and other business areas established a shared service center of their own, toenhance their core competitiveness by lowering costs, improve efficiency, strengthen the risk controlmeasures.Management mode through its own centralized management, the introduction of competition, createvalue, characteristic of financial shared services, in the current economic globalization environment, manylarge foreign Multi-National Corporation, such as GE, Oracle, SAP, reduce the cost, improve serviceefficiency, strengthen, value creation has made tremendous contributions. But at present, the managementmode in our country only such as mobile, telecom, ZTE, Changhong Haier, some large enterprise groupcarries on the preliminary introduction, the implementation of Financial Shared services.China insurance market main body increases, business scale, market level gradually improve, theincreasingly fierce competition means. Chinese life insurance (Group) company is facing more and moresevere competition situation, how to occupy more market share in the competitive market, improve thegroup internal management efficiency, realize the core value increase, only the use of advancedmanagement ideas and technical means to enhance their own core competitive ability, is the effectivemethod China life insurance based on the competition arena. Therefore Chinese life insurance (Group) thecompany’s financial strategy must be the introduction of new ideas and methods, change the originalfinancial management system, reduce the financial functions of operating costs, improve the serviceperformance of financial function, increase the Chinese life insurance enterprise value. The establishmentof Financial Shared Service Center has been put on the schedule. By building the provincial centralizedfinancial management framework, change the original financial management system, financial processimplementation of reconstruction, centralized control mode of financial shared services, reduce thefinancial functions of operating costs, improve service performance of financial function, realize the Chinalife insurance (Group) Corporation value.The five part of this paper.The first part: through to the domestic and foreign research and practice of literature introduction,introducing the concept of Financial Shared services.The second part: introduced the system of sharing service theory, analyzes the sharing service mode,range and advantages; then the concept and development of financial shared services, shared financialmodel, financial shared service advantage, influence factors such as discussed in detail.The third part: first briefly introduces the Chinese life insurance (Group) development company, thenbased on the China life insurance (Group) company financial management present situation analysis,proposed the Chinese life insurance (Group) Company of the centralized accounting model is not sufficient,and the necessity of Financial Shared Services Implementation of life-insurance company.The fourth part: the Chinese life insurance (Group) a detailed analysis of the necessity, feasibility offinancial shared services companies, the introduction of the concept of centralized control, and finally putsforward China life insurance (Group) company chose to implement centralized management mode ofFinancial Shared services.The fifth part: the Chinese life insurance Xinjiang branch to implement centralized management of financial shared services to discuss, first, the Chinese life insurance Xinjiang branch financial managementcenter building, provincial agencies and branches of financial shared service duties briefly, financial sharedservices fees principle; secondly analysis the implementation of financial shared service effect, then putforward the deficiencies of financial shared service operation, put forward to improve and perfect thecompany’s financial shared service operational suggestions.The sixth part: conclusion. Summary and application prospect of this.