China Life Pension Implements DST Global Solutions’ HiPortfolio
As part of China Life Insurance (Group) Company, CLPC offers a wide range of pension and annuity services for customers across China. By implementing the new asset servicing platform, the company is able to integrate the accounting and valuation process between the custodian bank and the finance practice in order to help reduce human effort, audit risk and potential reconciliation errors. HiPortfolio is designed to support increased productivity and lower processing costs and this will enable CLCP to be more competitive and reinforce its leading position in the market.
Yong Wang, Head of Information Technology at CLPC said, “After a long and thorough vendor selection process, we concluded that HiPortfolio was the ideal solution for our company, as we continually strive for innovation in support of service excellence and a tightly run business. We were looking for improvements in portfolio management, automation of reporting and more efficient handling of bulk transactions. HiPortfolio has helped various divisions work together more smoothly and therefore more cost-effectively and we can prove yet again to our customers that we offer best industry practice across our organisation. We were particularly pleased with the efficient and low-risk migration of data we were able to perform with HiPortfolio, of which its capability was superior to any other system on the market that we examined. DST Global Solutions has also been a strong support before, during and after the system went live.”
DST Global Solutions has established a long-term relationship with China Life Insurance (Group) Company and its affiliates, including China Life Holding and China Life Asset Management Company.
Commenting on the new project, Philip Hogan, Managing Director, Asia Pacific, for DST Global Solutions, said, “Working with CLPC is a significant milestone for us, deepening our relationship with China Life Insurance (Group) Company, as well as furthering our drive to become the leading financial software technology and solutions providers in the region. CLPC has a strong reputation in the market for its high standards of delivery and both our teams worked hard to ensure a smooth implementation. We believe that this joint success will further enhance CLPC’s leadership position in China. Pension companies in China are under increasing pressure to improve operational efficiency and increase margins. We are delighted that HiPortfolio is the solution of choice for the processing and administration of corporate annuity and pension portfolios.”
HiPortfolio is an industry standard asset servicing and fund accounting solution delivering trade and investment lifecycle functionality in an integrated environment. The solution currently serves over 160 investment management firms operating in more than 35 countries around the globe, including some of the world’s largest Third Party Administrators (TPAs) and asset management firms.