Munich Re seeks 'digital transformation' with Coupa partnership

German reinsurer Munich Re has partnered with business spend management (BSM) provider Coupa Software to transform its procurement and related processes with its first global source-to-pay system.

The reinsurer said that this partnership will empower it to "take its next step in digital transformation globally" by reducing paper invoicing, simplifying and standardizing processes, and providing suppliers with a unified platform for simpler and faster global transactions.

"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," said Christoph Carus, global head of reinsurance accounting at Munich Re.

Thomas Faller, chief procurement officer at Munich Re, added: "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."

Steve Winter, chief revenue officer at Coupa, said: "The ability to implement a global source-to-pay solution will greatly help move the needle in Munich Re's transition from analog to digital processes. We look forward to working together and delivering value to Munich Re through the Coupa BSM Platform."

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