Munich Re Takes Source-to-Pay Global With Coupa
One of the world´s leading reinsurance providers to realize greater savings and operational efficiency through eProcurement, supplier management, and real-time analytics
SAN MATEO, Calif. – February 19, 2019 – Coupa Software (NASDAQ: COUP), a leader in business spend management (BSM), today announced that Munich Re, a global Fortune 500 company based in Germany, which provides reinsurance, primary insurance, and insurance-related risk solutions, selected Coupa to transform its procurement and related spend management processes by deploying the first global source-to-pay solution within the reinsurance organization.
The Coupa BSM Platform will empower Munich Re to take its next step in digital transformation globally by reducing paper invoicing, simplifying and standardizing procurement and related spend management processes, and providing suppliers a unified platform for simpler and faster global transacting. With the latest digital resources under one global platform, including Source to Pay, Supplier Information Management, Coupa Analytics, Services Maestro, and Coupa Inventory, Munich Re will be equipped to continue to build on its global competitive edge.
“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,” stated Christoph Carus, Global Head of Reinsurance Accounting at Munich Re.
“Coupa’s strong product innovations, customer successes, and KPI-measured value were evident while attending Inspire EMEA last year,” said Thomas Faller, Chief Procurement Officer at Munich Re. “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.”
“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,” said Steve Winter, Chief Revenue Officer at Coupa. “We look forward to working together and delivering value to Munich Re through the Coupa BSM Platform.”
Coupa empowers companies around the world with the visibility and control they need to manage all their business spend in one place. To learn more, visit https://www.coupa.com/.
About Coupa Software
Coupa Software is the leading provider of BSM solutions. We offer a comprehensive, cloud-based BSM platform that has connected hundreds of organizations with more than four million suppliers globally. Our platform provides greater visibility into and control over how companies spend money. Using our platform, businesses are able to achieve real, measurable value and savings that drive their profitability. Learn more at www.coupa.com. Read more on the Coupa Blog or follow @Coupa on Twitter.
About Munich Re
Munich Re is one of the world’s leading providers of reinsurance, primary insurance and insurance-related risk solutions. The group consists of the reinsurance and ERGO business segments, as well as the capital investment company MEAG. Munich Re is globally active and operates in all lines of the insurance business. Since it was founded in 1880, Munich Re has been known for its unrivalled risk-related expertise and its sound financial position. It offers customers financial protection when faced with exceptional levels of damage – from the 1906 San Francisco earthquake to the 2017 Atlantic hurricane season. Munich Re possesses outstanding innovative strength, which enables it to also provide coverage for extraordinary risks such as rocket launches, renewable energies, cyberattacks, or pandemics. The company is playing a key role in driving forward the digital transformation of the insurance industry, and in doing so has further expanded its ability to assess risks and the range of services that it offers. Its tailor-made solutions and close proximity to its customers make Munich Re one of the world’s most sought-after risk partners for businesses, institutions, and private individuals.