Government-supported China United Property Insurance Company (CUPIC) will adopt e-procurement upon reaching a purchasing agreement with China's leading e-commerce platform, JD.com Inc.
E-commerce platforms generally help companies to reduce procurement costs by 8 to 12 percent, citing big data from JD.com and Suning.com, the online shopping site of home appliance chain Suning Commerce Group.
CUPIC will apply the VIP Service Platform (VSP) offered by JD.com into its purchasing operations and management, to increase efficiency and transparency. Plus, the platform also will help CIC to better control its purchase decisions and budgets by gathering and analyzing data from the purchasing process.
Actually, the strategic partnership between CUPIC and JD.com set sail early this year in agricultural insurance and auto insurance. Major types of auto insurances from the insurer are now available to buy on JD.com.
In addition to JD.com, the 30-year-old traditional insurance company CUPIC joined hands with many e-commerce platforms and internet financial firms, such as Ant Financial and Suning Finance, to keep up with the digital age.
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