Sherwood International and China Hewlett-Packard have announced a Memorandum of Understanding, which will see them develop software to meet the needs of the Chinese insurance market.
The memorandum underpins both parties intention to help insurance companies achieve growth in China's rapidly developing economy.
CEO of Sherwood International Mike Shinya said: "The agreement reflects the commitment of Sherwood and China Hewlett-Packard to providing the best software and solutions to the Chinese insurance market - what we see as one of the world's most vital growth markets.
"We are extremely pleased to establish the relationship with China Hewlett-Packard, which combines our expertise to offer our customers the opportunity to reduce operational costs, improve efficiencies and increase customer intimacy to compete more effectively in the rapidly changing global insurance market."
General Manager of Financial Systems at China Hewlett-Packard, Kevin Wu said: "We are meeting the rapidly growing needs for IT infrastructure and integrated business solutions in the Chinese IT market, which IDC has forecast will reach $50 billion by 2005."
The agreement aims to bring business together to increase the competitiveness of the Chinese insurance industry.
They will enable Chinese insurance companies to meet the domestic market's need for new insurance products and services, and enter the international market.
Although the Chinese insurance industry has maintained an average premium growth rate of 25-30%, the gap between it and its global counterparts is pronounced.
