A future-proof policy admin system based on micro-service and cloud-native architecture to lead the revolution of insurance IT
China Continent Insurance Co., Ltd. (CCIC) and digital insurance solutions provider eBaoTech Corporation (eBaoTech) jointly announced the adoption of the latest version of eBaoTech GeneralSystem Suite to enable its digital transformation.
CCIC achieved annual premium income of US$ 4.7 billion in 2016, ranking sixth in China insurance market. To comprehensively promote China Reinsurance Group (CCIC's parent company) and CCIC's middle term strategies to build a business model with unique characteristics, CCIC kicked off a strategic IT transformation project, where the underwriting and reinsurance systems provided by eBaoTech are the important components of the entire project.
Commenting on the significance of the new policy administration system, CCIC's general manager Chen Yong said, "In the digital age, the traditional enterprise software is no longer capable to meet the requirements of massive connectivity. CCIC needs a future-proof underwriting and reinsurance system, facing to the broad and dynamic insurance ecosystem and can adapt to the system requirements in the mobile internet age. The rebuilt underwriting and reinsurance systems will enable CCIC to flexibly access massive channels so as to provide richer, more personalized products and services to customers, enhance inclusive finance and boost the real economy. Specifically, the system supports rapid launch of new products, flexible integration to channels, differentiated pricing for customer segmentation, accumulated management of insurance risks, automatic reinsurance and ceding, and other functions. It also supports transmission of high-concurrent and massive data, and makes operations more convenient."
"The insurance industry is undergoing a critical transition," remarked Woody Mo, CEO of eBaoTech, "In our view, digital insurance is connected insurance. In the digital age, it is essential to embed insurance in numerous affinity businesses and leverage insurance to support other businesses and life events of people at all income levels. Today, almost all existing insurance core systems were designed primarily to support internal operations and no longer meet the future's needs. Insurance systems based on micro-services and cloud-native architecture represents the next generation of insurance technologies. CCIC's recognition of the design concept of our new core systems is a great endorsement of the global leading innovation of eBaoTech Corporation, and we will make all efforts to achieve the successful deployment of this critical project."
eBaoTech's new generation of the core systems are designed based on 4G insurance technologies with cloud native and micro service architecture and open APIs to enable connected insurance.
The "middle office" layer enables insurance companies to connect to the open insurance ecosystem, empowering high-frequency & high-speed transactions, and the smaller "back office" layer focuses on low-frequency and low-speed management, providing insurance companies with more flexibility to support the needs of the ecosystem.
"CCIC decided to select eBaoTech? GeneralSystem Suite after rounds of prudent tendering, evaluation, and proof-of-concept because its design concept meets CCIC's requirements for a new IT system that is industry leading, customer oriented, forward looking, and scalable, providing IT capabilities in a flexible manner for the construction of the company's three major strategies in the future, namely 'Customer Orientation', 'Digitalization', and "Value Chain". We look forward to working closely with the eBaoTech team to carry out a future-proof industry benchmark project," added Zhan Qiang, Head of Insurance IT Project of CCIC.
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