China Continent Insurance Co (CCIC) has adopted eBaoTech’s micro service and cloud-native architecture based new generation core system to lead its digital transformation.
China’s sixth largest insurer said the underwriting and reinsurance systems provided by eBaoTech form important components of the firm’s strategic IT transformation.
CICC general manager, Chen Yong, commented; “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.”
He added that the system would specifically support the firm in launching new products, flexible integration to channels, consumer-matched pricing, accumulated insurance risks management, and automatic reinsurance and ceding.
It also enables transmission of high-concurrent and massive data.
As re/insurers undergo a transition into an industry that’s increasingly automated and AI-driven, firms across the globe are collaborating with insurance software specialists, like eBao Tech, in a race to transform processes.
CEO of eBaoTech Woody Mo, said insurance systems based on micro-services and cloud-native architecture represents the “next generation of insurance technologies.”
He added; “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.”
EBaoTech said its new generation of core systems are designed based on 4G insurance technologies with cloud native and micro service architecture and open APIs to enable connected insurance.
This “layered” IT system enables insurers to connect to an “open insurance ecosystem” for high-frequency and high-speed transactions; it includes a “back office” layer which focuses on low-frequency and low-speed management, providing insurance companies with more flexibility.
