China’s Taiping Life Insurance has adopted eBaoTech’s InsureMO, or Insurance Middle Office, as the core system of the company’s Internet business.
The platform will enable the Chinese life insurer to connect to digital channels as well as launch new products faster at lower costs.
InsureMO, which is developed based on the future-proof cloud and microservices architecture, is expected to allow Taiping Life to handle massive transaction concurrency “robustly and flexibly” during various promotion campaigns.
Taiping Life chief information officer Xiong Ming said: “eBaoTech is the only middle office system in China offering a shared architecture, distributed Cloud deployment and Canary/Grey Release. eBaoTech’s Product Factory supports Taiping Life to quickly configure and release various insurance products efficiently.
“We are confident that eBaoTech’s new middle office solution will strongly support our digital strategy.”
eBaoTech CEO Woody Mo said: “Since Taiping Life selected eBaoTech LifeSystem core suite to support the relaunch of its business in China market in 2002, eBaoTech has been serving Taiping Life for over 15 years. As Taiping Life’s long-term IT partner, we’ve experienced the 3G (Java based) era of insurance IT technology.
“Today, eBaoTech is committed to support Taiping Life’s digitalization strategy with our cutting-edge cloud insurance technology, embracing the 4G insurance technology era (based on microservices architecture) together. eBaoTech values our cooperation with Taiping, and we’ll continue to support Taiping Life’s business and IT innovation with best products and services.”
InsureMO is a PaaS platform based on native-cloud and micrcoservices architecture. It is primarily designed for open API collaboration, managed via eBao Cloud Container.
Key components of InsureMO include product engines, micro services for policy, claims, payments and so on. InsureMO supports traditional life, general, and health insurance, as well as contextual micro and nano insurance products.
Taiping Life achieved gross written premiums of $14.5bn in 2016.