Ageas Partners with eBaoTech to Enable Its Digital Platforms' Strategy
SINGAPORE, Sept. 6, 2022 /PRNewswire/ -- eBaoTech Corporation (eBaoTech), a global digital solution provider for the insurance industry, is pleased to share that Ageas Group (Ageas) has selected eBaoTech's InsureMO® platform for its digital transformation as part of the Group's Impact24 strategy to explore and invest in new growth engines, adding new capabilities that complement Ageas' strengths and keep the company future-proof. Ageas Group will leverage InsureMO, an insurance PaaS platform to enable its growth via B2B2C channels, while improving its systems and operational agility, increasing its ecosystem connectivity, and bringing its technology capabilities to the next level.
Hans De Cuyper, CEO, Ageas Group commented, "New roads to connect with customers are being developed, with a demand for new types of products and covers. And while we will continue to invest in the development of our current businesses, we have taken the view that we want to participate in this cross market and cross sector development, meaning that we look to invest in new partnerships that allow us to leverage the strengths of Digital platforms and Ecosystems. As a global technology enabler for embedded insurance ecosystem, InsureMO is the right fit for us to acquire the technology capabilities. It allows us to significantly improve our product and system agility, leading to a faster time-to-market – key capabilities that digital platforms look for when selecting their partners."
Gilke Eeckhoudt, Chief Development and Sustainability Officer, Ageas Group added, "Ageas has a track record of reaping the benefit of partnerships around the world. It is part of our DNA and this puts us in a strong position to engage with new types of alliances who provide new capabilities and scale access to new pools of customers and growth. This capability partnership with eBaoTech brings us the agility, scalability, and cloud-based architecture in one technology platform. We were in search of a solution with a global footprint capable of supporting our digital initiatives both in Europe and Asia with assets and products that would be reusable across borders. InsureMO is a PaaS platform with proven user cases in the industry, including within our own operating companies. We will leverage InsureMO to enable connectivity and API capability for both front-end applications and back-end PAS."
"Insurance will be more embedded in other businesses. InsureMO acts as an API and microservice-based middle office layer on top of insurers' existing core systems, enabling the launch of new products and minimum viable products and the integration with new channels and value chain partners at very low operational and innovation iteration costs," added by Woody Mo, CEO and Founder of eBaoTech, "eBaoTech has been technology partner for several operating entities of Ageas for over 10 years. We are proud and committed to supporting Ageas's digital strategies in the new age."
InsureMO® (for "Insurance Middle Office") is designed to accelerate insurance innovation, improve connectivity among stakeholders, and handle the massive volume, variation, and velocity of insurance business in the "Digital Age." As a platform-as-a-service (PaaS) used by hundreds of insurers in nearly 40 countries and powers $billions GWP per year, InsureMO acts as middleware for the insurance industry, freeing insurers from legacy constraints, and unlocking their ability to innovate and connect to stakeholders. InsureMO has a full set of insurance APIs and microservices for general (P&C), life, and health insurance businesses covering the entire policy lifecycle. InsureMO supports Open API collaboration, is based on containerization technologies and enables third parties to develop applications. Explore the PaaS platform at InsureMO.com.
About Ageas
Ageas is a listed international insurance Group with a heritage spanning almost 200 years. It offers Retail and Business customers Life and Non-Life insurance products designed to suit their specific needs, today and tomorrow. As one of Europe's larger insurance companies, Ageas concentrates its activities in Europe and Asia, which together make up the major part of the global insurance market. It operates successful insurance businesses in Belgium, the UK, France, Portugal, Turkey, China, Malaysia, India, Thailand, Vietnam, Laos, Cambodia, Singapore, and the Philippines through a combination of wholly owned subsidiaries and long-term partnerships with strong financial institutions and key distributors. Ageas ranks among the market leaders in the countries in which it operates. It represents a staff force of about 40,000 people and reported annual inflows close to EUR 40 billion in 2021 (all figures at 100%).
About eBaoTech
eBaoTech is a global leading technology provider for the global insurance industry. Our mission from starting in the year 2000 has been and remains to be "make insurance easy". Through hard work and full commitment to customer success, eBaoTech has built a strong client base in nearly 40 countries/markets, covering general (P&C), life, and health insurances. Furthermore, eBaoTech's intense and persistent focus on addressing the fundamental pain-points of insurance technologies through deep-tech innovation has yielded significant differentiation in the global marketplace. For more information, please visit the company website at www.eBaoTech.com and the PaaS enablement site at www.InsureMO.com
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