YF Life Accelerates its Digitalization with Official Launch of eBaoTech Core System Platform
HONG KONG, April 26, 2021 /PRNewswire/ -- eBaoTech Corporation (eBaoTech), a world-leading digital insurance solution provider, and YF Life Insurance International Ltd. (YF Life), a leading Hong Kong insurance company, are proud to announce the successful launch of their new policy management system for YF Life, replacing a legacy core system which had been in use for many years. The new core system, eBaoTech® LifeSystem Suite, is now used to support all YF Life Hong Kong- and Macau-based business lines.
YF Life is a technology-enhanced insurance and wealth-management company and a member of the Yunfeng Financial Group, a HKEX-listed company. The company has been operating in the Hong Kong insurance market for over 40 years and is committed to providing customers with one-stop risk- and wealth-management consulting services, as well as MPF services. YF Life offers flexible and innovative insurance solutions, such as the award-winning lifetime annuity plan. Thanks to its unique product advantages, YF Life is the only company in Hong Kong to have been recognized as Best-in-Class/Outstanding Achiever for Annuity Plan and Retirement Product in the BENCHMARK Wealth Management Awards for nine consecutive years.
With Yunfeng Financial's long-term vision for sustained fintech innovation, and in order to drive digital transformation, YF Life has adopted a range of new technologies, including cloud computing, artificial intelligence, big data, innovative sales channels, and smart customer services. Daryl Cheng, Senior Vice President of Management Information Systems at YF Life commented, "Besides operational efficiency improvement, the new core system will also enable YF Life to efficiently connect with external technologies and ecosystems, integrate with both online and offline channels, and improve the user experience for both policyholders and agents, laying a solid technology foundation for the provision of flexible, innovative insurance products and services in the future."
During the initial two months of operation, the new core system has already delivered strong business values, operating smoothly and effectively in supporting YF Life's business growth. This is testament to the reliability and maturity of eBaoTech as a leading insurance core system and digital solution provider.
Some key data are as follows:
- User Acceptance Testing was completed in October 2020. The whole system went live in February 2021, replacing the legacy core system and is fully connected with 26 subsystems at YF Life.
- Migrated approximately 1 million policies, since when the new system has been operating smoothly
- Supports over 80 insurance and wealth management solutions, covering life insurance, universal life insurance, investment-linked insurance, annuity, accident insurance, medical insurance, critical illness insurance, etc.
- New product launch lead time is reduced to 5-7 days
"We are committed to providing the ultimate customer experience through the use of fintech and the provision of high-quality services," said Daryl Cheng. "An advanced core system is the key to staying ahead in a competitive insurance industry. Core replacement is a desirable and valuable investment. We believe that the new system will inject new momentum into the business and further improve service efficiency. We are pleased to have adopted eBaoTech's core system as part of our optimization project and will continue to promote digitalization and increase our technology capabilities with eBaoTech as our partner."
Dr. Woody Mo, CEO and President of eBaoTech Corporation added,"eBaoTech has been serving insurance companies in Hong Kong for many years. We are proud to provide software and services to 8 insurance companies in Hong Kong. Through the YF Life core system digitalization project, we at eBaoTech have also enhanced our product capabilities to better support local product lines, functions and processes in the Hong Kong market. We are honored to be chosen as YF Life's long-term technology partner to continuously support their digitalization and technology evolvement in the future."
About YF Life Insurance International Limited
YF Life Insurance International Limited is a member of the Yunfeng Financial Group, a HKEX-listed company, whose major shareholders include Yunfeng Financial Holdings Limited and Massachusetts Mutual Life Insurance Company, one of the "Five Largest US Life Insurance Companies." Leveraging its solid reliability and robust financial background, YF Life is committed to creating a brighter future for customers by providing professional and technology-enhanced one-stop risk- and wealth-management consulting services, as well as MPF services.
Notes: Yunfeng Financial Holdings Limited and Massachusetts Mutual Life Insurance Company have indirect shareholding in Yunfeng Financial Group Limited. The "Five Largest US Life Insurance Companies" is ranked according to the aggregate results of "Insurance: Life, Health (Mutual)" and "Insurance: Life, Health (Stock)" on total revenues for 2019, and is based on the Fortune 500 as published on May 18, 2020.
About eBaoTech
eBaoTech® is a technology solution provider for global insurance industry. Our mission from start is to "make insurance easy". We have business in more than 30 countries across all continents, serving numerous insurers, agents, brokers, InsurTech startups and others in the insurance ecosystem. eBaoTech offers two groups of solutions: eBao® Cloud including SaaS and PaaS solutions and eBao® Software for traditional insurance carriers' core systems. For more information, please visit www.ebaotech.com.
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