SINGAPORE, March 3, 2022 /PRNewswire/ -- Digital transformation and upgrading is the driving force of the transformation of the insurance industry, as well as the solid infrastructure for the company's resource allocation, business circulation and operation services. China Life Insurance (Singapore) Pte Ltd ("China Life Singapore" or "the Company") has always emphasized the importance of technology as the basis and injected new impetus into its development in the process of exploring and transforming its new business model. In 2021, the Company promoted the digitalization process of OneLife core system through our concerted efforts. China Life Singapore officially launched OneLife core system, peripheral systems and put into production on 28 February 2022. The launch of OneLife system marks that China Life Singapore's digitalization and core system support have reached a new level.
OneLife is China Life Singapore's new generation of core systems, which plays a key and core technical support role for the Company's overall business development. The official launch of the OneLife core system and peripheral systems will significantly enhance our operations' processing time for the transactions, which will reduce the overall turnaround time and human errors, improve the efficiency in acceptance of new business and policy servicing and enhance customer experiences as well. In addition, OneLife will allow more flexible product development to widen product range with improved features, to support China Life Singapore to develop more products to meet the diverse needs of customers.
In 2021, the escalation and interruption of COVID-19 epidemic in Singapore caused difficulties in communication between the two countries. The OneLife core system migration and peripheral systems development were greatly affected, and the project once faced the challenge of overall delay. Faced with difficulties, under the leadership of the senior management team, it was jointly decided with the OneLife project team of China Life Insurance (Overseas) Company Limited-Shenzhen Fintech Center that the Chief Actuary shall take the lead from April 2021 to organize all departments of the Company to work with the OneLife project team and vigorously push forward the project. In the second half of 2021, through repositioning, increasing resources, standardizing process, controlling quality and overcoming difficulties, the new core system successfully achieved the simulation trial by the end of 2021, and the project progress reached the expectations. By 10 December 2021, the OneLife project team announced the release of the production pilot environment, marking that China Life Singapore OneLife project has passed the test and officially reached the conditions for production.
In the following month, the Company completed the phased test of the OneLife project simulation trial and multiple rounds of data migration verification. In addition, the Company also completed disaster recovery drills for OneLife core system, peripheral systems to meet system availability indicators and regulatory requirements.
As scheduled, China Life Singapore has officially launched OneLife and peripheral systems and put into production on 28 February 2022. Looking forward, China Life Singapore will further accelerate digitalization, continue to promote the digitalization of insurance services, strengthen service innovation and optimization, and commit to creating "simple, quality and warm" customer service.
