Standards-based insurance software provider teams up with expanding life insurer to implement benchmark Policy Administration System
SHANGHAI, Nov. 24, 2011 /PRNewswire-Asia/ -- eBaoTech, a leading provider of new generation software and services for the life and general insurance industries, and Tian An Life Insurance, a fast growing China-based insurer, announced the launch of Tian An Life's new policy administration system based on eBaoTech® LifeSystem Suite. The system currently manages the sales operations of about 20 new products in two branches. Over the next 12 months, Tian An Life will use eBaoTech LifeSystem Suite to gradually launch more branches.
Tian An Life decided to replace its legacy core system to better meet the needs of its rapidly growing business. Tian An Life believes the China life insurance market will become more professional and market oriented. For insurers, the ability to offer high value insurance products and services to customers will be the key to market success. As the foundation of an insurer's business, the policy administration system (PAS) needs to be highly scalable to support new product development, channel management and operations. The PAS must be flexible, easy to use and configurable. Insurance software providers must continuously invest in product development and innovation, and provide excellent software support. Choosing innovative, standards-based insurance software enables an insurer to have a core system that easily handles rapid business expansion.
After a comprehensive evaluation process, Tian An Life selected eBaoTech LifeSystem Suite v3 to replace its legacy policy administration system. Tian An Life selected eBaoTech because of the product's advanced technical architecture and high flexibility, and the company's strong installation and operational track record in highly developed and demanding insurance markets. Tian An Life is the first insurer in China to adopt eBaoTech LifeSystem Suite v3, which went live after a short 4-month implementation period. A project highlight is that the powerful new eBaoTech® SalesPlatform front-end solution was integrated with the eBaoTech® LifeSystem Suite, enabling Tian An Life to manage sales operations from multiple channels on one platform, as well as automate many formerly manual processes.
"This software implementation sets a new industry benchmark, achieved with the close coordination between Tian An Life’s technical team and eBaoTech. It took only 4 months to launch an end-to-end policy administration system to support our branch office business. More importantly, the project was delivered with very high quality. In the inspections conducted by the China Insurance Regulatory Commission (CIRC) in the second half of October, all Tian An branches passed with zero defect," noted Mr. Bi Chuang, Assistant President, Tian An Life Operations and Customer Services. "By using eBaoTech LifeSystem Suite, Tian An Life's China business development will be faster and more stable, while our customers will benefit from more efficient service and superior operational processes."
Woody Mo, eBaoTech's President and CEO added, "We are very pleased to become Tian An Life's software partner. I am also very proud that Tian An Life and eBaoTech created a new and improved model of implementing policy administration systems (PAS) in China. eBaoTech's productized PAS brings more added value to customers, and it is more reliable and efficient than custom-developed policy administration system projects. In the long term, the total cost of ownership of a modern productized PAS for insurers is lower. eBaoTech believes that China-based insurance companies will begin to adopt this model over the traditional in-house software development model. eBaoTech is very confident about our business opportunity and growth in China."
About Tian An Life
Established in November, 2000, Tian An Life Insurance offers life, health and casualty insurance, retirement planning services, and more. It was formerly known as John Hancock Tian An Life China, a joint venture of U.S.-based John Hancock Insurance and China Tian An Insurance Company. On December 25, 2009, approved by CIRC, the company changed its name to Tian An Life Insurance; the investment capital was increased from 200 million RMB to 500 million RMB. Since 2010, Tian An Life has experienced rapid business growth. As of the end of 2010, Tian An Life had 1.6 billion RMB in premiums, providing a wide range of bancassurance solutions and investment plans to customers. For more information, visit www.tianan-life.com.
About eBaoTech
eBaoTech delivers standards-based, highly configurable insurance software suites to both property and casualty (P&C) and life insurers. Its product offerings enable insurers to realize cost-effective, scalable, flexible and highly automated insurance operations in an ever-changing environment. With offices in ten countries across Europe, Asia and the Americas, and installations in more than 20 countries, eBaoTech has extensive global presence to serve leading insurance companies. For more information, visit www.ebaotech.com.
For more information, please contact:
Felicia Madrigal
felicia.madrigal@ebaotech.com
Tel: +86-21-6140-7777, ext: 3345
Fiona Zhang
fiona.zhang@ebaotech.com
Tel: +86-21-6140-7777, ext: 3344
