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TianAn Life Sees Remarkable Bancassurance Business Growth Thanks to Partnership with eBaoTech

2016-02-24 09:00 3256

SHANGHAI, Feb. 24, 2016 /PRNewswire/ -- eBaoTech, a new-generation software and service provider for property and casualty insurance and life insurance, is strengthening its support for China-based life insurance company TianAn Life with the launch of the Mega-Channel Distribution EngineTM (McDE).

 

The new venture will assist Tian An's fast-growing bancassurance business, lay a solid foundation for future business development, and effectively ensure improved customer satisfaction in one stroke.

TianAn Life has achieved tremendous progress since 2014, jumping 20 places in the Life Insurance Statistics 2015 rankings recently released by CIRC to No. 16, the second largest jump among all the entrants. The company's policy administration system has been confronted with increasingly demanding requirements as business volumes have continuously grown.

The ability to separate insurance underwriting from the core system is the most salient feature of the McDE platform. Underwriting/core system separation offers two main benefits: First, it prevents impacts on the core system resulting from other systems from being transferred to the bancassurance system, i.e. stability of the bancassurance business will not be affected by the core system -- resulting in substantially enhanced business stability in the bancassurance segment. And second, as data from the distribution platform is loaded onto the core system at fixed times according to predetermined amounts, the core system will no longer experience sudden congestions due to peaks and troughs in the bancassurance business. This type of queuing mechanism helps reduce the pressure on the core caused by the bancassurance system.

TianAn Life's Hardware Department commented, "TianAn Life has set very challenging sales targets for bancassurance in 2016. Theoretically, our existing hardware and database servers can only support a maximum daily transaction volume of RMB 700mn worth of premium payments. To combat this, in the second half of 2015 we decided to use the McDE platform to resolve bottlenecks caused by exceedingly large concurrent transactions in the system. We are very pleased that it only took two weeks for eBaoTech's project team to complete the integration of McDE with the individual bank systems we use. Since we began operating within the eBaoTech framework, we have seen a 10-fold increase in our bancassurance trading efficiency thanks to production environment monitoring. This will provide effective system supports for the development of the company's bancassurance business in 2016."

About TianAn Life Insurance

TianAn Life Insurance is committed to its corporate mission of bringing harmonization between man and nature and improving quality of life. Since its nationwide business expansion in 2010, the company's premium revenue grew from RMB 380mn in 2010 to RMB 10.1bn at the end of 2014. In 2015, it set a new record in premium income, crossing the RMB 30bn threshold, marking a nearly twofold growth year-on-year, and its premium revenue in 2015 also exceeded the aggregate value of historical annual premiums. On top of this, it managed to maintain an excellent solvency rate–the crucial performance indicator for life insurance businesses–of 363%, well above the industry average. TianAn Life achieved rapid business growth for its fourth consecutive year. Please visit: http://www.tianan-life.com for further details.

About eBaoTech

eBaoTech's mission is to "make insurance easy". With more than 150 installations in more than 30 countries, eBaoTech is one of the global leaders in insurance technology. From its inception in 2000, eBaoTech has been an innovation leader at the intersection of insurance and internet. eBaoTech offers world leading insurance software solutions for both life and general insurances. eBaoTech's hallmark is "Rapid Customer Success" (RCS), with a strong focus on delivering business value to its customers fast. Digital insurance will remain as the central theme in the coming years and eBaoTech is well positioned to be a global leading partner for insurance industry to move to the digital age. For more information, please visit www.ebaotech.com.

Photo - http://photos.prnasia.com/prnh/20160223/0861601422
Logo - http://photos.prnasia.com/prnh/20150727/0861506750LOGO 

Source: eBaoTech
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