Chinese Insurer Launches Core System Based on eBaoCloud InsureMO
China Continent Insurance (CCIC) has announced the successful launch of its next-generation Core System developed leveraging eBaoCloud® InsureMO® as middleware. With annual premium income of US$ 6.2 billion in 2018, and ranked number five in China, globally CCIC is likely the first large insurance carrier with all lines of insurance businesses to run its business in a core system based on microservices and cloud native architecture, powered by a commercially available insurance middleware. The new core system took much less time to develop due to the maturity and richness of InsureMO which provides all necessary microservices for all mainstream insurance products for sales and service functions. All internal staff user interfaces and workflows, as well as its powerful Open API platform for massive ecosystem connectivity are developed by calling a comprehensive set of APIs from eBaoCloud InsureMO. This is an entirely new approach for developing core insurance systems which enables insurance innovations to happen faster, cheaper, and more tailored made without reinventing the wheels of basic insurance APIs.
After several months of production run, the new core system has supported CCIC business well and delivered its key benefits. The system now supports all lines of business at CCIC with more than 200 insurance products, from consumer lines, SME, to commercial lines, including Auto, Home, A&H, Cargo, Enterprise Property, Engineering, Agriculture, Liability, and others. The new core system enables new product launches and channel connections in days instead of months. It also allows CCIC to cope with drastic transaction volume changes in real time based on its cloud native distributed architecture. The microservice architecture also allows CCIC to launch new features much faster than with traditional enterprise software as each microservice is totally separated from others so that cross impact of any new features is much less a concern.
Mr. Chen Yong, President of CCIC, stated, “The rise of next-generation intelligent technology has had a major impact on global economy, and it is imperative for insurance companies to adapt themselves to these changes. Keeping pace with the times, China Continent Insurance has developed a world-class next-generation core business system to deliver ‘disruptive’ improvements in business efficiency, management capacity and service quality. Going forward, the company will use technology to provide users with improved services, and push forward high-quality development of the insurance market toward win-win results for users, insurance companies, partners and the industry as a whole.”
“The successful production launch of this cloud native and microservices based core system at CCIC demonstrates two important points: first, cloud native and microservice architecture is now mature enough to support all lines of insurance businesses through the whole lifecycle of policy sales and services; secondly, with eBaoCloud InsureMO as an insurance middleware, insurance companies worldwide can now develop their next generation core systems that meet their own unique needs, while avoiding reinventing the wheel of basic insurance elements,” Woody Mo, President and CEO of eBaoTech Corporation added. “eBaoCloud InsureMO is targeted as insurance middleware as well as connectivity hub to provide a one stop platform of real time innovation by insurers, channels, new digital affinities, and insurtech companies and other technology vendors. It can also be used to build a full feature core system for the largest insurers in the world with all lines of insurance products. The coming years will bring a fundamental change of how insurance industry adopts technology. A very exciting time is ahead of us. eBaoTech aims to be a leading enabler of this great revolution! eBaoTech is grateful to CCIC to have this partnership opportunity to make this happen! We are proud of this historical success!”
