Tier One Chinese Insurer Successfully Launches Next Generation Core System Based on eBaoCloud InsureMO as Middleware
SHANGHAI, March 5, 2019 /PRNewswire/ — China Continent Insurance Co., Ltd. (CCIC) recently 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!”
About China Continent Insurance Co.
China Continent Insurance Co., Ltd. is a national property and casualty insurer established with the approval of the State Council and China Insurance Regulatory Commission. It is also the only direct P&C insurance company under China Re Group. China Continent Insurance was established on October 15th, 2003 based in Shanghai, with registered capital of USD 2.2 billion. In 2018, the company achieved annual premium income of USD 6.2 billion, ranking the fifth in China.
China Continent Insurance achieved leaps forward in development in the sixteen years since its foundation, with a nationwide network of 35 provincial branches, one special sales unit, one shipping insurance operation center, one e-commerce company, and over 2,000 outlets at provincial, municipal, and county levels. From 2014 to 2018, the company was continuously rated by A.M. Best and received an “A” in both financial strength rating (FSR) and issuer credit rating (ICR) with stable outlooks. More information at http://www.ccic-net.com.cn/
eBaoTech is a technology solution provider to the global insurance industry and our mission is to “make insurance easy”. We do business in more than 30 countries globally, serving over 200 carriers and numerous agents, brokers, affinities, and InsurTech’s and others in the insurance ecosystem. Digital insurance is the coming wave and the insurance industry is moving into the API economy. eBaoTech provides solutions and services that enable digital insurance.
eBaoTech has been dedicated to insurtech innovation since its founding in 2000. In 2001, eBaoTech developed world’s first browser/server based insurance core system suite, leading the advent and adoption of Java-based 3G insurance IT. In 2015 eBaoTech launched the world’s first distributed, cloud-native and microservices based 4G insurance platform that provides a complete set of insurance APIs across an insurance policy’s full lifecycle for all mainstream insurance products. More information, please visit www.ebaotech.com.