YF Life Insurance International (YF Life) and eBaoTech Corporation (eBaoTech) have announced the launch of their new policy management system for YF Life, replacing a legacy core system which had been in use for many years.
The new core system, eBaoTech LifeSystem Suite, is now used to support all YF Life Hong Kong- and Macau-based business lines. YF Life is a technology-enhanced insurance and wealth-management company and a member of the Yunfeng Financial Group.
Commenting on the launch, YF Life senior vice president of management information systems said, “Besides operational efficiency improvement, the new core system will also enable YF Life to connect efficiently with external technologies and ecosystems, integrate with both online and offline channels, and improve the user experience for both policyholders and agents, laying a solid technology foundation for the provision of flexible, innovative insurance products and services in the future.”
Since going live in February this year, the new system has migrated approximately 1m policies, reduced new product launch lead time to 5-7 days, and currently supports over 80 insurance and wealth management solutions including life insurance, universal life insurance, investment-linked insurance, annuity, accident insurance, medical insurance and critical illness insurance.
“An advanced core system is the key to staying ahead in a competitive insurance industry. Core replacement is a desirable and valuable investment,” said Mr Cheng.