NTUC Income of Singapore Successfully Implemented eBaoTech LifeSystem.
NTUC Income of Singapore has successfully cut over from its legacy life administration system to the new generation eBaoTech LifeSystem, with full data migration of both individual and group life insurance businesses. The new system will help NTUC Income reduce 50% of policy processing time and cost.
eBaoTech completed the new system customization and legacy data migration in a mere 9 month time. It is record breaking, according to an industry expert. It usually takes at least two years for system replacement with NTUC Income’s scale and complexity. Mr. Tan Kin Lian, the CEO of NTUC Income, was very excited about the fast implementation of the new eBaoTech LifeSystem, and he commented, “ As one of the largest life insurance companies in Singapore, with over one million policies in force and over 200 products supported, we did not treat replacing our aging HP3000 system lightly. We examined many world-leading systems and finally we settled with eBaoTech LifeSystem. And, you know what, now I can say for sure that we made the right decision! eBaoTech LifeSystem has the best straight through processing workflow and it is very flexible. It cuts our new product launch time from months to days. It also allows us to support agents, brokers, and customers to do online services easily. What is more delightful is that, in a short 9 month period, eBaoTech team not only managed to complete the customization for us but also succeeded in migrating both of our individual and group life insurance policies. I got a fantastic deal: the best system with much lower cost and much shorter implementation time. I have to say that this is a revolution. ” NTUC Income even used a full page advertisement in a major Singaporean newspaper to announce the adoption of eBaoTech LifeSystem to its cusomter.
NTUC Income is the largest insurance group in Singapore, with both life and general insurance business lines. In 2002, its life insurance ranked No. 2 in Singapore, and general insurance ranked No. 1, with over a million customers. In early 2002, after careful evaluations of most of the world class insurance software packages, NTUC Income decided to adopt three major systems from eBaoTech to totally replace its own life and general insurance legacy systems, the selected systems include eBaoTech LifeSystem, eBaoTech GeneralSystem, and eBaoTech AutoClaim. According to Mr. Tan, The major reasons why NTUC Income chose eBaoTech packages over the offerings of other major international suppliers are:
1. eBaoTech ’s new generation insurance systems adopt three tier open platform, and is developed with Java/J2EE technology, which makes the systems future-proof;
2. The systems’ customer centric design ensures one customer view across products and channels, and even between life and general insurance business lines;
3. The systems’ image-driven workflow adopts the best practices in the industry, and enables paperless straight through processing;
4. The software packages are highly modularized, it makes customization and future changes much easier to do;
5. The TOC (Total Ownership Cost) of eBaoTech packages are much lower than what other international vendors.
When talking about the successfully cooperation between NTUC Income and eBaoTech , Dr. Woody Mo, CEO of eBaoTech , said, “The successful implementation of the eBaoTech LifeSystem at NTUC Income proves that our systems are world class and our execution capabilities are unmatchable. As the provider of new generation of packaged insurance software, we are very confident that we will win in this competition.”
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