MSIG Mingtai Selects eBaoTech GeneralSystem Suite to Enable its Business Expansion and Growth
eBaoTech, the leading global software provider for the life and the property & casualty insurance industries, today announced that MSIG Mingtai Insurance Co., Ltd has selected eBaoTech® GeneralSystem Suite as its policy administration platform to manage all its personal and commercial insurance products.
MSIG Mingtai is Taiwan’s fourth largest non-life insurance company by premium income in 2012. After joining the Mitsui Sumitomo Insurance Group in 2005, the company’s overall financial strength became even more robust with the company achieving the highest score among domestic non-life insurers with a Taiwan Ratings score of TWAAA and an S&P’s rating of A+.
MSIG Mingtai’s existing policy management system is no longer able to support the company’s business growth, and, as a result, the insurer sought a fully scalable and upgradable software solution to support its multi-channel sales, improve its operational efficiency as well as help it keep pace with an industry demanding more flexible and timely product launches and provide customers with better products and services.
After a rigorous evaluation of the project and system, MSIG Mingtai selected eBaoTech’s all-in-one software solution taking eBaoTech’s many advantages into account:
- eBaoTech’s all-in-one GeneralSystem Suite supports the entire operation process of MSIG Mingtai’s product lines and improves the operational efficiency by providing centralized data processing.
- eBaoTech’s general insurance solution is highly productized and is able to meet 80% of insurers’ business needs; the latest version of GeneralSystem Suite with a new application integration interface can be easily integrated with other external systems and meets MSIG Mingtai’s IT system requirements as it grows its business.
- eBaoTech has strong and reliable system implementation and maintenance partner network in Taiwan ensuring the smooth deployment and operation of the project.
- Phase I of the system implementation is expected to complete in early 2015.
Commenting on the kick-off of the core system replacement, Jerro Cheng, General Manager at MSIG Mingtai Insurance said: “We will continue to focus on the innovation and improvement of our sales and marketing strategies, operation and service quality, offering the highest quality products and services to our customers while committing to meeting the needs of our customers as our ultimate goal. We believe eBaoTech’s software products will position us to achieve these strategic goals.”
Woody Mo, president and CEO of eBaoTech added: “It’s an honor that MSIG Mingtai Insurance has selected our property insurance core system. eBaoTech’s GeneralSystem has been deloyed by more than 20 P&C insurance clients across the Asia Pacific region. We will complete the deployment together with IBM and Chunghwa Telecom, pulling out all the stops to ensure the success of the project.”
The eBaoTech® GeneralSystem Suite supports the end-to-end business process of insurance companies and responds to their business needs in real time while providing centralized data processing and a customer-centric view. In addition, the system supports rapid adjustments to meet policy changes, with the identical system platform managing customer data across multiple product lines and sales channels.
Founded in 1961, MSIG Mingtai Insurance Co., Ltd started with a paid-in capital of only NT$15 million (approx. US$495,000) and premium income in its first year of NT$13 million (approx. US$429,000). After years of hard work, the company has gained high recognition among its customers. MSIG Mingtai’s capital totaled NT$2.5 billion (approx. US$82.5 million) as of the end of 2012, with its premium income exceeding NT$10 billion (approx. US$330 million), making it the fourth largest professional non-life insurance company in Taiwan. In September of 2005, MSIG Mingtai joined the Mitsui Sumitomo Insurance Group. In addition to its commitment to serving Taiwan’s domestic market, MSIG Mingtai plans to keep up with industry globalization and align with the business strategies of the Mitsui Sumitomo Insurance Group, extending the diversity of its insurance products and the high quality of its services around the globe while providing internationalized insurance services to Chinese-speaking customers worldwide. http://www.msig-mingtai.com.tw
With more than 100 installations in 32 countries at life and property & casualty carriers from AIG to Zhong An, eBaoTech leads the industry in global deployments, enabling “switch on” approaches that speed time-to-market from years to months and empowers business transformation through rapid replacement of legacy systems. Headquartered in Shanghai, eBaoTech has 1,000 employees and a worldwide partner network. www.ebaotech.com.
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