Hanwha Life Selects eBaoTech LifeSystem for its Indonesia Business
eBaoTech, a leading software provider for the life and general insurance industry, is pleased to announce that Hanwha Life has selected eBaoTech LifeSystem as the Policy Administration System for its new business in Indonesia. This builds on the strong relationship of trust between eBaoTech and Hanwha Life, which has been running the LifeSystem solution for its Vietnam operations for several years.
Hanwha Life is the No. 2 life insurer in South Korea, and recently secured an 80 percent stake worth KRW 14 billion (US$1.3 million) in Indonesia-based Multicor Life Insurance PT. Hanwha Life is trusted by over 23,000 Indonesian customers and their families, and aims to become the leading Life Insurer in Indonesia.
eBaoTech® LifeSystem will be used to manage Hanwha Life’s traditional and investment linked life products. With eBaoTech’s standards-based and highly automated policy administration system, Hanwha Life business units will be able to rapidly launch new products and add sales channels. The system is expected to go live in September 2013.
“eBaoTech is honored to be selected by Hanwha Life again to help them achieve their strategic business objectives in the growing Indonesia market,” said Woody Mo, CEO and president of eBaoTech. “We are pleased to have earned the Hanwha Group’s continued trust, and we are committed to the success of this new project.”
“eBaoTech has a strong track record of implementation success in Indonesia,” added Francis Hyun, President and Director of Multicor Life. “We are impressed by eBaoTech’s insurance industry expertise and their solid understanding of the Indonesia market. We look forward to working together to achieve a successful implementation.”
eBaoTech LifeSystem is a comprehensive insurance software suite that gives insurers centralized data and a truly customer-centric view, which means that implementing regulatory changes is easier, and customer data across product lines and sales channels is available on one system.
About Hanwha Life (formerly Korea Life)
Founded in 1946, Hanwha Life Insurance is Korea’s first life insurance company. The total assets of Hanwha Life Insurance were KRW 49 trillion as of the close of the 2007 fiscal year, with total revenues of KRW 14.4324 trillion. Hanwha Life is ranked as the No. 2 life insurer in South Korea.
Since 1 Apr 2009, Hanwha Life has offered insurance products to Vietnamese customers, and now has operations in Indonesia. Hanwha Life is trusted by over 23,000 Indonesian customers and their families, and aims to become the leading Life Insurer in Indonesia.www.hanwhalife.com
eBaoTech delivers standards-based, highly configurable insurance software suites to both property and casualty (P&C) and life insurers. Its product offerings enable insurers to realize cost-effective, scalable, flexible and highly automated insurance operations in an ever-changing environment. With offices in eleven countries across Europe, Asia Pacific and the Americas, and installations in almost 30 countries, eBaoTech has extensive global presence to serve leading insurance companies. For more information, visit www.ebaotech.com
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