eBaoTech Receives XCelent Functionality Award for its LifeSystem Suite
LifeSystem awarded for its breadth of functionality
May 6, 2014 – SHANGHAI – eBaoTech, a global software provider for the life and property & casualty insurance industry, today announced it has received the XCelent Functionality award for its LifeSystem Suite, a complete policy administration software solution for life insurance carriers.
Celent’s new report, Asia-Pacific Policy Administration Systems 2013 – Life, Annuities, and Health ABCD Vendor View profiled 22 policy administration systems (PAS) in use or being marketed for Asia-Pacific life, health and annuities products and reviewed each vendor’s system against the technology, functionality and services demanded by life insurers.
“The XCelent awards identify the leaders in insurance technology that best help insurers manage the growing complexity of the life insurance business,” said Wenli Yuan, a senior analyst in Celent’s Asian Financial Services Group and the author of the new Celent report. “And as insurers’ customers, agents and brokers demand faster interaction times the pressure will only increase on their policy administration systems to operate in real-time.”
eBaoTech serves life insurers in more than 30 countries globally. Clients in Asia Pacific region include ACE Life, Ageas, Asahi Life, Dah Sing Life, Prudential, Samsung Life, Taiping Life and NTUC Income, among others.
“We are honored to receive the XCelent Functionality award in Celent’s APAC PAS report,” said Woody Mo, president and CEO of eBaoTech. “Life insurers in Asia Pacific need a modern core system to support their business growth and multi-channel demands along with improving their time-to-market, and operational efficiencies.”
eBaoTech LifeSystem is a comprehensive insurance software suite that is specifically designed to deliver real-time results. It is an all-in-one system that provides centralized data and a truly customer-centric view, which means that implementing new regulatory changes is easier, and customer data across product lines and sales channels is available on one system. In addition, implementation time is shorter, and system setup and maintenance costs are lower.
Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is part of Marsh & McLennan Companies [NYSE: MMC].
eBaoTech accelerates growth for insurers. The company’s end-to-end core system reduces complexity with product standardization and multi-channel management, best practice workflows that streamline operations, connected software for compliance and information consistency, and any user/any device accessibility to improve quality of experience.
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, eBao has 1,000 employees and a worldwide partner network. www.ebaotech.com.
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