eBaoTech and Alibaba Cloud Launch World’s First Internet Insurance Cloud Platform
SHANGHAI, July 27, 2015 — eBaoTech, the leading global software provider for the life and property & casualty insurance industries, has announced its partnership with Alibaba Cloud, Alibaba Group‘s cloud computing subsidiary, to launch eBaoCloud, the world’s first internet insurance cloud platform. This platform enables insurers to “check in” like at a hotel and enjoy suites of standardized internet insurance capabilities without the need to self-build or deploy their own systems. Several insurance companies in China have signed up to launch insurance products on various relevant websites and apps based on eBaoCloud.
“eBaoCloud is a combination of Internet and insurance. It enables insurance companies to take on the challenges of the internet age, shorten the process of product launch, manage hundreds of millions of orders every day, and support big data analytics”, said Weiliang Le, CTO and general manager, Internet Insurance division, eBaoTech.
Rapid product deployment means very low cost of experimentation and market testing. Facing fast emerging market demands, insurance companies can introduce new products quickly and make strategic adjustments based on market response. This new way of fast iteration enables insurers to respond to market demand with new products like the way the internet companies do.
With a cloud approach, insurance companies can do business in a more flexible and efficient manner. “In the past, it took three to six months for insurance companies to launch new products. After deploying the cloud platform, insurers can shorten the launch cycle to one to two weeks.” said Min Xu, general manager, Alibaba Cloud. “The development and deployment costs will be reduced from hundreds of thousands to tens of thousands.”
Zhong An Insurance is the first insurance company to have its IT systems built on the cloud in China. Zhong An has set its core systems running on Alibaba Cloud. On November 11, 2014, the 11.11 Shopping Festival, Zhong An underwrote over 150 million policies, more than the overall number of other insurance companies in China.
eBaoTech is an award-winning, global leader in core insurance software by delivering significant business value to our customers worldwide from both life and property and casualty (or general) carriers. eBaoTech’s mission is to “make insurance easy”, by making insurance faster, better and cost-effective for all parties in the eco-system. With more than 150 installations in more than 30 countries, eBaoTech leads the industry in global deployments. Our “Rapid Customer Success” approach enables customers to accelerate time-to-market from years to months and empower business transformation through rapid replacement of legacy systems. http://www.ebaotech.com/.
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