- Traditional Life: term, endowment, whole life, mortgage life, waiver of premium, and fixed annuity
- Investment Life: investment-linked, universal life, variable universal life, and variable annuity
- Accident and Health: accident, critical illness / dread disease, hospitalization, long term care, and major medical
Benefits at a Glance
Setting up your life insurance business on eBaoTech’s LifeSystem Suite brings a number of important advantages such as:
- All-in-one system with the component-based architecture to support the complete business operation.
- Faster time-to-market thanks to advanced configuration and integration capabilities.
- Improved customer service with straight-through claims processing.
- Lower operating costs as a result of easier software implementation, enhancement and maintenance.
- Global operations supported by multiple languages and currencies.
User Interface at a Glance
The user interface is designed to be intuitive and easy for employees, agents and brokers to navigate, and can be customized with the insurer’s logo or other design elements.
Integrated LifeSystem SalesPlatform Module
eBaoTech LifeSystem Suite consists of the following functional components: LifeSystem SalesPlatform, Policy Administration, Claims, Product Configurator, Underwriting, Channel Management, Finance, and Reinsurance.
eBaoTech® LifeSystem SalesPlatform (LSSP) for life insurance is a comprehensive platform that handles all agency and channel sales functions and then sends the data to the policy administration system.
LSSP is a comprehensive system accessible by agencies and channel partners. Agents use the LifeSystem SalesPlatform for case study, financial needs analysis, quotation, illustration, proposal submission, client management, policy reviews, and more.
eBaoTech® Policy Administration module for life insurance is a comprehensive platform that serves as the back-end policy data storage center.
The Policy Administration system includes the following functions:
- New Business Fulfillment
- Renewal Cycle
- Policy Change/Customer Service
- Survival, Maturity & Annuity Installment
eBaoTech® Claims module for life insurance is a platform that handles all claims processing.
Its service-oriented architecture allows easy integration into the most demanding IT environments. It can be deployed either as a pre-integrated part of eBaoTech’s LifeSystem Suite, or as a standalone module
Key benefits of the Claims system are:
- Customer-centric claim structure
- Highly flexible and automated claim processes
- Flexible claim formula setup
Claims system supports major and minor claims for all mainstream products.
eBaoTech® Product Configurator for life insurance accelerates the launch of new life insurance products through easy-to-use screens and tools.
Insurance product lines are designed to facilitate the development of product variations from already-launched products.
Formula-driven and table-driven calculations are built into highly intuitive Formula Management and Rule Management tools to support complex actuarial methods, including those of the most demanding advanced markets.
eBaoTech® Underwriting for life insurance helps insurers’ underwriters evaluate risk exposure, calculate premiums and issue policies.
Many underwriting rules and calculations are built-in, to reduce the amount of manual work in processing quotations and policy issuance. There are also embedded processes to enable manual overrides for special cases requiring further assessment.
The auto underwriting function lets the system automatically check those rules which are stable. Base on predefined rules in the Rules Management system and Workflow Engine, the system can separate different types of proposal.
eBaoTech® Channel Management for life insurance supports most of the general features in life insurance sales: performance, compensation, assessment, producer, hierarchy, policy.
Key benefits of this component are:
- Multiple sales channel support with flexible hierarchy
- Flexible compensation calculation with customization capability
- Rich functionalities
eBaoTech® Finance for life insurance is an insurance software solution for collection, payment and accounting and can be installed as a standalone system or as part of an end-to-end solution.
Functions supported in the Finance component are:
- ARAP: Account receivable and account payable
- Collection & Payment, including collection & payment, account transfer, offset, reverse
- Interfaces, including general ledger posting, direct debit, direct credit, CPF and lockbox/e-Banking
- Other Functions such as cash bank account management, fund price management and exchange rate management
eBaoTech® Reinsurance for life insurance supports reinsurance outwards business.
Key benefits of this component are:
- Collects data from new business, customer service, claims, etc. for reinsurance analysis
- Calculate the cession automatically and generate facultative disposal case automatically
- Centralize reinsurance operation in one component
- Reduce time-consuming paper work and calculation processing time
- Multi-currency support reinsurance calculation
All eBaoTech software products are based on N-tiered Java EE technology and Service-Oriented Architecture with modular components and rules-based automatic processing. Insurance products and process workflows can be configured through a graphical user interface, which is also configurable by the client using a visual editor.
eBaoTech Product Architecture Diagram
eBaoTech’s LifeSystem and its components are designed using the principles of Service Oriented Architecture to allow for easier integration with other applications.