Creating cloud-based health insurance with Internet thinking

SHANGHAI, June 1, 2017 — eBaoTech Corporation, a leading digital solutions provider for the global insurance industry announced today that Answern Property & Casualty Insurance Co., Ltd (“Answern”) has completed deployment of the eBaoTech Accident & Health Insurance System on Cloud. The system will enable in-depth connectivity of Answern and the digital insurance ecosystem, and support the company conduct health insurance business.

Answern is one of the first three innovative Internet insurance companies approved for establishment by the CIRC. Answern is committed to creating innovative insurance products and improving its product portfolio by integrating Internet thinking. In terms of product design, it follows a “positive incentive” approach, and is expanding the connotations and applications of the loss compensation principle to meet new demands for risk protection arising from social development. Its product development is focused on four areas: scenario-based fragmented products, Internet-based traditional insurance products, health insurance, and credit insurance.

Commenting on the selection of the eBaoTech Accident & Health Insurance System, Mr. Zhong Cheng, president of Answern, said, “Answern adheres to the unique philosophy of ‘simple insurance.’ By building a cloud-based core business system, it seeks to take full advantage of the mobile Internet, Big Data, artificial intelligence and cloud computing, and re-engineer the entire business process from marketing channels and product design to operation management. The aim is to simplify policy terms and conditions, ensure the transparency of claim settlement, make insurance concepts understandable, and offer customers simple products that are easy to understand, convenient to purchase and quick to pay out claims. The eBaoTech Accident & Health Insurance System fully meets our requirements for an accident and health insurance core business system in terms of connectivity, scalability, efficiency and cloud support. With the powerful configuration capability of the system’s ‘Product Factory,’ it takes only a few days for us to launch a new product. We are now innovating at the speed of an Internet company.”

The eBaoTech Accident & Health Insurance System can be integrated easily with peripheral systems, and supports and drives business process optimization to achieve business targets. Through comprehensive, flexible and highly configurable product services, the system provides effective support for the entire accident and health insurance business process, including new business, issuance, renewal, and claim settlement. It supports a wide range of insurance, including short-term accident insurance, long-term care insurance, disability income insurance, hospitalization, medical expense coverage, critical illness insurance and medium-to-high-end health insurance. The eBaoTech Accident & Health Insurance System can also be deployed as a subsystem of a core policy management system.

Dr. Woody Mo, President of eBaoTech, said, “Answern’s unique philosophy of ‘simple insurance’ is highly aligned with our company’s mission to ‘make insurance easy’. We are very honored to become Answern’s technology partner and support the company carry out innovative health insurance business. Cooperation with Answern has also enriched the functions of eBaoTech’s core systems in the health insurance field. “

About Answern Property & Casualty Insurance Co., Ltd
Answern Property & Casualty Insurance Co., Ltd is one of the first three innovative Internet insurance companies whose establishment was approved on June 26, 2015 by the China Insurance Regulatory Commission following the proposal of the national “Internet+” strategy. The Company was incorporated by seven shareholders, including Beijing Honghai Mingzhu Software Technology Co., Ltd. and Ximeng Real Estate Co., Ltd. Based in Beijing, the Company has a registered capital of RMB1 billion.

Answern adheres to a unique “simple insurance” philosophy and takes a customer-oriented approach. To solve persistent industry ills, such as policy terms that are hard to understand and difficulties in getting claims settled, it has built a cloud-based core business system. The company seeks to fully exploit mobile Internet, Big Data, artificial intelligence and cloud computing, and re-engineer the entire business process from marketing channels and product design to operation management, with an aim to simplify the terms and conditions, ensure the transparency of claim settlement, make insurance concepts understandable, and offer customers simple products that are easy to understand, convenient to purchase and quick to pay out claims. www.answern.com

About eBaoTech
eBaoTech’s mission is “make insurance easy”. Since its founding in year 2000, eBaoTech has grown fast and today has business in more than 30 countries globally, serving more than a hundred carriers and numerous agents, brokers, and other ecosystem players. Digital insurance is the coming wave. In eBaoTech view, digital insurance means connected insurance. To enable connected insurance, eBaoTech offers two groups of solutions: eBao Cloud and eBao Software.

eBao Cloud is an Open API platform to provide real connectivity and enablement for insurers, traditional channels, affinity partners, and FinTech startups. eBao Software mainly includes core system suites for life, general, and health insurers as well re-insurers. For more information, please visit www.ebaotech.com.