Swiss biweekly publication Netzwoche writes in a German article about the upcoming replacement and standardization wave in insurance applications which has already happened in banking, and highlights eBaoTech as a potential contender for market leadership in insurance.

The report highlights the following main points:

The insurance software market is where the banking IT market was ten years ago: Ready for a wave of industrialization. Banks have spent in the last few years a lot of money to streamline, standardize and upgrade their systems, while insurers still have highly complex and inefficient IT environments with multiple systems which are mostly in-house-built . According to a survey by the University of St. Gallen among 400 German-speaking insurance managers, 36% said that the biggest strategic challenge for them was the streamlining of processes. Many respondents cited that one of the main reasons for the slow replacement has been the lack of convincing standard solutions, as many CIOs have argued. For example in Switzerland, the banking industry has two standard solutions to chose from – Avaloq and Finnova – which have emerged as a standard, while in insurance nobody has reached that position yet. Adcubum group in St. Gallen, focused on health insurance, wants to expand into that market, while others are offering tools for modernization. However, Comit and other industry experts bet on someone else: eBaoTech, a young company from Asia, with its European Head office in Zurich. eBaoTech is eight years old, headed in Europe by Daniel Adamec, a former Winterthur CFO. It recently strengthened the management team with Daniel Wenger, a former SAP insurance director. The company has a modern, modular and web-based solution written in J2EE, and has with Swiss Life and Zurich already two Swiss insurance clients. Industry experts believe that the replacement wave and the move to packages will happen, but a few pioneers need to establish a reference model first.

Please click here to see the article in German.