eBaoTech Congratulates its Customer VSure.life on Launching as Malaysia's first On-Demand Lifestyle Digital Insurer
eBaoTech Corporation (eBaoTech), a world-leading digital insurance solution provider is honored to share that its customer,
SINGAPORE, Sept. 7, 2021 /PRNewswire/ -- Malaysia-based VSure.life (VSure) became the country's first on-demand lifestyle digital insurer approved by Malaysia's Financial Industry Regulator – the Central Bank of Malaysia (Bank Negara Malaysia). eBaoTech is very proud to support VSure's business launch as a technology partner with its PaaS solution, InsureMO®.
Over the coming months, VSure will be introducing a series of on-demand protection solutions with the pay-per-use feature which reflects its commitment to making protection truly accessible, and contributing to a future where protection can be inclusive and a second nature for all.
VSure adopted InsureMO as a technology enablement platform to support VSure's end to end policy user journey, from purchasing to claim, providing seamless/easy to understand, and a stress-free user experience that accommodates the unique and dynamic modern lifestyles of Malaysians. The OpEx (operating expenses or expenditure) commercial model and the public cloud/microservice based architecture provide strong business agility and scalability to VSure.
VSure's protection plans are available exclusively on its digital platforms, via its website (www.vsure.life) and the VSure mobile app (available on both Apple App Store and Google Play Store). Leveraging the APIs from InsureMO for policy issuance and administration, to claims submission and claims status update direct to the customers, VSure offers its customers with more coverage plans from Life, Health & Medical, Home, Personal Accident, Travel, Motor to Takaful provided by other local insurers and will expand to more affinity channels such as banks, ecommerce websites, OTAs, etc.
"On behalf of VSure, we would like to thank the eBaoTech team for all their hard work, commitment and innovative ideas on the development of the mobile solution. The formal business launch in Malaysia is a very important milestone and momentous occasion for VSure. This is just the beginning of our journey and there will certainly be more enhancements to come as continuously enhance our offerings for the dynamic modern lifestyles of consumers, with the introduction of more products and features. We look forward to a continuous and fruitful collaboration with eBaoTech," commented by Jason Ho, Co-Founder and Chief Operating Officer of VSure.life. One of the main reasons VSure chose InsureMO is because it allows VSure to create and introduce insurance products faster, and its ability to easily and quickly integrate with many different platforms.
"We are so excited to support VSure's business launch. eBaoTech has a company mission to 'make insurance easy'. The two companies share same mission to provide inclusive insurance to people at all levels with the power of digitization. By working together, we anticipate to offer more cost-effective coverage plans, more product variations/options and slicker digital insurance experience to Malaysians," added by Woody Mo, CEO and founder of eBaoTech.
InsureMO is an insurance middleware platform for insurers, traditional channels, new affinity channels, InsurTechs and start-ups; enabling use cases for any product and channel. As a PaaS platform, InsureMO is the chip enabling easy and fast digitization of insurance applications, APIs and ecosystems allowing insurers and channels to connect products. Solution providers, InsurTechs, and tech companies can integrate digital insurance software, while distributors connect insurance apps – all at lightning speed. From nimble start-ups to $7bn insurers and over 300 global implementations, InsureMO is a proven enterprise-level solution. Explore or sign up now at InsureMO.com
VSure.life (VSure) is Malaysia's first lifestyle protection partner that aspires to be the leading Digital insurer in Southeast Asia. Founded in 2018, VSure takes pride in celebrating the evolving modern lifestyles of consumers by continuously reimagining protection to be more accessible, envisioning a future where protection is inclusive and becomes a second nature for everyone. To find out more about VSure, visit their website at www.vsure.life
eBaoTech is a global leading technology provider for the global insurance industry. Our mission from starting in the year 2000 has been and remains to be "make insurance easy". Through hard work and full commitment to customer success, eBaoTech has built a strong client base in around 30 countries or markets, covering general, life, and health insurances. Furthermore, eBaoTech's intense and persistent focus on addressing the fundamental pain-points of insurance technologies through deep-tech innovation has yielded significant differentiation in the global marketplace. For more information, please visit the company website at www.eBaoTech.com and the PaaS enablement site at www.InsureMO.com
HONG KONG, April 26, 2021 /PRNewswire/ -- eBaoTech Corporation (eBaoTech), a world-leading digital insurance solution provider, and YF Life Insurance International Ltd. (YF Life), a leading Hong Kong insurance company, are proud to announce the successful launch of their new policy management system for YF Life, replacing a legacy core system which had been in use for many years. The new core system, eBaoTech® LifeSystem Suite, is now used to support all YF Life Hong Kong- and Macau-based business lines.
YF Life Accelerates its Digitalization with Official Launch of eBaoTech Core System Platform
YF Life is a technology-enhanced insurance and wealth-management company and a member of the Yunfeng Financial Group, a HKEX-listed company. The company has been operating in the Hong Kong insurance market for over 40 years and is committed to providing customers with one-stop risk- and wealth-management consulting services, as well as MPF services. YF Life offers flexible and innovative insurance solutions, such as the award-winning lifetime annuity plan. Thanks to its unique product advantages, YF Life is the only company in Hong Kong to have been recognized as Best-in-Class/Outstanding Achiever for Annuity Plan and Retirement Product in the BENCHMARK Wealth Management Awards for nine consecutive years.
With Yunfeng Financial's long-term vision for sustained fintech innovation, and in order to drive digital transformation, YF Life has adopted a range of new technologies, including cloud computing, artificial intelligence, big data, innovative sales channels, and smart customer services. Daryl Cheng, Senior Vice President of Management Information Systems at YF Life commented, "Besides operational efficiency improvement, the new core system will also enable YF Life to efficiently connect with external technologies and ecosystems, integrate with both online and offline channels, and improve the user experience for both policyholders and agents, laying a solid technology foundation for the provision of flexible, innovative insurance products and services in the future."
During the initial two months of operation, the new core system has already delivered strong business values, operating smoothly and effectively in supporting YF Life's business growth. This is testament to the reliability and maturity of eBaoTech as a leading insurance core system and digital solution provider.
Some key data are as follows:
- User Acceptance Testing was completed in October 2020. The whole system went live in February 2021, replacing the legacy core system and is fully connected with 26 subsystems at YF Life.
- Migrated approximately 1 million policies, since when the new system has been operating smoothly
- Supports over 80 insurance and wealth management solutions, covering life insurance, universal life insurance, investment-linked insurance, annuity, accident insurance, medical insurance, critical illness insurance, etc.
- New product launch lead time is reduced to 5-7 days
"We are committed to providing the ultimate customer experience through the use of fintech and the provision of high-quality services," said Daryl Cheng. "An advanced core system is the key to staying ahead in a competitive insurance industry. Core replacement is a desirable and valuable investment. We believe that the new system will inject new momentum into the business and further improve service efficiency. We are pleased to have adopted eBaoTech's core system as part of our optimization project and will continue to promote digitalization and increase our technology capabilities with eBaoTech as our partner."
Dr. Woody Mo, CEO and President of eBaoTech Corporation added,"eBaoTech has been serving insurance companies in Hong Kong for many years. We are proud to provide software and services to 8 insurance companies in Hong Kong. Through the YF Life core system digitalization project, we at eBaoTech have also enhanced our product capabilities to better support local product lines, functions and processes in the Hong Kong market. We are honored to be chosen as YF Life's long-term technology partner to continuously support their digitalization and technology evolvement in the future."
About YF Life Insurance International Limited
YF Life Insurance International Limited is a member of the Yunfeng Financial Group, a HKEX-listed company, whose major shareholders include Yunfeng Financial Holdings Limited and Massachusetts Mutual Life Insurance Company, one of the "Five Largest US Life Insurance Companies." Leveraging its solid reliability and robust financial background, YF Life is committed to creating a brighter future for customers by providing professional and technology-enhanced one-stop risk- and wealth-management consulting services, as well as MPF services.
Notes: Yunfeng Financial Holdings Limited and Massachusetts Mutual Life Insurance Company have indirect shareholding in Yunfeng Financial Group Limited. The "Five Largest US Life Insurance Companies" is ranked according to the aggregate results of "Insurance: Life, Health (Mutual)" and "Insurance: Life, Health (Stock)" on total revenues for 2019, and is based on the Fortune 500 as published on May 18, 2020.
eBaoTech® is a technology solution provider for global insurance industry. Our mission from start is to "make insurance easy". We have business in more than 30 countries across all continents, serving numerous insurers, agents, brokers, InsurTech startups and others in the insurance ecosystem. eBaoTech offers two groups of solutions: eBao® Cloud including SaaS and PaaS solutions and eBao® Software for traditional insurance carriers' core systems. For more information, please visit www.ebaotech.com.