(Image source: eBaoTech Corp.)
eBaoTech Corporation, a Shanghai-based global insurance solutions provider has announced the global launch of eBaoCloud InsureMO—Insurance Middle Office—after what the vendor characterizes as successful adoptions in China and several other markets in Asia Pacific and Europe. The vendor describes eBaoCloud InsureMO as providing an open-API platform to connect all parties in digital insurance ecosystem, and to bridge numerous channels and business scenarios to various traditional core systems of insurance companies.
The new offering’s key features include the following, by eBaoTech’s description:
Flexible product engine and microservices for insurance sales, service, and claims: Based on long experience of insurance core system work in 40 countries, eBaoCloud InsureMO contains and will continue to add and refine the basic APIs for insurance ecosystem, to enable the speed and cost expectation of coming digital era;
All mainstream insurance products supported and bundling enabled: From traditional life, general, and health insurance, to contextual or scenario based micro or even nano insurance products available for fast adjustment and bundling across all “boundaries” that used to be impossible to overcome
Cloud-native and microservices-based: Completely rewritten based on pure play internet and cloud architecture to ensure flexibility on par with world class internet companies to handle massive volume, variation, and velocity
Platform as a Service (PaaS): Both as public and private cloud offering, with strong developer support and access management and enablement via eBaoCloud Container and smooth integration to traditional core systems.
The eBaoCloud InsureMO platform first launched in China, followed by pilot markets in Asia Pacific and Europe, enjoying a successful rate of adoption, according to the vendor. There are currently roughly 100 tenants and over 1,000 insurance products being sold on eBao Cloud, including insurance companies, independent brokers with more than 20 thousand life insurance agents, car dealership companies with over 2 million of insurance policies sold per year, leading internet portal and ecommerce sites, and InsurTech startups, according to the vendor. Based on the success enjoyed so far, eBaoTech decided to launch the platform globally.
Accelerator to the Digital Insurance World
“The insurance industry’s traditional manner of adopting technology is far too slow and expensive,” asserts Woody Mo, CEO, eBaoTech. “Most core system within insurance companies are outdated, but changing the core system takes too long time and too much money. eBaoCloud InsureMO provides an accelerator to move to digital world almost in real time and at the same time supporting a more gradual transformation of insurers’ core systems.”
“We are seeking partnerships across the world for eBaoCloud InsureMO to collaborate on making connected insurance and inclusive insurance a reality,” Mo adds. “With InsureMO, you can insure more!”