eBaoCloud looks to InsureMO to Accelerate Insurance Customer Growth
eBaoTech Corporation (eBaoTech), a global leader in digital insurance solutions, has announced that Aegon Life has joined InsureMO™ on Amazon Web Services (AWS).
The addition of Aegon Life means that it has joined more than 10 new clients across the US, Brazil, India, Botswana, Philippines, Indonesia, and Singapore - ranging from insurance carriers, InsureTech start-ups, and digital channel partners – who have looked to InsureMO™ or increased agility and innovation, including faster product launches and new channel integrations, eBaoTech said in a press release.
Aegon Life India chose InsureMO™ on AWS to help extend investments in core systems without wholesale replacement of those systems, read the press statement. Core systems are often a barrier to digital innovation, new products across new channels delivering a better user experience, and replacing them is often too costly and time consuming.
eBaoCloud InsureMO™ provides an API-based modernisation layer around core systems that enables configuration of new insurance policy types, integration to new channels and partners, and rapid development and deployment of new products with low launch costs that drive new policy volumes at scale. For example, Aegon Life was able to launch its group platform with an eCommerce company within six weeks, which otherwise would have taken months.
Additional benefits for Aegon Life, according to the press release, include:
- Multiple lines of businesses running off a single platform enabled by InsureMO™
- API support for distribution partners willing to do servicing beyond just sales (making Aegon Life one of a few carriers capable of providing this type of support)
- Shortening new product launches from months to 2-3 weeks
- Launching new insurance plans for affinity partners in less than a day
- Reducing the partner onboarding process from weeks to 1-3 days
All of these benefits are enabled by the scale, resiliency, and agility AWS offers, said the firm.
Rajat Sharma, Corporate VP and Head of Sales and Strategy, eBaoTech, said: “The term 'Digital Transformation' in insurance is no longer about just replacing your legacy core with a modern core system. The need is to package and launch products in matter of days and connect to multiple channels. eBaoCloud’s InsureMO platform solves the same problem with the '3V' proposition (massive Volume, Velocity and Variation) without waiting for legacy core replacements and driving API-led connectivity to enable any insurance scenarios from Life, General, Group, and Health.”
“We are very excited to work with AWS and rely on them, with the broadest global presence, to quickly roll out InsureMO during this critical industry revolution era,” he continued.
Douglas Kennedy, Chief Technology Officer, Aegon Life Insurance, and InsureMO's first client in India, said: “We are delighted to be included in the first wave of partnerships for eBaoCloud InsureMO on AWS in India. This association will help us continue to be the differentiators in the industry and achieve greater speed to market and speed to value. The first launch of our group platform with an eCommerce player was achieved within six weeks of signing our partnership with eBaoTech demonstrating by having the right teams, right architecture, right vision you can run at great speed.”
Ralph Severini, Global Strategy Lead, AWS Insurance Independent Software Vendors, Amazon Web Services, said: “AWS is delighted to support eBaoTech as they leverage the agility and scale of the cloud to bring new and innovative products to market faster with the goal of providing richer experiences for their customers. AWS's collaboration with eBao provides Aegon Life with the foundation to achieve accelerated growth at scale and support expedited policy delivery, which their customers have come to expect.”
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