YF Life Accelerates its Digitalisation with Official Launch of eBaoTech Core System Platform

eBaoTech Corporation (eBaoTech), a digital insurance solution provider, and YF Life Insurance International Ltd. (YF Life), a Hong Kong insurance company, have announced 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, the firms reported in a press release.

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 recognised 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, YF Life, said: “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. 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 optimisation project and will continue to promote digitalisation and increase our technology capabilities with eBaoTech as our partner,” said Cheng.

Woody Mo, CEO and President, eBaoTech Corporation, said: “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 digitalisation 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 honoured to be chosen as YF Life's long-term technology partner to continuously support their digitalisation and technology evolvement in the future.”