HONG KONG, April 25, 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 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