eBaoTech, a global leading digital insurance solution provider recently announced that China Continent Insurance Company (CCIC), the number 5 general insurer in China with USD 6.2B premium in 2018, completed the third and the final batch of rolling out eBaoCloud DigitalCore, powered by InsureMO, an insurance middleware. The first launch of two pilot regional branches was done in December 2018, followed by another batch in May 2019, and the final rollout nationwide was successfully done in July 2019.
eBaoCloud DigitalCore is now supporting the entire business of CCIC nationwide in China. This is globally the first and the only large scale general insurance company with all mainstream insurance products running completely on a commercially available microservices core platform.
The coming digital insurance demands cloud-native and microservices based core platform to manage the massive volume, variation, and velocity. Many insurers have started or plan to start the journey to adopt next generation technology. CCIC has taken a bold move and the joint team of CCIC and eBaoTech executed perfectly to achieve this historical success. In the first 8 months of operations, the new microservices based platform operated smoothly, business operation has been well supported and business values are truly delivered. This fully demonstrated the maturity and reliability of eBaoCloud InsureMO as an insurance industry middleware.
Some key facts below:
- Kicked off in May 2017 and completed in July 2019, within 26 months the new platform replaced 15 legacy systems
- Around 70 million of policies were migrated, with perfectly smooth operation post migration
- Supports 300+ insurance products, including all the general insurance business lines of auto, A&H, property, liability, marine, engineering, etc.
- Daily policy issuance as high as 300,000
- Around 140,000 users including 70,000 from partners are using the platform actively
- New product launch is shortened to 2 days
- New channel integration is shortened to 1-3 days
- Uploading a group policy of 100,000+ members takes 2 minutes
- Elastic search of 50 million of policies takes less than 1 second
"Our new core system is based on 'microservices + cloud' architecture and we believe it represents the main direction of future core system technology. We are very proud that we completed a mission seemed impossible. Most legacy replacement projects take 3-5 years to complete and ours took two years and half. Furthermore, many other new technologies were introduced in this project, such as a complete set of DevOps tool, helping us to stick on project timeline and ensure project quality,” commented by Chen Yong, General Manager of CCIC.
"We are so excited that CCIC and eBaoTech jointly achieved a historical milestone: globally the first large scale and full line of business general insurer to run its entire businesses on a cloud-native and microservices based core platform, proving that eBaoCloud DigitalCore, the next generation system is mature ,” added by Woody Mo, CEO of eBaoTech.
About China Continent Insurance Co.
China Continent Insurance Co., Ltd. is a national property and casualty insurer established with the approval of the State Council and China Insurance Regulatory Commission. It is also the only direct P&C insurance company under China Re Group. China Continent Insurance was established on October 15th, 2003 based in Shanghai, with registered capital of USD 2.2 billion. In 2018, the company achieved annual premium income of USD 6.2 billion, ranking the fifth in China.
China Continent Insurance achieved leaps forward in development in the sixteen years since its foundation, with a nationwide network of 35 provincial branches, one special sales unit, one shipping insurance operation center, one e-commerce company, and over 2,000 outlets at provincial, municipal, and county levels. From 2014 to 2018, the company was continuously rated by A.M. Best and received an “A” in both financial strength rating (FSR) and issuer credit rating (ICR) with stable outlooks. More information at http://www.ccic-net.com.cn/
eBaoTech is a digital solution provider to the global insurance industry and our mission is to "make insurance easy". We do business in more than 30 countries globally, serving over 200 carriers and numerous agents, brokers, InsurTech's and others in the insurance ecosystem. Digital insurance is the coming wave and the insurance industry is moving into the API economy. eBaoTech provides solutions and services that enable digital insurance.
eBaoTech has been dedicated to insurtech innovation since its founding in 2000. In 2001, eBaoTech developed world's first browser/server based insurance core system suite, leading the advent and adoption of Java-based 3G insurance IT. In 2015 eBaoTech launched the world's first distributed, cloud-native and microservices based 4G insurance platform that provides a complete set of insurance APIs across an insurance policy's full lifecycle. eBaoTech offers a cloud based solution that enables digital insurance and enterprise level core system insurance software. We make insurance easy. More information, please visit www.ebaotech.com.