eBaoTech Corporation (eBaoTech), a global leader in digital insurance solutions, announced that Aegon Life has joined more than 10 new clients across the US, Brazil, India, Botswana, Philippines, Indonesia, and Singapore – ranging from insurance carriers, insurtech startups, and digital channel partners – that have turned to InsureMO™ on Amazon Web Services (AWS) for increased agility and innovation, including faster product launches and new channel integrations.
Aegon Life India chose InsureMO on AWS, to help extend investments in core systems without wholesale replacement of those systems. 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 modernization 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 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.
eBaoCloud® InsureMO™ platform is based on a microservices architecture and contains common APIs needed to manage the whole lifecycle of General (P&C), Life, and Health insurance policies. This includes quotation, illustration, underwriting, payment, and claims. The platform can seamlessly integrate with external applications and services such as Optical Character Recognition (OCR), voice recognition, payment, and location by API calls. InsureMO also supports third parties to develop APIs and register on InsureMO. The availability of templates enables product configuration and speed. Currently, over 3,000 products templates from over 120 insurance companies across more than 10 countries have been configured on eBaoCloud InsureMO.
“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,” Rajat Sharma, Corporate VP and Head of Sales and Strategy commented, “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.”
InsureMO’s first client in India, Douglas Kennedy, Chief Technology Officer, Aegon Life Insurance 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, Inc. 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.”
eBaoTech holds AWS Financial Services Competency status and is an Advanced Technology Partner in the AWS Partner Network (APN). Achieving the AWS Financial Services Competency differentiates eBaoTech as an APN member that possesses deep industry expertise, solutions designed with AWS architectural best practices, and staff with AWS certifications. APN Partners are vetted, validated, and verified against a high bar to achieve the AWS Competency designation.
