Home AsiaChina YF Life Insurance is a Buy

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 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,” said Daryl Cheng. “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 optimization project and will continue to promote digitalization and increase our technology capabilities with eBaoTech as our partner.”

Dr. Woody Mo, CEO and President of eBaoTech Corporation added,”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 digitalization 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 honored to be chosen as YF Life’s long-term technology partner to continuously support their digitalization and technology evolvement in the future.”

About YF Life Insurance International Limited

YF Life Insurance International Limited is a member of the Yunfeng Financial Group, a HKEX-listed company, whose major shareholders include Yunfeng Financial Holdings Limited and Massachusetts Mutual Life Insurance Company, one of the “Five Largest US Life Insurance Companies.” Leveraging its solid reliability and robust financial background, YF Life is committed to creating a brighter future for customers by providing professional and technology-enhanced one-stop risk- and wealth-management consulting services, as well as MPF services.

Notes: Yunfeng Financial Holdings Limited and Massachusetts Mutual Life Insurance Company have indirect shareholding in Yunfeng Financial Group Limited. The “Five Largest US Life Insurance Companies” is ranked according to the aggregate results of “Insurance: Life, Health (Mutual)” and “Insurance: Life, Health (Stock)” on total revenues for 2019, and is based on the Fortune 500 as published on May 18, 2020.

About eBaoTech
eBaoTech® is a technology solution provider for global insurance industry. Our mission from start is to “make insurance easy”. We have business in more than 30 countries across all continents, serving numerous insurers, agents, brokers, InsurTech startups and others in the insurance ecosystem. eBaoTech offers two groups of solutions: eBao® Cloud including SaaS and PaaS solutions and eBao® Software for traditional insurance carriers’ core systems.  For more information, please visit www.ebaotech.com.

You may also like


Your Trusted Source for Capital Markets & Related News

© 2024 LiveTradingNews.com – For The Traders, By The Traders – All Right Reserved.

The information contained on this website shall not be construed as (i) an offer to purchase or sell, or the solicitation of an offer to purchase or sell, any securities or services, (ii) investment, legal, business or tax advice or an offer to provide such advice, or (iii) a basis for making any investment decision. An offering may only be made upon a qualified investor’s receipt not via this website of formal materials from the Knightsbridge an offering memorandum and subscription documentation (“offering materials”). In the case of any inconsistency between the information on this website and any such offering materials, the offering materials shall control. Securities shall not be offered or sold in any jurisdiction in which such offer or sale would be unlawful unless the requirements of the applicable laws of such jurisdiction have been satisfied. Any decision to invest in securities must be based solely upon the information set forth in the applicable offering materials, which should be read carefully by qualified investors prior to investing. An investment with Knightsbridge is not suitable or desirable for all investors; investors may lose all or a portion of the capital invested. Investors may be required to bear the financial risks of an investment for an indefinite period of time. Qualified investors are urged to consult with their own legal, financial and tax advisors before making any investment. Knightsbridge is a private investment firm that offers investment services to Qualified Investors, Members and Institutions ONLY. Qualified Investors are defined as individuals who have met those Qualifications in the relevant jurisdictions. Members are defined as individuals who have been accepted into the Knightsbridge membership program. Institutions are defined as entities such as banks, pension funds, and hedge funds. If you are not a Qualified Investor, Member or Institution, you are not eligible to invest with Knightsbridge. All investments involve risk, and there is no guarantee of profit. You may lose some or all of your investment. Past performance is not indicative of future results. Knightsbridge is not a registered investment advisor, and this disclaimer should not be construed as investment advice. Please consult with a qualified financial advisor before making any investment decisions. By accessing this website, you agree to the terms of this disclaimer. Thank you for your interest in Knightsbridge.