“Insurance 4.0 – Start of a Brand New Era” China Continent Insurance Officially Released Its Brand New Core Business System
On 18 January, “Insurance 4.0 – Start of a Brand New Era”, the conference on release of a brand new core business system of China Continent Insurance was held at its new office in Shanghai Tower, at which China Continent Insurance officially released its brand new core business system, leading the industry into a new era of Insurance Digitalization 4.0. Mr. Yuan Linjiang, Secretary of the Party Committee and Chairman of the Board of Directors of the Group Company and China Continent Insurance, Mr. Chen Yong, General Manager of China Continent Insurance, Mr. Li Xiaomin, Deputy General Manager of China Continent Insurance, and Mr. Liu Hong, Deputy General Manager of the Information Technology Center of the Group attended the launching ceremony.
Mr. Mo Yuanwu, Founder and President of eBaoTech, Mr. Zhu Wei, Global Co-President and Chairman of Greater China Area of Accenture and Mr. Li Qiao, Vice President and General Manager of Financial Business Department of New H3C Group, together with the representatives from over ten mainstream medias witnessed the launch of the new system at the conference.
In his speech, Mr. Chen Yong stated that “the emergence of new intelligent technology is making an impact on the global economy, under such background, insurers shall change their mindset and recognize that new technologies are not the threats to existing business but rather a “window of breakthrough” for the transformation and development of insurance industry. In response to such trend, China Continent Insurance made timely efforts to develop a brand new industry leading core system for insurance business, aiming to achieve groundbreaking enhancement in operation efficiency, management ability and service quality. Looking forward, China Continent Insurance will continue to respect the market and its customers, utilize new technologies to better serve its customers and facilitate the high quality development of insurance industry, thereby achieving mutual benefit among customers, insurers, partners and the industry.”
China.com.cn, Financial News, International Financial News, China Times, The Economic Observer, Tencent, Lanjing, Jiemian, Hexun, China Insurance News, Insurance Today and other mainstream medias in China attended the press interview after the conference.
To capture the opportunity of digital transformation driven by technology advance, China Continent Insurance started the new system development project based on the fourth generation of insurance technology on 26 July 2016, commenced trial run of the new system at the end of 2018, and officially released the system on 18 January 2019. With over 30 months of hard work, China Continent Insurance tackled different technical problems and successfully developed a brand new core business system in order to achieve advanced, intelligent, open and efficient operation, which set many domestic and worldwide precedents.
Deploying Applications within Minutes under the Structure of “Private Cloud + Microservices”
The brand new core business system of China Continent Insurance adopts the latest cloud structure. Unlike the process of traditional launch of new business that requires complicated application procedures to purchase servers, the new system operates under the structure of “Private Cloud + Microservices”, which enables the deployment of application by the establishment of virtual machine and the use of built-in application templates. The new system significantly reduces the time required for launch of new business from one or two weeks to several minutes, which satisfies the need of concurrent launches of large amount of business at the front end. The system security, scalability and reliability were significantly enhanced.
Innovative Product Factory Which Reduces the Time for New Product Development from One Month to Several Days
The built-on function of “Product Factory” in the new system may package the relevant information of insurance products based on their respective features, enable quick and personalized development based on customer’s demand, and satisfy the scenario-based, fragmented and personalized demand of insurance from customers with a comprehensive product portfolio. With the “Product Factory” function, it only takes two days to launch a new product which generally requires one month from development to launch in the industry. The new system set many precedents in the industry in terms of modularization, refinement, layering, scalability and market-oriented operation.
Open API which Reduces the Time for Channel Connection from Three Months to Three Days
Open API platform has become a gateway of communication and interactions between partners under the internet ecosystem. The new system opens standard API which provides orchestration flexibility to enable efficient channel connection at any time and intelligent communication and collaborative management throughout the channel. Open API reduces the time for channel connection from three months to three days, which secures a leading position in P&C insurance segment in terms of channel connection efficiency and significantly enhances the development potential for external cooperation.
Paying Attention to User Interaction and Enhancing the Interface Operation Efficiency by 40%
The simple and efficient working method increases the proportion of prefilled information from 40% to 85% and enhances the overall interface operation efficiency by 40%. With personalized system setting and upgraded user interface, the new system has delivered outstanding user experience.
With the launch of the brand new core business system, China Continent Insurance has made important progress in digitalization and led the industry into the era of Insurance 4.0 which marked the start of a new round of growth. China Continent Insurance will continue to make technological innovation and embrace the transformation, in hope of setting a successful example for the transformation of insurance industry in China and providing more inclusive, efficient and high quality insurance service experience to the customers.