YF Life and eBaoTech launch new policy management system

By Leandra Monteiro

eBaoTech Corporation (eBaoTech), a digital insurance solution provider, and YF Life Insurance International Ltd. (YF Life), a Hong Kong insurance company announced the 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 provides customers with wealth-management consulting services, as well as MPF services. YF Life offers flexible insurance solutions, such as the lifetime annuity plan.

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.”

“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.”