Alibaba Cloud, the cloud computing subsidiary of Alibaba Group, has announced their new partnership with eBaoTech. This is a global forwards provider that deals with property and casualty insurance. The two have partnered up to bring a first to China, the eBaoCloud, with is an internet insurance cloud platform.
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The platform is going to enable those insurance companies out there who participate to check into the platform, much as you would check into a hotel. From there, once you check in you get numerous capabilities that will help to run your insurance platform better online. The good news is that the insurance company is not having to spend time to have their own system, as they are using the cloud for these services. There are already several companies who have signed up to utilize the eBaoCloud.
eBaoTech, CTO and General Manager, Weiliang Le, stated:
“It [eBaoCloud] enables insurance companies to take on the challenge of the internet age, shorten the process of product launch, manage hundreds of millions of orders every day, and support big data analytics.”
The Changing World of Insurance
Insurance companies are facing a tough market in which products are changing rapidly, customers want faster responses, and the entire market seems to be set on fast forward. Through the technology that Alibaba and eBaoTech are giving the market, insurance companies are going to find a new method for doing everything. Insurance companies are going to find that they are going to have a faster time frame for the introduction of new products, able to make adjustments based on the market response to said products, and still able to help customers providing high quality customer service, just as other internet companies are able to do.
General Manager of Alibaba Cloud, Min Xu, stated:
“In the past, it took three to six month for insurance companies to launch new products. After deploying the cloud platform, insurers can shorten the launch cycle to one to two weeks….The development and deployment costs will be reduced from hundreds of thousands to tens of thousands.”
The First Insurance Company on eBaoCloud
The first insurance company to utilize this cloud technology is Zhong An Insurance. Due to their using this system, during the Shopping Festival in November, they underwrote around 150 million policies. This is more than any other insurance company throughout China was able to write. They are giving the success of this event to their cloud technology.
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With results the results being seen from Zhong An Insurance, it is no doubt that several other insurance companies are going to turn to eBaoCloud for their internet needs. Those who do will find they are getting all the technical support and expertise provided by eBaoTech, while also getting the addition technical aspects of Alibaba Group.