Over the last year, Aegon Life has strengthened its position as a digital insurer by leveraging eBaoCloud’s InsureMO on AWS to gain speed and agility(eBaoCloud )
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.
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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.
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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.
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