Aegon Life on-boards eBaoTech to drive Innovation in digital insurance
Aegon Life Insurance, an Indian Digital Insurance company, has partnered with digital insurance solutions provider eBaoTech to support the strategy of integration with the e-Commerce partners. Backed by eBaoTech’s middle-office platform, eBaoCloud InsureMO, Aegon Life’s digital platform has been termed as Headless Manufacturer.
With their Digital-first approach, Aegon Life aimed at facilitating ease of buying and providing a superior experience to their customers. The partnership with eBaoCloud InsureMO will empower Aegon Life to build a cloud-based, microservices and event-driven architecture that provisions a scalable backbone for high-volume and high-velocity eCommerce channels.
eBaoCloud InsureMO is a middle office platform for the insurance industry. It is an open API platform of fast innovation and deep connectivity, digitally enabling all parties ranging from insurance carriers, brokers, agents, MGA, affinity channels, to InsurTech startups. InsureMO allows traditional core systems of insurance organizations to extend and connect to every digital and conventional channel by offering a full set of insurance microservices across all general, life, group and health products and processes.
Speaking on this association, Douglas Kennedy, Chief Technology Officer, Aegon Life Insurance said, “We are delighted to be included in the first wave of partnerships for eBaoCloud InsureMO in India. This association will help us continue to be the differentiators in the industry and achieve greater speed to market and speed to value. The first launch of our group platform with an eCommerce player was achieved within six weeks of signing our partnership with eBaoTech demonstrating by having the right teams, right architecture, and the right vision you can run at great speed.”
He further added, “From a customer’s perspective we will seamlessly be able to offer a wide range of products and service them regardless of which channel they come from. This will allow Aegon Life Insurance to support volume business from a wide range of diverse sources all running in real time and giving a seamless experience.”
Woody Mo, CEO of eBaoTech said, “We are very honored to have Aegon Life as the first live tenant of InsureMO in India. eBaoTech with its continued focus on “make insurance easy” now provides eBaoCloud InsureMO, a truly microservices-based API platform, for rapid digitization in the Insurance sector. It is targeted as insurance middleware as well as connectivity hub to provide a one-stop platform of real-time innovation by insurers, channels, new digital affinities, and InsurTech companies and other technology vendors. We look forward to working with Aegon Life to provide more innovative products and advanced digital insurance experience to the policyholders in the fast-growing India market."
