eBaoTech, a global leading digitalized insurance solution provider is delighted to share that Walaa Cooperative Insurance firm, Saudi Arabia’s top 5 insurers have successfully enabled the deployment of eBaoTech’s DigitalCore Platform unveiling the first batch of the merchandise on the latest platform.
Walaa will utilize eBaoCloud Digital Core for managing all commercial, consumer lines of business for greatly improvising operational efficiency as well as obtaining technology advancements in the digital age.
According to Walaa, its previous in-house developed policy admin system had been in utilization for over a decade, and its insurance products were managed by multiple sub-systems. As per the firm’s reports, it has achieved an overall 21% revenue surge from 2019-2020 realizing that the legacy system needs replacement to achieve efficiency and to meet its growth aspirations for the coming decade and beyond.
eBaoTech\’s DigitalCore was finally selected being a globally proven digital platform with successful references in Saudi Arabian market:
Microservices-based architecture: Key components in DigitalCore are modularized and developed on a distributed architecture to provide needed scalability and elasticity to support Walaa\’s future business growth, channel expansion, and new technology adoption
API Prospects: DigitalCore uses RESTful APIs to power both internal-facing modules and as a default Open API platform to provide numerous insurance microservices to react to changing business needs while keeping the back-end capabilities standardized, stable and secure
Configurable products: DigitalCore enables new products to be launched shortly to two weeks
Agile deployment approach: the decoupled platform architecture greatly accelerates the implementation progress.
Additionally, Walaa was looking for a modern platform to centralize the management of all merchandise and all policy admin processes from new business, party management, endorsement, claims, to reinsurance and which has robust and future-proof digital capabilities.
Business Highlights of the New Digital Platform:
Supports quotation creation, policy issuance, endorsement, claims, and reinsurance
Offers role-based user authority and UI display
Automates underwriting rule check and configuration
Provides built-in interoperability across internal modules and with external ecosystems based on its cloud-native capabilities.
Johnson Varughese, CEO of Walaa Cooperative Insurance Company stated: “As part of our overall digital transformation, we are excited to select eBaoTech\’s DigitalCore as our next-generation policy administration platform.”
Johnson added: “We are confident that the new platform will bring technology advantages for us to operate much more efficiently, react much faster to market needs with the robust Product Factory, and become more open, innovative and flexible when engage with external ecosystem stakeholders with the decoupled system architecture.”
Tomek Bugajski, VP and General Manager of eBaoTech EMEA stated: “We thank Walaa for their trust in our platform and support to our team. It is amazing how well the teams from Walaa and eBaoTech have collaborated remotely throughout the whole implementation period and completed the deployment in 8 months.”
Tomek added: “The new platform will provide Walaa with strong technology advantages to keep a leading position in the mobile age. We are committed to being a long-term technology partner for Walaa to support their growth and success.”