SINGAPORE, Jan. 17, 2022 /PRNewswire/ — eBaoTech Corporation (eBaoTech), a world-leading digital insurance solution provider is pleased to share that Walaa Cooperative Insurance Company (Walaa), a top 5 insurer in Saudi Arabia successfully deployed eBaoTech’s DigitalCore™ platform and launched the first batch of products on the new platform. Walaa will use eBaoCloud® DigitalCore™ to manage all commercial and consumer lines of business to greatly improve its operation efficiency and obtain technology advancements in the digital age.
Walaa’s previous in-house developed policy admin system had been in use for over 10 years. Its insurance products were managed by multiple sub-systems. Walaa achieved over 21% revenue increase from 2019 to 2020 and realized that the legacy system needs replacement to achieve efficiency and to meet its growth aspirations for the coming decade and beyond. As such, Walaa was looking for a modern platform to centralize the management of all products and all policy admin processes from new business, party management, endorsement, claims, to reinsurance and which has strong and future proof digital capabilities.
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 capabilities: 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 short to two weeks
- Agile deployment approach: the decoupled platform architecture greatly accelerates the implementation progress
Business Highlights of the New Digital Platform:
- Supports quotation creation, policy issuance and 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
“As part of our overall digital transformation, we are excited to select eBaoTech’s DigitalCore as our next generation policy administration platform. 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.” commented by Johnson Varughese, CEO of Walaa Cooperative Insurance Company.
“We thank Walaa for their trust on 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. 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,” added by Tomek Bugajski, VP and General Manager of eBaoTech EMEA.
We take pride in introducing ourselves as one of the leading insurance and reinsurance companies in the Kingdom of Saudi Arabia with a fully paid-up Capital of SAR 646 million. We have been assigned an (A3) Insurance Financial Strength Rating (IFSR) with a stable outlook by Moody’s Investors Service, and rated by Standard & poor’s with a financial strength rating of A- and the Company has secured gcAA+ long term Gulf Cooperation Council Regional scale financial strength credit rating, indicating that we are on a robust core insurance platform and have a commendable degree of financial strength to honor our Policyholders’ obligations. https://www.walaa.com/
eBaoTech is a global leading technology provider for the global insurance industry. Our mission from starting in the year 2000 has been and remains to be “make insurance easy”. Through hard work and full commitment to customer success, eBaoTech has built a strong client base in over 30 countries/markets, covering general, life, and health insurances. Furthermore, eBaoTech’s intense and persistent focus on addressing the fundamental pain-points of insurance technologies through deep-tech innovation has yielded significant differentiation in the global marketplace. For more information, please visit the company website at www.eBaoTech.com and the PaaS enablement site at www.InsureMO.com