To further drive digital transformation, YF Life has adopted a range of new technologies, including cloud computing, artificial intelligence, big data, innovative sales channels, and smart customer services.
Daryl Cheng, senior vice president of Management Information Systems at YF Life commented, "Besides operational efficiency improvement, the new core system will also enable YF Life to efficiently connect with external technologies and ecosystems, integrate with both online and offline channels, and improve the user experience for both policyholders and agents, laying a solid technology foundation for the provision of flexible, innovative insurance products and services in the future."
During the initial two months of operation, the new core system has already delivered strong business values, operating smoothly and effectively in supporting YF Life's business growth.
Some key data are as follows:
- User acceptance testing was completed in October 2020. The whole system went live in February 2021, replacing the legacy core system and is fully connected with 26 subsystems at YF Life.
- Migrated approximately 1 million policies, since when the new system has been operating smoothly
- Supports over 80 insurance and wealth management solutions, covering life insurance, universal life insurance, investment-linked insurance, annuity, accident insurance, medical insurance, critical illness insurance, etc.
- New product launch lead time is reduced to 5-7 days
"An advanced core system is the key to staying ahead in the competitive insurance industry. Core replacement is a desirable and valuable investment. We believe that the new system will inject new momentum into the business and further improve service efficiency," he continued.