Driving Innovation in Digital Insurance, Aegon Life on-boards eBaoTech (suggestion on the headline - we are fine with the headline already mentioned)

Deloitte pegs India’s e-commerce market at US$200 billion, and forecasts it to cross the US$1 trillion mark by 2021. The consultant attributes the opportunity to growth in internet penetration as well as entry of international retailers as spurring online market.

Recognizing the opportunity, India’s Aegon Life has partnered with eBaoTech to support the strategy of integration with the e-Commerce partners. In so doing, Aegon Life plans to build a cloud-based, microservices and event-driven architecture that provisions a scalable backbone for high-volume and high-velocity e-Commerce channels.

Explaining the company strategy, Douglas Kennedy, Chief Technology Officer, Aegon Life Insurance, said: "From a customer's perspective we will seamlessly be able to offer a wide range of products and service to 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."

eBaoCloud InsureMO is a middle office platform for 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. It 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.

Woody Mo, CEO of eBaoTech commented that eBaoCloud InsureMo is marketed as an 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.