Zhong An, a Chinese direct-to-consumer property insurance provider, has built its IT infrastructure on a cloud-based platform by the cloud computing subsidiary of e-commerce site Alibaba and eBaoTech, an insurance software provider.
Alibaba Cloud and eBaoTech say that the platform allows insurers to scale up and release new products faster than before.
"In the past, it took three to six months for insurance companies to launch new products. After deploying the cloud platform, insurers can shorten the launch cycle to one to two weeks." said Min Xu, general manager, Alibaba Cloud. "The development and deployment costs will be reduced from hundreds of thousands to tens of thousands."
Zhong An is running administration for its 150 million policies on the platform, according to the vendors. "eBaoCloud is a combination of Internet and insurance. It enables insurance companies to take on the challenges of the internet age, shorten the process of product launch, manage hundreds of millions of orders every day, and support big data analytics", said Weiliang Le, CTO and general manager, Internet Insurance division, eBaoTech.
