China Life Singapore Wins 2020 International Finance Insurance Awards, Business News

SINGAPORE, March 29, 2021 /PRNewswire/ — Worldwide Finance Journal has introduced the winners of insurance coverage awards 2020 on the web site not too long ago. China Life Singapore has been awarded because the “Quickest Rising Digital Transformation Life Insurance coverage Firm.”

Worldwide Finance Insurance coverage Awards

Worldwide Finance is a well known enterprise and finance journal protecting tales on banking and finance, wealth administration, fintech, currencies, area of interest funding, and funding alternatives. The journal and web site have a rising readership world wide. Worldwide Finance Awards celebrates world enterprise and company excellence in a number of industries, reminiscent of banking, finance, insurance coverage, and healthcare. Worldwide Finance Insurance coverage Awards seeks to reward these striving to safeguard the pursuits of shoppers the world over.

China Life Insurance coverage (Singapore) Pte. Ltd (“China Life Singapore”) began the digitization challenge in 2019. China Life Singapore wantes to interchange most of their guide work with full automation or a system-aided course of. China Life Singapore has adopted Robotic Course of Automation (RPA), utilizing Synthetic Intelligence (AI) to interchange the guide operating of batch jobs. This has dramatically freed up our operators’ time in order that they’ve extra time to do different works.

China Life Singapore Information Technology Department
China Life Singapore Data Know-how Division

Mr. Lin Xiangyang, Chief Govt of China Life Singapore, mentioned that, as a part of China Life Insurance coverage (Group) Firm (“China Life”), the corporate is set to be a robust base for enlargement into the worldwide market. China Life Singapore builds itself as a novel and dependable native firm by incorporating digitalization for insurance coverage enterprise practices. The incorporation of expertise additionally improves our general customer support.

China Life Singapore is additionally stepping up the sport in direction of offering a greater buyer expertise to both internal and exterior clients. By leveraging the experience of their extremely digitized head quarter and their IT assist staff, they have deliberate a collection of steps for their digitization transformation. Their first step is emigrate the core system to their in-house developed OneLife system, which is the core working system that constitutes a part of the entire ecosystem. It helps all varieties of insurance coverage merchandise, full product life cycle from New Enterprise Information entry, Underwriting, Coverage Issuance, Coverage Servicing, Claims, and Maturity, receipting features, and so forth. Migrating to the OneLife system will considerably improve their operations’ processing time for the transactions, which is able to cut back the general turnaround time and human errors. The workflow system and the imaging applied sciences will additional improve their work effectivity.

By way of the Gross sales assist system, beginning in 2019, China Life Singapore has built-in MyInfo perform into their proposal citation system. It permits them to retrieve and auto-populates a few of the authorities verified data after purchasers scan the QR Code utilizing one’s cellular and with their consent. In 2020, China Life Singapore has additionally exploited digital options to allow Non-Face to Face Insurance coverage Software as a response to this Covid19 new norm.

China Life Singapore will proceed to drive their digital transformation and improve the entire ecosystem by bringing within the agent portal and buyer portal in order that there might be extra self-help choices out there to the purchasers and brokers. Furthermore, this 12 months, upgrading the OneLife system will considerably improve the corporate’s working capability to supply clients with extra handy, environment friendly, and correct monetary and insurance coverage providers.

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