INSURANCE TECHNOLOGY

YF Life Boosts Its Digitalization with the Official Launch of The eBaoTech Core System Platform

YF Life, eBaoTech | April 26, 2021

eBaoTech Corporation (eBaoTech), a global provider of digital insurance solutions, and YF Life Insurance International Ltd. (YF Life), a major Hong Kong insurance firm, are pleased to announce the successful launch of their new policy management system for YF Life, which replaces a legacy core system that had been in operation for many years. The new core system, eBaoTech® LifeSystem Suite, is now used to serve all YF Life business lines in Hong Kong and Macau.

YF Life is a technology-enhanced insurance and wealth management firm that is part of the Yunfeng Financial Group, which is listed on the HKEX. The firm has been in the Hong Kong insurance industry for over 40 years and is dedicated to offering customers one-stop risk- and wealth-management advisory services, as well as MPF services. YF Life provides adaptable and cutting-edge insurance solutions, such as the award-winning lifetime annuity scheme. YF Life is the only company in Hong Kong to have been named Best-in-Class/Outstanding Achiever for Annuity Plan and Retirement Product in the BENCHMARK Wealth Management Awards for nine consecutive years, owing to its distinctive product advantages.

During its first two months of operation, the new core structure has already provided strong business values while operating seamlessly and successfully in support of YF Life's business growth. This demonstrates eBaoTech's reliability and maturity as a leading insurance core system and digital solution provider.

About YF Life Insurance International Limited

YF Life Insurance International Limited is a member of the Yunfeng Financial Group, a Hong Kong Exchange-listed firm whose main shareholders are Yunfeng Financial Holdings Limited and Massachusetts Mutual Life Insurance Company, one of the "Five Largest US Life Insurance Companies." YF Life is committed to building a better future for customers by providing professional and technology-enhanced one-stop risk- and wealth-management advisory services, as well as MPF services, by leveraging its strong reliability and robust financial history.

About eBaoTech
eBaoTech® is a provider of technology solutions to the global insurance industry. The goal has always been to "make insurance easy." They do business in more than 30 countries across all continents, representing various insurers, agents, brokers, InsurTech startups, and other insurance ecosystem participants. eBaoTech has two types of solutions: eBao® Cloud, which includes SaaS and PaaS solutions, and eBao® Software, which is used in conventional insurance carriers' core systems.

Spotlight

Are you an insurance agent looking to streamline your workflow and improve your business operations? In this video, we discuss the importance of using an agency management system and the benefits it can provide, including increased efficiency, improved accuracy, enhanced client experience, and better compliance. We also provide tips and best practices for using an agency management system, including choosing the right system, keeping your data clean, training your staff, and integrating with other systems. Watch now to learn more about how an agency management system can help you succeed as an insurance agent.

Spotlight

Are you an insurance agent looking to streamline your workflow and improve your business operations? In this video, we discuss the importance of using an agency management system and the benefits it can provide, including increased efficiency, improved accuracy, enhanced client experience, and better compliance. We also provide tips and best practices for using an agency management system, including choosing the right system, keeping your data clean, training your staff, and integrating with other systems. Watch now to learn more about how an agency management system can help you succeed as an insurance agent.

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CORE INSURANCE, RISK MANAGEMENT

Falvey Insurance Group Partners with Canopius U.S. on Inland Marine

PRnewswire | April 06, 2023

Falvey has partnered with Canopius U.S. and is now accepting inland marine submissions following the recent appointment of the dedicated team at Falvey Insurance Group. "Since onboarding the team about 30 days ago, we have implemented a fully functional and customized underwriting system, which includes invoicing and claims filing, and have secured paper with Canopius U.S.," says Jack Falvey, Chief Operating Officer at Falvey. "Our team worked tirelessly to make this launch quick-to-market as we wanted to make the inland marine product available to our broker partners as soon as possible." Mike McKenna, Chief Underwriting Officer at Falvey, adds, "This partnership with Canopius will allow Falvey to expand into new lines of business and offer complementary products to our clients. We look forward to working together to provide top-tier service to our clients." Inland Marine products offer broad terms and conditions that cover many risk types emanating from a wide range of commercial business applications that may not be covered in the standard property market. The many insurance needs considered in the Inland Marine market include the following: property moving over land, property that is stored at a third-party location, builders' risk, care, custody and control of others property in warehouses, infrastructure and/or individual high valued properties. These are just a few examples of the many Inland Marine insurance coverage needs that Falvey Insurance Group will consider. About Falvey Insurance Group At Falvey Insurance Group, our value starts with the strength of our products, but we believe that your premium should provide more than just great coverage. With Falvey Insurance Group, you receive a breadth of additional value-added services at no additional cost. We have spent decades developing a reputation in the industry for commitment to going the extra mile for our clients and broker partners, providing solutions that put your needs first and exceed expectations. If you have a broker agreement with Falvey, you have access to all Group products and a universal claim handling and loss control experience. Plus, you can expect World-Class service from any one of our underwriting teams.

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CORE INSURANCE, INSURANCE TECHNOLOGY

Sure Introduces Retrace for Online Insurance and Protection

Sure | March 14, 2023

Sure, a leader in insurance technology recently unveiled its latest product - Retrace. This innovative technology empowers online merchants to offer their customers embedded one-click insurance and protection. Retrace offers a suite of APIs, enabling online merchants to embed insurance and protection into various use cases such as e-commerce returns, travel insurance, and product warranty protection at any stage of the purchase process. With the help of Retrace, online retailers are able to grow their customer base by providing an improved customer experience. This results in higher levels of customer satisfaction and generates more brand advocates. Also, they have the ability to diversify their revenue streams while simultaneously increasing their top-line revenue. Sure is introducing its first e-commerce solution with the launch of Retrace. This innovative technology empowers online merchants to provide return shipping protection to their customers at the point of sale, covering the cost of returning goods. Retrace's embedded Return Shipping Protection is a revolutionary technology that streamlines the online shopping experience for merchants and consumers, reducing friction. Wayne Slavin, Co-Founder and CEO of Sure, stated, "Retrace is the latest offering of Sure's innovative technology to unlock the potential of digital insurance and protection through frictionless online customer experiences." He added, "Our technology reaches and engages customers wherever they are on their journey, and with Retrace, we are enabling online merchants to provide customers with embedded insurance and protection tools. We're starting with the first of its kind one-click return shipping protection but the sky's the limit, and we have set our sights on a variety of other products spanning travel insurance to warranty protection and beyond." (Source – Cision PR Newswire) About Sure Sure is a prominent insurtech company that powers some of the world's most recognized brands and carriers. Its enterprise SaaS infrastructure and embedded insurance programs drive the insurance industry forward, allowing it to reach its full potential in the digital age. Sure's customers use its unified system of APIs to streamline the entire insurance lifecycle, leading to enhanced customer experiences and efficient digital operations. Founded in 2015, the company is based in Santa Monica (California) and has offices worldwide.

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RISK MANAGEMENT, INSURANCE TECHNOLOGY

Coalition Announces CoalitionAI, Generative Artificial Intelligence for Brokers and Businesses

Businesswire | April 11, 2023

Coalition, the world's first Active Insurance provider designed to prevent digital risk before it strikes, today introduced CoalitionAI™, a new initiative to deploy generative AI and large language models to help brokers and businesses protect themselves from cyber risk. U.S.-based brokers and businesses can now access new AI-powered education and chat features, including: CoalitionAI Broker Copilot: Appointed brokers in the U.S. now have access to the Broker Copilot, a generative AI chatbot embedded into the Coalition broker dashboard that can answer questions about cybersecurity best practices, cyber policy coverage options, and more. The Broker Copilot is trained on publicly-available documents and resources published by Coalition for broker inquiries and education. CoalitionAI Security Copilot: Businesses using Coalition Control™ – Coalition’s cyber risk assessment and monitoring platform – can now seek and gain details on cyber security vulnerabilities, better understand coverage contingencies, and learn about ways to resolve cyber security issues using the new Security Copilot. “This new wave of generative AI will unequivocally change the insurance industry and transform the broker experience,” said Joshua Motta, Chief Executive Officer and co-founder at Coalition. “Our Broker Copilot and Security Copilot are just the beginning. Over time the entire Active Insurance experience – from risk selection to active security protection to active response – will all benefit from generative AI that can help reduce the impact of cyber risk.” The CoalitionAI features released today use a combination of proprietary technology, large language modeling, and generative pre-trained transformers. Coalition plans to introduce additional AI capabilities to support its Active Insurance offerings, including Active Risk Assessment, Active Protection, and Active Response. In the coming months, Coalition brokers and Coalition Control users will gain access to additional AI-driven tools that will strengthen the quoting, underwriting, and incident response experiences. “AI is already reshaping the cyber risk landscape,” said Tiago Henriques, Coalition’s Vice President of Security Research. “While we are applying our AI expertise to improve the broker and customer experience, we are also focused on keeping up with emerging AI-related vulnerabilities. Part of our commitment to protecting the unprotected is helping our policyholders both understand the risks and reap the benefits of new technologies.” About Coalition Coalition is the world's first Active Insurance provider designed to help prevent digital risk before it strikes. By combining comprehensive insurance coverage and cybersecurity tools, Coalition helps businesses manage and mitigate digital risks. Coalition offers its Active Insurance products in the U.S., U.K., and Canada through relationships with leading global insurers, as well as cyber capacity through its own carrier, Coalition Insurance Company. Coalition's Active Risk Platform provides automated security alerts, threat intelligence, expert guidance, and cybersecurity tools to help businesses worldwide remain resilient against cyber attacks. Headquartered in San Francisco, Coalition is a distributed company with a global workforce that collaborates digitally and in office hubs.

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