Shanghai Insurance Exchange Corporation’s (SHIE) International Reinsurance Platform developed by eBaoTech Corporation (eBaoTech) has recently begun official operations. The ceremony for the launch was held in the China Financial Information Center on August 8, 2018 in Shanghai. The event was organized by the Shanghai Bureau of the China Bank Insurance Regulatory Commission, the Shanghai Financial Office, and SHIE. More than 200 people attended, including regulators, government departments, and domestic and overseas insurance organizations.

Establishing the Shanghai Reinsurance Center is a pivotal constituent of the national strategic plan to make Shanghai an international insurance hub. The reinsurance industry value chain in Shanghai today is becoming more comprehensive with a notable increase in the number of key market players, including reinsurance companies, direct insurance companies, captive insurance companies, and insurance brokers and agencies. Underwriting capacity and management quality are making steady improvement. In addition, mechanisms for diversifying special risks are becoming more mature, and the ability to provide coverage overseas is being strengthened. The launch of SHIE’s International Reinsurance Platform is an important component of building up the Shanghai Reinsurance Center and can help meet the insurance market’s needs for reinsurance infrastructure.

Since its founding in 2000, eBaoTech has been dedicated to insurance technology and now serves insurance clients in more than 30 countries. eBaoTech’s software product line includes a well-established reinsurance module that has already garnered several successful cases in China and abroad.

The SHIE International Reinsurance Platform built by eBaoTech has the following features:

• The front-end UI tool supports modular development, making development easier, offering rich layout options, and is compatible across multiple platforms and various devices
• The back-end is based on the world’s most advanced microservices architecture, providing flexibility during development, reducing interdependency between modules, and therefore meeting future needs arising from both business expansion and system upgrades
• Brings offline business online for improved transaction efficiency. Replaces paper formats with digital contracts and billing, reducing finance and billing workload up to 20%. Transaction time reduced from 2-3 months to 2-3 days
• Strictly complies with the financial security requirements from the national financial office and Public Security Bureau
• Adopts the advanced Docker approach to simplify patching, programming, and deployment, and is easy to manage and migrate
• Integrates with 3rd party contract/billing printing templates and can process real-time contract/billing signatures

According to SHIE, they will continue to optimize the new platform’s business rules, upgrade system functions, and broaden supported reinsurance business in order to further open China’s reinsurance industry and foster integrated development of domestic and international insurance markets.

Shanghai Insurance Exchange Corporation (SHIE):
Shanghai Insurance Exchange (SHIE) was officially opened on June 12, 2016, under direct management of China Insurance Regulatory Commission. SHIE is a corporation established strictly in accordance with corporate law. It was set up by 91 shareholders, with initial registered capital of RMB 2.235 billion.

Shanghai Insurance Exchange is oriented towards the public demands for insurance services and the insurance industry’s needs, under the principle of “corporatization, marketization, professionalization”. Focusing on transaction risk insurance, it has built four major business lines, namely insurance, reinsurance, insurance assets and insurance derivatives, while establishing one-stop integrated service system of account management, payment and settlement, information disclosure, market advisory, operating system, data management, etc.

About eBaoTech
eBaoTech’s mission is “make insurance easy”. Since its founding in year 2000 and pioneering the 3G insurance tech, or Java based core insurance system, eBaoTech has grown fast and today has business in more than 30 countries globally, serving more over two hundred carriers and numerous agents, brokers, and other ecosystem players. Digital insurance is the coming wave. In eBaoTech view, digital insurance means connected insurance. eBaoTech’s digital solutions are: eBao Cloud and eBao Software.

eBaoCloud is an Open API platform to provide real connectivity and enablement for insurers, traditional channels, affinity partners, and FinTech startups. eBao Software mainly include core system suites for life, general, and health insurers as well re-insurers. More information at www.ebaotech.com.