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China Life Singapore Wins 2020 International Finance Insurance Awards

International Finance Magazine has announced the winners of insurance awards 2020 on the website recently. China Life Singapore has been awarded as the "Fastest Growing Digital Transformation Life Insurance Company."

International Finance is a well-known business and finance magazine covering stories on banking and finance, wealth management, fintech, currencies, niche funding, and investment opportunities. The magazine and website have a growing readership around the world. International Finance Awards celebrates global business and corporate excellence in multiple industries, such as banking, finance, insurance, and healthcare. International Finance Insurance Awards seeks to reward those striving to safeguard the interests of customers the world over.

China Life Singapore started the digitization project in 2019. We wish to replace most of our manual work with full automation or a system-aided process. We have adopted Robotic Process Automation (RPA), using Artificial Intelligence (AI) to replace the manual running of batch jobs. This has dramatically freed up our operators’ time so that they have more time to do other works.

Image: China Life Singapore Operations Department & Information Technology Department

Mr. Lin Xiangyang, Chief Executive of China Life Singapore, said that, as part of China Life Insurance (Group) Company (“China Life”), the company is determined to be a strong base for expansion into the global market. China Life Singapore builds itself as a unique and reliable local company by incorporating digitalization for insurance business practices. The incorporation of technology also improves our overall customer service.

Image: China Life Singapore Offices

We are also stepping up the game towards providing a better customer experience to both our internal and external customers. By leveraging the expertise of our highly digitized head quarter and their IT support team, we have planned a series of steps for our digitization transformation. Our first step is to migrate the core system to our in-house developed OneLife system, which is the core operating system that constitutes part of the whole ecosystem. It supports all types of insurance products, full product life cycle from New Business Data entry, Underwriting, Policy Issuance, Policy Servicing, Claims, and Maturity, receipting functions, and so on. Migrating to the OneLife system will significantly increase our operations’ processing time for the transactions, which will reduce the overall turnaround time and human errors. The workflow system and the imaging technologies will further enhance their work efficiency.

Image: China Life (Overseas) Fintech Centre

In terms of the Sales support system, starting in 2019, we have integrated MyInfo function into our proposal quotation system. It allows us to retrieve and auto-populates some of the government verified information after clients scan the QR Code using one’s mobile and with their consent. In 2020, we have also exploited digital solutions to enable Non-Face to Face Insurance Application as a response to this Covid19 new norm.

China Life Singapore will continue to drive our digital transformation and enhance the whole ecosystem by bringing in the agent portal and customer portal so that there will be more self-help options available to the customers and agents. Moreover, this year, upgrading our OneLife system will significantly enhance the company's operating capacity to provide customers with more convenient, efficient, and accurate financial and insurance services.

Image: China Life Singapore Information Technology Department