On 15th July 2020, China Taiping Insurance (UK) Co Ltd (“CTIUK”) overcame one of the biggest challenges posed by COVID-19, by launching the long awaited B2B platform as scheduled. In cooperation with Taiping Financial Technology Service (Shanghai) Co Ltd (“TPFT”), CTIUK completed tasks including system development and test verification of the B2B system, where both CTIUK and TPFT worked relentlessly and very well, despite the inconvenience of both companies' different time zones.
The successful launch of the B2B system is of great significance for empowering CTIUK’s business innovation and long-term development. It gives our existing and future brokers the unique system for realizing a series of integrated system management functions such as online underwriting, policy issuing, accounting, renewal etc. The following four aspects are expected:
First, the B2B system has completely changed the current backwardness of the major online sales channels within the industry and it is believed to actively promote CTIUK's future expansion in business and speed up sales efficiency.
Second, CTIUK will form a more unique catering insurance business, improve the accumulation of risk factors, provide data support for new product development and enhance market competitiveness, through the systematic and complete data of the B2B platform.
Third, an effective control over operating risks, management of broker activities and premiums receivable can be achieved through the systematic monitor.
Fourth, by continuously improving user experience, B2B platform functions will be optimized, realizing a systematic operation, which can be offered to more brokers in the local market.
In order to implement the system as scheduled, CTIUK started planning the project at a fast pace, together with great support from the Group. However, the unforeseen COVID-19 outbreak in both China and the UK brought many challenges to team members of CTIUK and TPFT, who stuck to the plan and held an online meeting on February 3, 2020 (eighth day of Chinese New Year) as scheduled. From this day onwards, all members from TPFT, Sinosoft and CTIUK followed the golden standard of “don’t put off until tomorrow what can be done today”, adopted a stringent attitude, tracked daily key tasks and got the project moving. The team discussed each underwriting issue in depth, studied each key underwriting element, calculated the pricing of fixed rates, reviewed operation system, verified and calibrated all development and testing processes. After months of hard work and late nights, the team finally completed online verifications for input, quotation, underwriting, policy issuing, payment, certificate issuing, after which all underwriting work has been completed and delivered to our broker. The B2B system is a breakthrough in the traditional manual work methods between CTIUK and brokers regarding conversion of underwriting information, underwriting, policy input, telephone communication and email communication, post and letter notice. Not only will it reduce manual work, but also improve efficiency as well as reduce costs.
The successful launch of the B2B project prominently boosts the morale of all our employees and increases our confidence within the market. CTIUK will continuously follow the Group's Mid-Year work conference requirements, keep the business development in the right direction, strengthen confidence, promote informatization construction progressively, vigorously empower business innovation and upgrade management transformation, keep the development momentum going further, strive to coordinate pandemic control with business development and achieve a long-term development.