China Life Singapore officially launched OneLife Core System to achieve a new level of core system digitization and support

SINGAPORE, March 3, 2022 /PRNewswire/ — Digital transformation and upgrading is driving the transformation of the insurance industry, along with the robust infrastructure for resource allocation, business flow and operational services of the company. Life insurance in China (Singapore) Pte Ltd (“China Life Singapore” or “the Company”) has always emphasized the importance of technology as the foundation and given new impetus to its development in the process of exploring and transforming its new business model. In 2021, the Company promoted the digitization process of the OneLife Core System through our concerted efforts. China Life Singapore officially launched the OneLife core system, peripheral systems, and put into production the February 28, 2022. The launch of the OneLife system marks that the digitization and support of China Life Singapore’s core system has reached a new level.

OneLife is China Life Singapore’s next-generation core system, which plays a key and essential technical support role for the company’s overall business development. The official launch of the OneLife core system and peripheral systems will greatly increase to improve the processing time of our operations for transactions, which will reduce overall turnaround time and human error, improve the efficiency of new business acceptance and policy servicing, and also improve the customer experience. In addition, OneLife will enable more flexible product development to expand the product line with enhanced functionality, to help China Life Singapore develop more products to meet various customer needs.

In 2021, the escalation and interruption of the COVID-19 epidemic in Singapore caused communication difficulties between the two countries. The migration of the OneLife core system and the development of the peripheral systems have been greatly affected, and the project has already faced the challenge of the overall delay. In the face of difficulties, under the leadership of the management team, it was jointly decided with the OneLife project team of China Life Insurance (Overseas) Company Limited-Shenzhen Fintech Center that the chief actuary will take the helm of April 2021 organize all departments of the company to work with the OneLife project team and move the project forward vigorously. In the second half of 2021, through repositioning, increasing resources, standardizing processes, quality control and resolving difficulties, the new core system passed the simulation test by the end of 2021, and the progress of the project has met expectations. By December 10, 2021The OneLife project team announced the release of the production pilot environment, marking that the China Life Singapore OneLife project has passed the test and officially reached production conditions.

Over the next month, the company completed phased testing of the OneLife Project simulation trial and several data migration verification cycles. In addition, the Company has also performed disaster recovery exercises for the OneLife central system and peripheral systems to meet system availability indicators and regulatory requirements.

As expected, China Life Singapore officially launched OneLife and peripheral systems and put into production the February 28, 2022. In the future, China Life Singapore will further accelerate digitalization, continue to promote the digitalization of insurance services, strengthen service innovation and optimization, and commit to creating “simple, quality and warm customer service”. “.

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