iSoftStone created a more efficient core business system that lead to new growth and increased revenue for China United Property Insurance.

Situation
China United Property Insurance Company Ltd. (CIC) conducts a range of business activities with insurance services covering property loss, liability, credit, short-term healthcare, casualty, and reinsurance. CIC needed to upgrade its business processes with the goal of improving customer service and risk management, in order to sustain successful growth and remain competitive with other Chinese insurance companies.

Solution
In 2004, iSoftStone undertook the creation of an Insurance Core Business System for CIC. Initially, a team of iSoftStone’s research and development experts, consultants, and architects conducted a thorough business process mapping. Then, an iSoftStone maintenance team updated the design, performed development, and completed testing for various existing business systems at CIC, including the insurance core system, life insurance system, agriculture insurance system, financial receipt/payment system and payment platform. Simultaneously, the development team worked on new applications that would allow the business systems to meet CIC’s new requirements, such as compliance with industry regulations.

In July 2005, the China United Insurance Core Business System officially went live and began running smoothly in institutions on the national network. iSoftStone continues to provide system maintenance and development services for CIC, and works to optimize the core business system according to the latest industry standards issued by the China Insurance Regulatory Commission.

Benefits
The core business system that iSoftStone developed helped CIC to deliver better customer service due to faster and easier access to data. For example, customer service representatives could quickly access information on what discounts customers qualify to receive, allowing them to respond to customer questions immediately. Risk management was improved with the system upgrade because the system allowed for more comprehensive analysis of customer claims and provided access to data on checking insurance, claims management, and risk accumulation.

The core business system that iSoftStone developed for CIC helped the company centralize its data and better manage its insurance business. The highly efficient, stable system helped CIC grow its business from $878 million in 2004 to $2.9 billion in 2010 and increase its number of online subscribers to more than 7,000. On an average day more than 50,000 transactions occurred, giving CIC the opportunity to bring in approximately $44 million in daily revenue (maximum experienced).

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