On August 28th, at the 2020 Financial Forum hosted by IDC China, 17Doubao, which focuses on providing SaaS core business system for insurance institutions and landing business growth, was awarded the Fintech 50 list of IDC China in 2020. Huo Jinjie, president of IDC China, delivered an online speech.

As a world-renowned third-party research institution, IDC has been paying close attention to the development of China's financial industry, including innovation in financial business scenarios and technology application.

At the forum, Michael Araneta, assistant vice president of IDC Asia Pacific, described the prospect of the future financial service model from a global perspective, and explained how financial service enterprises should find innovative solutions under the challenge. Referring to the successful reform practices of 20 best insurance companies in Asia-Pacific selected by IDC, such as Allianz and ZhongAn Insurance, he said that due to the cost reduction, the income of insurance institutions that insist on digitalization in the future can increase by 38%. At the same time, relying on new tools, insurance institutions returning to core business can also carry out business collaboration through digital platforms.

In this IDC Top 50 Financial Technology List, "Financial Technology" is defined as a financial technology manufacturer that exports emerging technology services such as cloud computing, big data, artificial intelligence, blockchain and Internet of Things to the financial industry.

At present, there are thousands of customers served by the SaaS system of 17Doubao. They solve the pain spots of high customer acquisition cost, traditional management methods, continued improvements in productivity and data mining for intermediary companies and insurance companies, continuously export one-stop products and services, so as to intelligent policy analysis engine, NLP algorithm middle platform, intelligent customer service robot and intelligent claims system, and smartly upgrade the core business management platform, commissions management, and agent management, insurance product API interface system and customer service platform of insurance institutions to achieve cost reduction and efficiency improvement.

In business, 17Doubao SaaS system specifically supports property insurance system, life insurance system and group insurance system. Its core system is composed of multiple processes and functional modules, which can support the marketing and operation of various insurance products.

The upstream partners of 17Doubao, such as China Life Insurance, Taikang Pension and Sunshine Property &Casualty Insurance, also won the IDC Innovation Award for Technology Application Scenarios in Financial Industry.

COVID-19 has also accelerated the mobile construction of insurance institutions. In an era when customers pay more attention to convenience, efficiency and intelligent experience, insurance institutions with strong mobility and online and offline integration ecology will be more competitive. According to the top ten forecasts released by IDC, by the end of 2022, 35% of insurance companies will use artificial intelligence technology and voice interaction to realize service process automation, thereby improving the response speed, efficiency and personalization in service.

As the leading insurance SaaS cloud service provider in China, 17Doubao has always paid attention to the integration of product research and development and compliance technology, and not only launched the "17Doubao Intermediary Assistant" for intermediaries immediately after the outbreak of COVID-19, but also helped intermediaries actively promote online business and extend the "untouched service" channels. Moreover, after the release of the regulatory 630 policy, the "17Doubao Inner Eye" ——a visualized system for tracebacking system, a compliant product for online sales of insurance, was quickly launched, helping insurance institutions effectively carry out digital transformation in front, middle and back platforms from three aspects of automation, intelligence and compliance.

The selection criteria of IDC Fintech 50 list in 2020 include market scale, business model innovation, business scale, capital strength and ecological ability. Since 2020, 17Doubao has evolved from focusing on scientific innovation to being driven by technology and business, creating a rich product line, covering digital intermediary solutions, digital insurer solutions, data basic services and enterprise private domain traffic operation solutions. On this basis, 17Doubao has established multi-level and all-round connections with insurance institutions and helped them upgrade their core systems and business innovations

In terms of internationalization,17Doubao is the first insurtech company to develop overseas market in China. It has set up its overseas headquarters EasiTech in Hong Kong, and has explored Singapore and other Southeast Asian markets.

It is reported that before being listed on IDC China Fintech 50, the innovative technology capability of the SaaS cloud platform of 17Doubao has been highly praised by the government, academic circles and industry partners. Since this year, it has won a series of honorary titles such as "Top 100 Fintech Competitiveness in China ", "Top 100 Insurtech in China " and "Specialized and Innovative Enterprise" in Beijing. 

source：http://www.updatenews.info/with-the-sought-after-insurance-saas-service-17doubao-was-awarded-the-2020-idc-china-fintech-top-50/