InsurTech and Innovation for the Future | GBASE Showcases at China Insurance Technology Application Summit
From July 19 to 20 and July 26 to 28, 2023, the annual industry technology exchange event "China Life and Property Insurance Technology Application Summit" hosted by Sinosoft Co., Ltd. was successfully held at Gubei Water Town, Beijing.
With the theme of "InsurTech and Innovation for the Future", GBASE showcased its next-generation innovative database products and financial IT application innovation solutions. Together with over 800 insurance company executives and many technical experts from insurance technology companies in China, they discussed innovative applications and ecosystem construction in insurance digitalization, breakthroughs and development opportunities in next-generation technologies, and cutting-edge technology development and innovative application scenarios. Through database product demonstrations and solution explanations, they shared GBASE's innovative practices and experience in the financial sector.
Empowering Financial Digitalization
Full-Stack Database Products and Scenario-Based Solutions
At the "China Property Insurance Technology Application Summit" held on July 27, Wu Gang, General Manager of GBASE's Financial Business Unit, delivered a keynote speech entitled "Leading the Future with Intelligence: GBASE's Full-Stack Financial Innovation and Practice", sharing GBASE's innovative practices in empowering insurance and other financial users' digital and intelligent transformation.
What are the main data types? What are the main data sources? Should you choose OLAP, OLTP, or HTAP? Is the business primarily for offline mining or online analysis? These are unavoidable questions in the database selection process.
In response to these questions, Wu Gang stated: A single database product and technology roadmap is no longer suitable for all scenarios, and customers need to choose the right technology to solve specific problems. To this end, GBASE has established a development strategy of building a full-stack domestic database product system and providing scenario-based database solutions. Wu Gang introduced each of GBASE’s core database products. He said that for centralized OLTP transaction scenarios, distributed OLAP analysis scenarios, strongly consistent distributed OLTP transactions, and even HTAP hybrid scenarios, GBASE can provide targeted, technologically advanced, mature, and stable database products, leveraging the strengths of different types of databases to help users solve differentiated business problems.
GBASE Booth Draws Huge Attention from Domestic and International Guests
While insightful speeches were taking place inside, the GBASE exhibition area outside was bustling and full of highlights. The innovative database products and scenario-specific solutions for the financial sector displayed at the booth received keen attention from attendees, who stopped by to inquire. There were even overseas guests grouping together to exchange ideas, with on-site colleagues warmly hosting them. The two sides communicated and shared new trends and achievements in global insurance digital technology.
Wide Application of GBASE Databases in the Insurance Sector
Over the years, GBASE has continuously served many insurance companies, including PICC Property and Casualty, PICC Life Insurance, China Re Group, and Sunshine Insurance Group. Every transaction counts, and secure and stable data protection supports the growth of insurance enterprises.
PICC Property and Casualty Data Platform Project – By reconstructing the system with GBase databases, leveraging its massively parallel processing architecture and massive data storage and computing capabilities, the project successfully built a big data platform with both distributed computing and horizontal linear scalability. This solved the pain points of insufficient storage resources and computing performance in the original system, overcame performance bottlenecks, and achieved cost reduction and efficiency gains.
China Re Group OA and Email System Project – By deploying GBase databases and transforming the OA systems of the group company, property insurance, and life insurance units based on a domestic environment, the database adopted RHAC deployment, fully leveraging its high availability capabilities. It features load balancing and read/write separation, increasing concurrent data access and effectively supporting internal office management.
Looking ahead, GBASE will actively participate in the vertical full-stack business system solution ecosystem constructed by the host Sinosoft, continuously fulfilling its mission of enabling digital and intelligent transformation across industries, and empowering industry users to upgrade and reshape their digital value chains.