China Life Insurance Singapore and Alibaba Cloud sign Framework Partnership Agreement

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SINGAPORE, 10 October 2023 - China Life Insurance (Singapore) Pte. Ltd. ("CLIS") and Alibaba Cloud (Singapore) Private Limited (“Alibaba Cloud”) have signed Framework Partnership Agreement (“FPA”). The FPA aims to establish a long-term partnership in various areas, including customer referrals, preferential policies, knowledge exchange, and consulting services. Both parties will collaborate to enhance market presence in the "Insurance + Technology" ecosystem, while jointly strive to promote the development of Chinese enterprises in Singapore.

Established in 2009, Alibaba Cloud is the digital technology and intelligence backbone of Alibaba Group. As a trusted technology leader and one of the world’s largest cloud service providers, Alibaba Cloud provides services to thousands of enterprises, developers, and governments organizations in more than 200 countries and regions. Committed to the success of its customers, Alibaba Cloud provides highly scalable, robust and secure cloud computing and AI-powered applications to help drive digital transformation for a large variety of industries from retail to logistics, finance to manufacturing and internet companies.

Presently, CLIS is placing a strong emphasis on addressing the protection needs of its customers while actively exploring collaborations with relevant industries. Through its “Insurance+” ecosystem, it aims to establish connections to a wider range of sectors, including finance, technology, healthcare, education, retirement, taxation, investment, legal services, and daily living. The objective is to create a more comprehensive and higher-quality “Insurance+” ecosystem by consistently developing integrated solutions that offer exceptional products and services. CLIS is committed to providing outstanding, star-rated services that span the entire value chain and deliver utmost value to its diverse customer base.

Mr. Lin Xiangyang, Chief Executive of CLIS, and Mr. Derek Wang , General Manager of Singapore, Alibaba Cloud Intelligence, signed the FPA. Mr. Lin Xiangyang expressed that the FPA represents a new milestone. CLIS has outlined three key initiatives to further advance the seamless integration of "Insurance + Technology". Firstly, the company is dedicated to collaborating with top-tier tech firms, fostering the growth of insurtech. By harnessing cutting-edge technologies, CLIS aims to develop innovative products that cater to a wide range of customer service needs, ultimately enhancing the overall customer experience. Secondly, CLIS is committed to the comprehensive development of the “Insurance+” ecosystem. This involves exploring the integration of life insurance with various domains such as technology, health management, elderly care, and medical education. Lastly, the company will strongly advocate for and continue driving digital innovation forward.