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Brexit or inflation? An expert explains why car insurance became so expensive and what will happen next

iNews | September 5th, 2023 Inflation has had an impact on how much people are paying for their car insurance bills.

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The post Brexit or inflation? An expert explains why car insurance became so expensive and what will happen next appeared first on EIS.

Insurance fraud: why insurers have no excuse not to act

Insurance Business | August 24th, 2023 Offering his insights into where the insurance fraud landscape sits today, Rory Yates, EIS, emphasized the variety and interconnectivity of the factors at play.

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Embedded insurance: Blind to the risks?

Insurance Post | August 16th, 2023 David Worsfold examines whether wrapping up insurance with other products risks obscurity, especially if there is a poor understanding of consumer behaviour in a digital environment.

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Digital transformation in insurance: are insurers coping?

InsurTech | August 27th, 2023

We ask EIS’ Rory Yates how insurers are managing digital transformation. He argues it’s time to move from economies of efficiency to economies of speed

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Marco Perestrelo: ‘We have seen first hand how technology creates new experiences for customers’

Insurance Times | August 14th, 2023

Seven candidates have been shortlisted to pick up the prestigious accolade of Technology Champion of the Year at Insurance Times Awards 2023.

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The post Marco Perestrelo: ‘We have seen first hand how technology creates new experiences for customers’ appeared first on EIS.

The Sad Truth About Insurance Technology

Insurance Thought Leadership | August 4th, 2023

Why, after spending hundreds of billions of dollars on new technology, can’t insurers adapt to the demands being placed on them?

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The post EY announces alliance with EIS to support insurance transformation appeared first on EIS.

In this episode:

Is insurance digital transformation better when it’s led by people or technology? Check out the debate in our new episode of Coretalk.

What you’ll learn:

• The advantages of technology-driven and people-driven digital transformation
• The importance of appropriately managing change at your organization so that people don’t reject it
• Which is better in digital transformation, technology that’s been in the market for a long time, or technology that’s new and unproven?

READ ON:

The Greenfield Field Guide for Insurers: Is Greenfield the Right Approach to Your Digital Transformation?

Unhindered by legacy mindsets, processes, and systems, greenfield initiatives help insurers innovate quickly and freely. Find out how.

Get the ebook

The post EIS Coretalk: People or Technology – What Drives Digital Transformation in Insurance? (S1E5) appeared first on EIS.

Why your insurance digital transformation will fail

Digital transformations are important for insurers, but most insurance digital transformations are doomed to fail. Here’s why.

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The Greenfield Field Guide for Insurers

Unhindered by legacy mindsets, processes, and systems, greenfield initiatives help insurers innovate quickly and freely. Find out how.

Get the ebook

How to Become a High-Velocity Insurer and Win in the New Digital Economy

In this eBook, we’ll provide you with specific actions to help you prepare for a future that is unpredictable and arriving sooner than anyone could have expected. Find out more.

Get the ebook

The post EIS Coretalk: Why Your Digital Transformation Will Fail — and What to Do About It (S1E6) appeared first on EIS.

In this episode:

In this episode of Coretalk, we discuss the state of today’s insurance market and what superpower helps insurers maintain their competitive advantage.

What you’ll learn:

• How global economic shifts have impacted insurtech, and why the insurance industry is skilled at navigating uncertain times.
• Challenges of today’s insurance market and opportunities for smaller players
• Where insurance is playing right now in the digital economy
• How coretech helps insurers maintain their market-leading positions

READ ON:

A preview of “Coretalk Live: The looming threat to insurtech”

Although insurance companies feared insurtechs would peel away their market share, partnering with these firms is a smart move.

Read the blog

The post EIS Coretalk: Live from Insurtech Insights – The Looming Threat to Insurtech (S1E4) appeared first on EIS.

What will 2022 hold for the insurance industry?

Finance Digest |  December 29th, 2021

The advent of new COVID-variants, begs the question what should insurers be focusing on in 2022 to ensure they are prepared for the next challenge?

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Wellfleet EIS Report Puts Insurance Carriers on Notice

AM Best  |  December 16th, 2021

James Ocampo of Wellfleet talks to AM Best about the challenges workplace benefits brokers confront when acting as an advocate for employer clients.

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COVID-19 continues to accelerate digital transformation initiatives in the insurance industry, necessitated by the mandate to meet new and increasing customer demands. In fact, according to a global survey from KPMG International over 85% of insurer CEOs have confirmed the impact digitization has had on their business, with mounting pressure to satiate ever evolving customer needs, and from digital competition, that has forced purchasing online. It is becoming increasingly clear that 2022 will be another tumultuous year of threats and opportunities for insurers as they continue to face rapidly changing, often unchartered territory.

In 2022, EIS cautions that insurers need to focus on enhancing their technology if they want to stave off competition, especially from agile insurtechs. To be best prepared for the ‘unexpected’ and to swiftly accommodate continued market changes, EIS believes that insurers need to be equipped with technology that is flexible, open, able to support rapid integrations across various lines of business, and, perhaps most importantly, customer centric. 

According to EIS, the following four trends will dominate the insurance industry in 2022:  

The Year Insurers Realize the Value of Insurtech via Coretech 

Over the past few years, insurance companies have invested heavily in insurtech. In fact, global market research firm Technavio is predicting the insurtech market “has the potential to grow by USD 33.73 billion during 2021-2025, and the market’s growth momentum will accelerate at a CAGR of 45.28%.” 

For insurers, the advantage of partnering with insurtechs is that they can supplement their existing product portfolio or simplify internal operations in a fast, low-cost way without having to build the internal expertise or applications themselves. 

Insurtech to date, however, has delivered transformation on a relatively small scale via standalone projects or point solutions, and continuing to innovate in this one-off, loosely connected manner will eventually become too difficult to manage and collapse under its own weight. To capitalize on its full potential, insurers must connect insurtech to their core business. However, most insurers have legacy systems not designed to accommodate this. It requires a new breed of cloud-native microservices and API-based core systems that are customer-centric by design, called “coretech”.  Insurers will quickly ramp up their adoption of these solutions in 2022 and beyond. Coretech has the ability to successfully enable the new ecosystems that bring together core operations and insurtech innovation. 

“Insurance providers’ investments into insurtech, while great, landed many insurtechs in the basement; never to be used due to the lack of value they brought to the table,” said Samantha Chow, Global Market Lead for LA&H at EIS. “With coretech, insurers can successfully integrate insurtech solutions into their operating systems to garner their full potential. That’s the value coretech brings to insurtech.”

Convergence of Life and Non-Life Insurance Lines

In 2022, EIS fully expects Life and non-Life insurance lines to converge and provide the one-stop-shop experience today’s consumers are actively seeking. Insurers will make a sustained effort to broaden their product portfolios to become more “sticky” with consumers. They will place increased focus on simplified buyer journeys that make data-driven supplementary product/service offers that are attractive to customers and drive revenue growth and customer loyalty. Retention is increased with each additional product customers buy. Full-stack insurtechs, such as Lemonade, and leading incumbents are pursuing this model vigorously. 

Bancassurance, for instance, which traditionally distributes both Life and non-Life products, and faces a surge in demand from an aging global population, is well-positioned to benefit from this trend as it adopts new digital strategies to improve customer access and engagement.

Insurers Get Real about Ecosystems 

“Ecosystem” has become a much-overused buzzword in the insurance industry, however the ability to understand and actually orchestrate or even participate in ecosystems has been sorely lacking. However, EIS believes an understanding of the cultural shift required and the best practices of designing customer-centered ecosystems will emerge in 2022. Consumer needs have changed and no one company can meet those needs. Insurers will take an outside-in perspective to rethink their value proposition to determine how they can best fit into consumer ecosystems. 

Because no single partner needs to build and orchestrate all the components, the ecosystem approach accelerates innovation — with one company’s innovation efforts furthering all others. In fact, 66% of insurers are already partnering with non-insurers to diversify their customer offerings and stand to drive much greater benefit from this innovation in 2022.

“To capitalize on their full potential, and succeed in ecosystems, incumbent insurers must fully connect insurtechs to their core business,” said Anthony Grosso, Global Head of Marketing at EIS. “To do so, insurers need to create a new breed of technology platform; one that is capable of quickly connecting, disconnecting, and reconnecting with other systems, platforms, and partners. These coretech platforms will enable continuous reformulating of ecosystems as customer needs, expectations and preferences evolve.”

The Growing Importance of Technology in the Broker/Insurer Relationship 

A recent survey of workplace benefits brokers conducted by Wellfleet and EIS revealed that while brokers are increasingly embracing their roles as advocates for employer clients, they find themselves in an uphill battle with legacy technology. This is critical because according to the aforementioned survey, technology is the number one reason brokers will recommend a carrier to a client. 

Brokers understand that good technology is critical to successfully meeting the needs of clients and building long-term relationships. At the same time, LIMRA reports that more Life insurer executives than ever cite technology as their companies’ number one challenge. Helping brokers support employers’ benefits managers will take on greater importance for insurers.

“The tangential effects of the pandemic continue to ignite the clarion call for digital transformation initiatives that will enable insurers to evolve today to ensure success tomorrow and for many years to come,” concludes Grosso. “Those leading insurers that successfully navigate the transition to digital ecosystems will be the ones that will thrive in this new normal. They rightfully see this as not only an investment in their own future success but, more importantly, successfully meeting the needs of their valued customers.”

The post EIS Projects the Rise of Coretech and the Convergence of Life & Non-Life Lines in 2022 Insurance Trends Forecast appeared first on EIS.

EIS has grown its global presence by enabling insurers to rapidly create and deploy new products and services that engage insurance consumers. It is looking to transform the EMEA insurance markets with its digital-first coretech capabilities, bridging the gap between insurance companies and insurtechs to create customer-centred products and services.

Jarron comments “Our aim is to invigorate the market, which until now has faced challenges adopting the latest digital innovations. The City of London is an obvious location to establish our EMEA HQ, surrounding ourselves with some of the world’s leading insurance players like Axa UK and AIG Life. Being situated in a hub of insurance innovation makes it easier to introduce EIS to potential customers and innovation-minded partners.” 

The new London HQ comes on the back of raising ​​a growth investment of more than $100 million in June. The new office is a crucial step for EIS’s growth plans, bolstered by successful customer engagements and strong market interest in EIS solutions. Since launching in Europe in early 2020, EIS has quadrupled its marketing, sales and operations staff and added several hundred people in software development and services roles in the region and that pace will continue. 

Jarron adds “We are helping move the insurance sector away from being product-centered to one that looks at the human problems it can solve. Helping insurers think and act like tech companies and build ecosystems around new business models is essential for this rapid evolution, which we’re expertly placed to support.”

The post Digital Insurance Platform EIS Cements Expansion into EMEA with New London HQ appeared first on EIS.

Breaking down siloes to improve the insurance customer experience

Insurance Business  |  November 24th, 2021

The key goal of all insurers is to improve the customer experience. No longer is insurance a siloed shopping experience, so neither can insurance core systems be, explains Anthony Grosso.

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According to the inaugural Workplace Benefits Broker Survey, brokers’ top six carrier pain points are all IT-related. They include commission structure (52%), billing errors (48%), lack of real-time data insights for the broker and client (44%), time to underwrite the group (43%), and limited plan customization and slow data processing time (42%), respectively.

The survey, conducted to gauge broker sentiment on partner technologies, also examined factors that impact broker satisfaction and their ability to be successful partners with carriers in the current workplace benefits market.

“Brokers play a critical role in helping to educate and develop benefits strategies for their employer clients,” said James Ocampo, Executive Vice President, Wellfleet Workplace. “What this research makes clear is that too often legacy technology is a barrier to, rather than an enabler of, brokers. This prevents them from taking a more active role in guiding and assisting employer clients.”

The top three factors that influence brokers’ carrier recommendation are technology (59%), financial rating (57%) and the claims submission process (36%). As key advisors and champions of their clients’ needs, brokers recognize the critical roles these factors play in the successful enrollment, education and payment of benefits for their client partners.

“Having a team with more than 300 years of collective experience in the workplace benefits space, we had assumptions about workplace benefit brokers’ sentiments,” stated James Ocampo. “Conducting a survey allowed us to tune in to direct, authentic feedback, so we could move beyond past experiences, expectations and biases. These findings serve as validation for why we started Wellfleet Workplace, while also helping to guide future enhancements for a better broker experience.”

“Employers are stretched thin with the management of their current benefits programs, as well as crafting and implementing benefit strategies that resonate with their employees. When you add in a poor technology experience, the pressure HR benefits managers feel grows exponentially,” said Samantha Chow, LAH Markets Lead at EIS. “The survey findings reveal the carriers that are able to provide meaningful solutions are going to excel.“

“Wellfleet’s flexible products, focus on servicing and digitally-forward Lighthouse administration platform powered by EIS,” added Chow, “make the company uniquely positioned to deliver those solutions today and into the future.”

To learn more, visit wellfleetworkplace.com/benefits-broker-survey

Contacts:

Liam Collopy
C 415.517.9760
lcollopy@hardenpartners.com 

Jennifer Picard
413-452-5360
jpicard@wellfleetinsurance.com

About Wellfleet

Wellfleet Insurance is a Berkshire Hathaway company focused on delivering customer-centric insurance solutions through flexible product offerings and quality service. With an A++ financial strength rating from A.M. Best, Wellfleet’s goal is to protect people against risk throughout every stage of life — from grade school to college, the workplace, and beyond.

Headquartered in Springfield, Mass., Wellfleet’s Workplace division delivers high-quality, customizable benefit solutions through a suite of voluntary products, including Accident, Critical Illness, Hospital Indemnity and Short Term Disability Income Insurance. For more information, visit WellfleetWorkplace.com

Wellfleet is the marketing name used to refer to the insurance and administrative operations of Wellfleet Insurance Company, Wellfleet New York Insurance Company, and Wellfleet Group, LLC. All insurance products are administered or managed by Wellfleet Group, LLC. Product availability is based upon business and/or regulatory approval and may differ among companies.

The post Wellfleet and EIS survey finds workplace benefits brokers demanding better technology appeared first on EIS.

EIS entered the UK market just a year ago and has already made significant headway. The company has helped established players in the insurance sector to modernise their core systems and digitise back-end and customer-facing processes, effectively replatforming to serve today’s demanding digital customers. Jarron’s role will be to build and lead the EIS team as it rapidly expands across Europe, adding customers to its growing global roster. 

Commenting on his appointment, the new MD is very clear on his roles. “I am energised about the opportunity for EIS in the EMEA market. The timing and product offerings are spot on and the ability to hand-pick an elite team was ideal. Our aim is to shake up a market which until now has been if not unaware, then reticent to adopt the latest digital innovation. My goal is to put EIS in front of every possible potential customer and accelerate the transformation of the crucial insurance sector.”

“I have observed much of the market hanging fire on a full-throated commitment to digital transformation because solutions have been lacking,” added Rupert.  “What brought me to EIS is how their solution – with its digital-first, coretech capabilities for customer-centered product and service innovation – is what the industry has longed for but was unable to find, until now.” 

Jarron clearly outlines his three shorter-term priorities as aggressively closing deals in the current pipeline, opening up new markets for EIS and scaling up operations to match the market desire he has picked up from initial conversations with his extensive network of insurance sector contacts. Longer term, he has his eyes set on replacing legacy competitors in major insurance players across each region and with a EIS partner strategy that is going from strength to strength. 

In December, Jarron will open up the new EIS European headquarters office, in the London insurance district, welcoming current customers, prospects and partners, including the Big Four with a special event. For your invitation please RSVP to eis@positivemarketing.com

The post Digital Insurance Platform EIS Appoints Rupert Jarron to Lead EMEA and Accelerate the Pace of Market Transformation appeared first on EIS.

In this episode:

Hero or Zero? A lot of insurance companies have become insurtech-happy to the point that things are starting to break. Kind of like a toddler dressing herself: she sees her favorite pieces in the closet, gets excited, and puts them all on. It’s fine for a three-year-old’s play time, but when an insurance company takes the same approach with technology, things start breaking. 😬

What you’ll learn:

• What’s the kryptonite of insurtechs?
• Which insurance companies will be left in 10 years? And why?
• The inevitable collapse of the brittle framework of manual integrations and overlaps
• Why picking & choosing insurtechs is like toddler dressing herself: it’s fun, but it doesn’t look good

READ ON:

How to save the $3.78B insurtech market: Coretech to the rescue

For insurers, partnering with insurtechs is a fast path to expanding product portfolios and simplifying internal operations. Yet few insurers go all-in on insurtech partnerships. Why? Find out in our latest blog post.

Read the blog

Build a better digital buying experience

Building a seamless digital buying experience doesn’t need to be difficult. Watch as Tony Grosso walks you through an API-first experience.

Watch the demo

The post EIS Coretalk: Who Will Save Insurtech? (S1E2) appeared first on EIS.

The Woes of Absence Management

Insurance Thought Leadership  |  November 2nd, 2021

The growing complexity of absence management in the pandemic has led employers to look to insurers for more integrated, turnkey solutions.

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The post The Woes of Absence Management appeared first on EIS.

Amazon insurance – what it means for the UK insurance industry

Insurance Business  |  November 1st, 2021

Jess Hurley spoke with Insurance Business to discuss some of the key reasons for insurers’ unease with Amazon’s entry into the UK business customer segment.

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The post Amazon insurance – what it means for the UK insurance industry appeared first on EIS.

At ITC Vegas 2021: Elation, Hugs and Handshakes After Two Long Years

Carrier Management  |  October 25th, 2021

Anthony Grosso joins a round up of industry executives talking about the why itis good to get back to in-person events with the latest ITC conference.

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The post At ITC Vegas 2021: Elation, Hugs and Handshakes After Two Long Years appeared first on EIS.

In this episode:

Fact or Crap? Anybody can use low-code technology to design really cool insurance products. In this episode, actual subject matter experts discuss how low-code tools bridge the gap between business and IT. After watching this episode, you’ll understand why even the best low-code technology has its limitations, what low-code is good for, and how to set up for a good low-code environment.

What you’ll learn:

• Does “no-code” exist or is it just marketing hype?
• Reality check: Low-code is a “do everything” tool
• What to look for in a good low-code solution
• How to set up for an awesome low-code environment

READ ON:

Debunking the myths of low-code/no-code technology

Low-code/no-code technology is a huge buzzword in today’s insurance market. But what is it, exactly, and how do the technology and business sides of insurance benefit from it?

Read the blog

See true low-code in action

Curious what a great low-code experience actually looks like? In our quick demo, learn how to build a seamless insurance sign-up experience in using our UI builder.

Watch the demo

The post EIS Coretalk: Debunking the Myths of Low-Code/No-Code Technology (S1E1) appeared first on EIS.

Absence Management: Harnessing Employee Absence Data to Save Time and Money

Insurance Innovation Reporter  September 30th, 2021

Samantha Chow explains how automated absence management software can keep insurers’ customers in compliance and up to date, without further burdening their HR teams.

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The post Absence Management: Harnessing Employee Absence Data to Save Time and Money appeared first on EIS.

Jaden lost his father at the age of five due to complications from a hemorrhagic stroke. Since his father had no life insurance, Jaden’s family had to rely on friends to pay for funeral services and meet other expenses. 12 years later, the family continues to face the financial and emotional repercussions of their loss.

“A college education is a major financial challenge for most American families, but it becomes much more difficult after the loss of a parent or guardian, especially if they haven’t purchased sufficient life insurance. We are delighted to be able to support Jaden,” said Alexandra Schwartze, EIS’ vice president of global human resources. “As we celebrate Life Insurance Awareness Month, it’s important to note that 100 million Americans don’t have any life insurance, and most have far less coverage than recommended.” 

“As part of EIS’ participation, and to raise awareness of the need for protection,” added Schwartz, “EIS employees have also shared their own compelling stories of how life insurance has had a positive impact on them and their families.”

The loss of a parent or guardian is one of life’s most difficult ordeals. The emotional strain can be devastating to children and young adults. For too many families, an untimely death also brings financial stress, making recovery all the more difficult. 

Students can apply for the program during the month of February by submitting either a 500-word essay or a three-minute video describing the emotional impact of losing a parent and the financial impact that the lack of life insurance created. Since its inception, Life Happens has awarded more than $2 million to 600 students. 

For more information about the Life Lessons Scholarship Program, please visit: www.lifehappens.org/lifelessons. For a scholarship application, please visit www.lifehappens.org/scholarship.

Matt Conroy
Stanton PR
mconroy@stantonprm.com
+1.203.610.1421

The post EIS Announces 2021 Winner of the EIS Life Lessons Scholarship appeared first on EIS.

That Amazon Insurance Move: Comment & Analysis

Insurance Edge  September 29th, 2021

Amazon finally dips its toe into the world of UK insurance. How should insurers react? EIS’ Jess Hurley has some thoughts and advice.

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The post That Amazon Insurance Move: Comment & Analysis appeared first on EIS.

“We’re very proud of this recognition, which demonstrates our market momentum, strong product coverage and commitment to providing insurers with a flexible, digital-first solution that meets the needs of their constituencies across the life, health and annuities spectrum, including individual beneficiaries and employers,” said Samantha Chow, LAH markets lead at EIS. “Success in claims is about keeping your promise to customers and reducing pain points, whether it’s automating intake of an individual policyholder first notice of loss or enabling an employer to seamlessly navigate the complexities of absence management for thousands of employees.”

As the report notes, though property/casualty insurers have set the bar for customer expectations and real-time processing, the life/health/annuities market is rapidly evolving, and carriers are under increasing pressure to deliver better user experiences.  The report features examples of EIS’ absence claim management capabilities as well as its core life, annuity and health claims.   

“Employers are facing the challenge of managing the complexities of the absence management process including the changing regulatory requirements that impact this space,” said Nancy Casbarro, Vice President of Research & Consulting, Aite-Novarica. “Solutions that can simplify, automate, and manage absence can help employers be more effective, efficient, and compliant.”

EIS’ ClaimCore helps insurance providers deliver on these expectations with a cloud-native microservices architecture that insurers can either use as a stand-alone alone solution, or pair with any number of components of the broader EIS OneSuite. Key ClaimCore functions include workflow-driven, event- and role-based claims processing, fraud detection, strong mobile capabilities across personas, integration with Customer 360 and its party model, and a business intelligence reporting tool that includes AI for insights.

For more information, view the market analysis and full EIS excerpt from Aite-Novarica here.

The post Aite-Novarica Ranks EIS as “Contender” in New Report on Life/Health/Annuities Claims Systems appeared first on EIS.

Embedded Insurance: Coverage When You Need It, Where You Need It

Insurance Innovation Reporter  September 15th, 2021

Bringing the coverage to the point of sale with the embedded insurance model is one-way insurers are repositioning coverage as a necessary companion to a purchase, says EIS’ Jess Hurley.

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The post Embedded Insurance: Coverage When You Need It, Where You Need It appeared first on EIS.

Core Systems: Out with the Old?

ITA Pro  August 27th, 2021

“Although core technology systems lie at the heart of their business operations, property/casualty insurers can find it challenging to keep them current,” says EIS’ Samantha Chow

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The post Core Systems: Out with the Old? appeared first on EIS.

The report evaluated EIS OneSuite™, a cloud-based platform for insurance carriers that provides core, data, and digital capabilities across multiple lines of business, including life, worksite, and individual benefits, and property and casualty.

“Insurance companies are now entering the third phase of pandemic renewal in which they resume their strategic path toward digital transformation. In this phase, business priorities will shift dramatically as the focus moves from cost cutting, to cost optimization, to business renewal. In the renewal phase, insurance companies position for their strategic future and begin again to consider transformative change as opposed to simply optimizing existing business processes. CIOs should be evaluating policy administration system (PAS) replacement within this context,” according to the report’s authors.

A complimentary copy of the full report is available here.

“To be recognized as a Leader this year is both exciting and enormously gratifying,” said Samantha Chow, LAH markets lead at EIS. “In our opinion, it underscores our dedication to developing an agile solution that supports the needs of carriers in the individual and group life insurance markets where customer needs, products and distribution models are changing rapidly. It is great to see our differentiated approach and ability to deploy cloud-native technology to the market validated. To reach the Leader category in just three years since qualifying for our first Magic Quadrant, we believe reflects the speed at which we have been able to develop and deploy our solution.”

The EIS OneSuite for life and annuity carriers provides carriers with a rapid path to digital transformation. The core platform enables insurers to grow through product development, market expansion, data-driven decisions, and customizable ecosystems. It leverages a digital and mobile-first approach, is cloud-native, and built on open APIs and microservices, enabling carriers to react like insurtechs: fast, simple and agile. The platform provides end-to-end capabilities out of the box yet is entirely flexible to integrate with both modern tech solutions and legacy, acting as the hub for ecosystem development. 

* Gartner, Inc. “Magic Quadrant for Life Insurance Policy Administration Systems, North America”, Richard Natale, Rajesh Narayan, August 10, 2021.

Gartner Disclaimer

Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of  Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.

Gartner and Magic Quadrant are registered trademarks of Gartner, Inc. and/or its affiliates in the U.S. and internationally and is used herein with permission. All rights reserved

Media Contact

Matt Conroy
Stanton PR
mconroy@stantonprm.com
203.610.1421

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More Opportunities than Challenges for Insurers in an AV World

TU Automotive  August 4th, 2021

Insurers should have no concerns about opportunities in the autonomous vehicle world because there will be plenty of new revenue streams to look forward to.

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‘More mea culpas for insurers’ expected after FCA fines Lloyd’s Bank General Insurance £90m

Insurance Times  July 19th, 2021

“Insurers need an altogether new approach to customer loyalty, which eradicates the penalty consumers pay for renewing policies with the same provider,” says EIS’ Jess Hurley

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EIS announces growth investment of more than $100 million

Insurance Business Magazine  June 30th, 2021

“Digital transformation of insurance has been a longstanding theme for TPG, and we believe EIS is a solution built for the future of the industry,” said Nehal Raj, partner at TPG

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How Life Insurers Can Reach Millennials

Insurance Thought Leadership  June 29th, 2021

Millennials already understand the need for car and home insurance. The pandemic has given life insurers an opportunity, says EIS’ Samantha Chow.

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EIS Eyes New Insurance Software Growth Phase With $100 Million TPG Investment

Carrier Management   June 29th, 2021

EIS secured a $100 million investment from private equity firm TPG, money designed to help it accelerate product development across multiple product lines. A geographic expansion is also in the works.

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Founded in 2008, EIS is an insurance software company that enables leading insurers to innovate and operate in faster, more secure, and agile ways. The EIS OneSuite is an open, flexible platform of core systems and digital solutions that liberate insurers to accelerate and scale innovation, launch products faster, deliver new revenue channels, and create powerful customer experiences. With thousands of open APIs, the EIS platform gives insurers across all lines of business the freedom to connect to—or serve as a hub for—a vast ecosystem of insurtech and emerging technologies.

“We are excited to partner with TPG as we continue to bring our best-in-class, cloud-native suite of technology solutions to insurers across the globe,” said Alec Miloslavsky, Founder and CEO of EIS. “The team at TPG is aligned with our ambitious growth strategy and their longstanding track record, industry relationships, and deep expertise make them an ideal partner for EIS as we propel our business forward. The investment will help us to continue to meet growing client demand as insurers transition from outdated ‘modern legacy’ systems toward a platform that provides the flexibility, speed, openness, and security that today’s highly competitive market requires.”

The customer-centric EIS OneSuite is a unique multi-line platform combining depth in relevant lines of business, the modern architecture of insurtech, and proven scalability that supports the largest API-first, cloud-native core system implementation in the world. EIS serves clients across North America, Europe, and Asia and the platform-agnostic EIS OneSuite can be deployed on AWS, Microsoft Azure, and Google Cloud.

“Digital transformation of insurance has been a longstanding theme for TPG and we believe EIS is a solution built for the future of the industry,” said Nehal Raj, Partner at TPG. “Alec and his team have built a powerful platform that enables insurers across the globe to operate more effectively, become more customer-centric, and achieve better speed to market. We look forward to working closely with the company to build on their strong momentum.”

Some of TPG’s investments in the insurance space have included Vertafore, a leader in modern insurance technology, and CCC Information Services, a leading SaaS provider to the automotive, insurance, and collision repair industries. The firm has been an active investor in technology since inception, with current and past software investments including C3 AI, Kaseya, McAfee, Planview, ThycoticCentrify, WellSky, Wind River, and Zscaler.

GCA acted as the exclusive financial advisor to EIS on the transaction. William Blair acted as financial advisor to TPG, and Kirkland & Ellis served as legal counsel.

About TPG

TPG is a leading global alternative asset firm founded in 1992 with $96 billion of assets under management and offices in Beijing, Fort Worth, Hong Kong, London, Luxembourg, Melbourne, Mumbai, New York, San Francisco, Seoul, Singapore, and Washington D.C. TPG’s investment platforms are across a wide range of asset classes, including private equity, growth equity, impact investing, real estate, secondaries, and public equity. TPG aims to build dynamic products and options for its investors while also instituting discipline and operational excellence across the investment strategy and performance of its portfolio. For more information, visit www.tpg.com or @TPG on Twitter.

Contacts

TPG
Courtney Power and Julia Sottosanti
media@tpg.com
+1 415-743-1550

EIS
Matt Conroy
Stanton PR
mconroy@stantonprm.com
+1.203.610.1421

Courtney Rowan
Positive Marketing
eis@positivemarketing.com
+44 (0)7917 439888

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EIS est un éditeur de logiciels d’assurance créé en 2008 qui permet aux assureurs d’innover et de fonctionner de façon plus rapide, sécurisée et agile. Sa solution EIS OneSuite^™ est une plateforme Core systems ouverte et flexible aux solutions digitales. Elle donne aux assureurs la possibilité d’accélérer et d’élargir le champ de l’innovation, de lancer des produits plus rapidement, de profiter de nouvelles sources de revenus et de concevoir de nouvelles expériences clients. Grâce à ses milliers d’API ouvertes, la plateforme offre à l’ensemble des acteurs de l’industrie la possibilité de se connecter à (ou de servir de hub vers) un vaste écosystème de technologies d’assurance et émergentes.

« Nous sommes ravis de bénéficier du soutien de TPG à l’heure où nous continuons à proposer notre suite de solutions cloud-native aux assureurs du monde entier », déclare Alec Miloslavsky, fondateur et CEO d’EIS. « La vision de TPG est en adéquation avec notre ambitieuse stratégie de croissance. En outre, son bilan, ses relations et sa solide expertise font de TPG un partenaire idéal pour soutenir la progression d’EIS. Cet investissement nous permettra de continuer à répondre aux attentes croissantes de nos clients, qui abandonnent aujourd’hui leurs systèmes obsolètes au profit de plateformes offrant la flexibilité, la rapidité, l’ouverture et la sécurité indispensables sur le marché extrêmement concurrentiel d’aujourd’hui. »

EIS OneSuite est une plateforme multi-lignes orientée client, qui associe profondeur (en couvrant une variété de branches d’assurance), modernité (grâce à l’architecture d’une insurtech) et évolutivité éprouvée, afin d’offrir le plus vaste système cloud-native et fondé sur des API. EIS compte des clients en Amérique du Nord, en Europe et en Asie, et la suite peut être déployée librement sur AWS, Microsoft Azure et Google Cloud.

« La transformation digitale de l’assurance est un thème récurrent pour TPG. Selon nous, la solution d’EIS représente l’avenir de l’industrie », déclare Nehal Raj, associé chez TPG. « Alec et son équipe ont conçu une plateforme puissante qui permet aux assureurs du monde entier d’être plus performants, de se focaliser sur leurs clients et de réduire leurs délais de lancement de nouveaux produits. Nous sommes impatients de travailler main dans la main avec eux pour les aider à amplifier leur excellente dynamique.»

Parmi les sociétés du secteur ayant bénéficié d’investissements de la part de TPG figurent Vertafore, un éditeur de premier plan de technologies d’assurance de nouvelle génération, et CCC Information Services, fournisseur leader de services SaaS pour le secteur de l’automobile (assurance et réparation incluses). Depuis sa création, la société investit activement dans le domaine des nouvelles technologies, comme elle l’a démontré en investissant dans C3 AI, Kaseya, McAfee, Planfiew, ThycoticCentrify, WellSky, Wind River et Zscaler.

GCA a pris part à la transaction en qualité de conseiller financier d’EIS. Tout comme William Blair et Kirkland & Ellis, respectivement en tant que conseiller financier et conseiller juridique de TPG.

À propos de TPG

TPG est une société de gestion d’actifs alternatifs de premier plan au niveau mondial, fondée en 1992, avec environ 96 milliards de dollars d’actifs sous gestion. Elle possède des bureaux à Pékin, Fort Worth, Hong Kong, Londres, Luxembourg, Melbourne, Mumbai, New York, San Francisco, Séoul, Singapour et Washington. Les plateformes d’investissement de TPG couvrent un large éventail de catégories d’actifs, y compris le capital non coté, le capital d’expansion, l’immobilier et le capital coté. TPG s’efforce de proposer des produits et options dynamiques à ses investisseurs, tout en visant l’excellence disciplinaire et opérationnelle dans l’ensemble de sa stratégie d’investissement et au regard de la performance de son portefeuille. Pour plus d’informations, visitez www.tpg.com ou @TPG sur Twitter.

Contacts presse

RUMEUR PUBLIQUE
Gaétane Roche / Cédric Landu
EISgroup@rumeurpublique.fr

+33 (0)6 29 83 35 56 / +33 (0)7 86 57 51 56

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Guardian Life Partners with EIS to Create Unified Absence Management

Insurance Innovation Reporter  June 25th, 2021

By integrating with the EIS OneSuite via microservices, Guardian created a digital solution that sees absence management through the eyes of the customer.

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The COVID-19 pandemic has dramatically changed the landscape for insurance carriers and is accelerating the move to outsource more IT platforms, which enables organizations to virtualize infrastructure for a remote-friendly workforce, while rationalizing operational costs. Renaissance deployed the EIS OneSuite™ in the cloud in 2020 to support product development and management and end-to-end workflows, from quoting and case installation to billing and claims processing.  By now moving its core systems to EIS’ SaaS platform, Renaissance will be able to realize greater efficiencies, operate more nimbly and easily scale its infrastructure to meet the evolving needs of insureds.

“Moving these applications now to the EIS® SaaS platform and working within its cloud-native architecture will allow us to further direct our focus to core business priorities without the burden of managing multiple vendors or continually monitoring systems,” said Jeff Kolesar, Chief Operating Officer at Renaissance. “In addition, the move from cloud to SaaS delivers greater performance and streamlined service delivery.”

The EIS SaaS platform takes on the entire burden of key corporate IT functions, while accelerating core processes. EIS OneSuite is a truly cloud-native, API-first core platform that allows insurers to innovate and operate like tech companies: fast, simple, and agile. What’s more, EIS SaaS customers have the same extensibility and configurability that non-SaaS customers enjoy and because EIS® SaaS supports the same EIS OneSuite version that customers may have on-premise or in the cloud, customers have the flexibility to move between deployment models.

“EIS SaaS delivers our market-leading core insurance suite in a fully managed environment allowing our customers to focus their IT efforts on the needs of the core business; rather than thinking about how to run infrastructure,” said Stepan Stadnyk, Vice President of SaaS and IT Operations at EIS. “When a customer signs on for the EIS® SaaS platform, they receive a set of URLs to use and that is the end of their responsibility. We take care of everything else, while conforming to an agreed set of SLAs for performance, uptime and support. This frees IT bandwidth to focus on business innovation and delivering greater value to their customers.”

The EIS SaaS delivery model affords insurance companies a host of business, financial and technical benefits including:

• Cloud-native to accelerate the start-up process, reduce costs, and scale endlessly
• Low code/no code configuration
• Easy integration with other platforms and cloud solutions
• Real-time application and infrastructure management
• One predictable subscription price
• Seamless application updates delivering new capability as it becomes available
• 24x7x365 resiliency built on a distributed architecture
• Highest standards of security and compliance
• Ability to connect to core systems from anywhere at any time

“Carriers are increasingly looking to SaaS solutions that virtualize their technology infrastructure, so they can redirect valuable resources away from IT toward more critical initiatives, such as product innovation,” said Tom Benton, Vice President, Research and Consulting at Novarica. “Solutions like EIS’ SaaS offering are built to be cloud-optimized and provide carriers with the benefits of improved performance and scalability via serverless computing and cloud databases, along with tighter integration with cloud-only services for analytics and AI.”

About Renaissance

Renaissance Life & Health Insurance Company of America and its sister company Renaissance Life & Health Insurance Company of New York offer ancillary benefits for employer groups and individuals nationwide. Dental, vision, life and disability insurance comprise the core line of the company’s ancillary benefits solutions. With headquarters in Indianapolis, Ind., Renaissance is focused on providing its members and partners with outstanding products and service. Visit www.renaissancebenefits.com, and find us on Facebook, LinkedIn, and Twitter.

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Accelerating insurance IT systems to stay competitive in an autonomous world

Information Age  May 27th, 2021

EIS’ Jess Hurley explains that it won’t be long before people around the world take their hands off the wheel. What can insurers do to be ready?

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“We’re excited that Atlantic American Employee Benefits chose EIS for this transformation initiative and  look forward to working with their team to leverage modern coretech and deliver an outstanding  experience for brokers and their clients, from quote to claim,” said Alec Miloslavsky, EIS CEO. “By  helping them move to a more automated model that delivers greater efficiency, more functionality and  more intuitive user interface, our core technology will help accelerate their growth in the voluntary  benefits space.”

“We recognized there was a great growth opportunity in worksite benefits, but in order to scale  efficiently over the long term, we needed to move away from legacy technology,” said John Dunbar,  Chief Information Officer at Bankers Fidelity. “To automate quoting, proposal, underwriting, billing and  claims processes and provide the kind of responsive policy administration experience brokers expect, we  needed a platform that would make it easy for brokers to do business with us. We selected EIS because  its modern platform is proven in the market and will support our future growth. ”

Atlantic American Employee Benefits anticipates the transformation will provide greater flexibility and  less manual intervention, while allowing it to streamline engagement and get new policyholders quoted  and onboarded more quickly. In addition, the SaaS delivery model will be cost-effective, reduce the  burden of IT support, and provide continuous upgrades to processes and products.

The EIS OneSuiteTM will initially support the carrier’s critical illness, accident, hospital indemnity, whole life and  disability products.

About Bankers Fidelity

Bankers Fidelity Life Insurance Company has provided tens of thousands of Americans with valuable,  customer-oriented insurance products for over 60 years. Its record of bringing innovative products and  value-added services to market has established Bankers Fidelity Life Insurance Company as a proven  leader in the life and health insurance industry. Bankers Fidelity Life Insurance Company is rated A- (Excellent) by A.M. Best Company and holds 4.7 out of 5 stars based on customer satisfaction reviews.  For more information, visit Bankersfidelity.com or follow on LinkedIn.

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Guardian Life Simplifies Employee Leave with New Absence Management Program

Guardian Life  May 18th, 2021

Guardian Life has partnered with EIS, to bring advanced capabilities to the market for Guardian Life’s absence management platform and create a seamless and positive digital employee experience.

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The future state of technology in the voluntary benefits space

BenefitsPro  May 18th, 2021

Jamea Ocampo, EVP of Wellfleet Workplace, and EIS customer, talks about how technology needs in the voluntary benefits space.

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Insurers not set up to cover working from home

Commercial Risk Apr 27, 2021

The mass move to home working is causing a insurance coverage problem that insurers are unable to solve because of system problems. EIS’ Tony Grosso explains that insurers are struggling to define their products as the lines between professional and domestic continue to blur.

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Majority of Insurers Plan to Up Their Digital Transformation Spend in 2021

Carrier Management Apr 21, 2021

Tony Grosso shares his insights on how the pandemic has highlighted the sheer importance of digital transformation.

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Galdenzi recently joined EIS from NASCO, the digital health solution provider for Blue Cross and Blue Shield health plans, where he worked as SVP and Chief Growth Officer. Previously, he served as CIO at BlueCross BlueShield of Vermont, where he led the organization’s journey into a member-first culture and oversaw their four-year core administrative system migration onto NASCO. With nearly 25 years of progressive technology, business, and innovation experience in healthcare IT, Galdenzi brings a deep understanding of the market and a fundamental belief in the disruptive nature of modern technology to EIS.

“As health insurers look to diversify their offerings into ancillary services such as dental and vision, we see a great opportunity to provide them with a platform that can meet their digital needs and serve as a springboard for broader transformation,” said Galdenzi. “Healthcare has lagged the modernization movement embraced by other insurance sectors where EIS is successfully partnering to deliver disruptive technologies. We are assembling a team that has a deep knowledge of the unique challenges healthcare organizations face as they seek to reimagine their core IT systems and we look forward to employing our expertise to help them overcome barriers to transformation.”

“EIS is excited to welcome Dan to lead our healthcare initiative and build a world-class team to drive it,” says EIS’ Chief Executive Officer, Alec Miloslavsky.  “Dan is an industry authority, with a first-hand understanding of the challenges health insurers face as they leverage leading-edge technology to provide better experiences, while diversifying their services and moving into new markets.”

Dr. Mark Boxer, a member of EIS’ Board of Directors, a former Cigna executive and an internationally recognized innovator and technologist with more than 25 years of experience in digital health, healthcare technology, and analytics added,  “With the growing focus of insurers on delivering personalized and integrated experiences to customers, enhancing provider productivity and improving outcomes and affordability, the industry should heartily welcome the EIS initiative to help it support a broader ecosystem of products and services and use the newest technologies to do it.”

For more information, visit EISGroup.com.

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Shed and garage offices cause divide between insurers

Insurance Times Apr 20, 2021

Insurers are held back by legacy systems that are siloed with a single line of business, explains EIS’ Tony Grosso, and prevent insurers from accurately underwriting the risks of work from home.

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Built on EIS’ cutting-edge core system and digital experience platform, Lighthouse by Wellfleet supports a personalized, proactive, and connected user experience for brokers, clients and members. Features of the platform include its ability to support a single system of record; smoothly connect with clients’ chosen HR technology platforms; and seamlessly exchange data from quote to claim.

Lighthouse is further enhanced by Wellfleet’s commitment to responsive, personalized service with reliable data. Each Wellfleet client is partnered with a dedicated Client Manager, who ensures benefits solutions are delivered how and when clients want them, while providing ongoing support from implementation through re-enrollment.

“Many carriers use a patchwork of dated legacy systems for quoting, enrollment and claims. These systems were not built to work together, which leads to errors and inefficiencies that brokers and their clients should not have to endure,” stated James Ocampo, Executive Vice President and head of Wellfleet’s Workplace Benefits division. “That’s why Wellfleet chose to invest in the development of Lighthouse, a highly-digital, customer-centric platform that delivers a consistent, multi-channel experience supported by authentic end-to-end service.”

A recent survey conducted by Wellfleet and EIS identified the top five pain points brokers experience with their carrier partners and the solutions Lighthouse delivers:

1. Time to receive quote – Lighthouse supports the crafting of highly-customized and flexible plan designs, which simplifies and expedited the quoting process.
2. Billing errors – As an end-to-end platform, Lighthouse powers the flow of accurate data from quote to claim, ensuring bills are accurate.
3. Quoting errors – Leveraging the clean data input at time of quote, Lighthouse seamlessly deploys the approved case-build file, ensuring the proposal, policy administration system, and enrollment systems are built in sync.
4. Lack of real-time data insights for the broker and the client – With its single source of truth, Lighthouse delivers accurate, meaningful data in real-time.
5. Slow data processing time – Lighthouse validates enrollment data in hours or days, not weeks.

“EIS and Wellfleet have invested in the future of workplace benefits by building a groundbreaking, fully digital experience for the market,” said Samantha Chow, LAH Markets Lead at EIS.

“By coupling Wellfleet’s attentive servicing and deep knowledge of broker pain points with EIS’ open, cloud- and API-based technology, we’ve developed a vibrant, customer-centric ecosystem for Wellfleet’s distribution, data and service partners,“ said Chow. Lighthouse leverages the EIS OneSuite™ of software solutions to support broker and customer lifecycles from rating and quoting, policy issuance and administration, to billing and claims management.

“Lighthouse has been a highly-anticipated and long-needed market offering,” noted Drew DiGiorgio, Wellfleet President and CEO. “Launching it to the market is the cornerstone of Wellfleet’s long-term strategy to offer next-generation tools and services that give customers what they want – a personalized user experience supported by a team of industry leaders and experienced support staff.”

To learn more, visit www.wellfleetworkplace.com/lighthouse.

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Opinion: This is where insurance companies need to look to be ready for tomorrow’s customers

Canadian Underwriter Mar 18, 2021

Driven by cloud and APIs, coretech can free insurers from legacy technology so they can deliver better experiences to customers, agents, and partners.

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Insurance giant Liberty Mutual shifts to cloud to improve European customer offering

diginomica Mar 11, 2021

“Simpler, customised and faster customer and partner service” being delivered via Liberty Mutual’s new digital insurance ecosystem for its , using EIS’ a cloud-native platform, says its Global Retail Markets division CIO Alexandre Ramos. 

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By going digital-first for customer acquisition, servicing and claims, esure seeks to stand out from the competition. EIS will help deliver a customer-centric platform, which will increase the number of customer interactions conducted through online channels and self-service functionality.

David McMillan, CEO at esure, said: “We’re on a mission to transform our business into a world-class digital insurer, and to disrupt the insurance industry. The flexible EIS platform will help us leapfrog the competition by providing a tech enabled customer experience, tailored propositions and attractive pricing. Our strategic partnership with EIS is an exciting and significant milestone on our digital transformation journey.”

esure is embarking on a transformation programme that will result in a world-class digital ecosystem, leveraging cutting edge processes and technology. This programme includes the delivery of a new insurance technology platform which fits into its evolving architecture – cloud-enabled, open, and compatible with microservices and API stacks. Once implemented, the architecture will be the foundation of esure’s digitalisation process. To maintain agility and support policyholders’ evolving needs, EIS provides an intuitive, highly configurable, rules-based platform for underwriting and new product innovation, while managing cost efficiencies for ongoing maintenance and support.

EY, a global market leader in business and technology transformation, is supporting esure and EIS to deliver this large-scale digital transformation, which spans the entire business model as it moves to becoming digital-first.

To create a seamless customer experience, esure will be deploying the EIS platform’s fully integrated applications, PolicyCore®, BillingCore®, ClaimCore®, CustomerCore™, CustomerCore CEM™, and EIS DXP®, gaining end-to-end business capabilities that support digital enablement at every touchpoint.

“It’s fantastic to know we are helping esure lead the industry’s digital revolution through the reinvention of the buyer journey and full quote-to-claims process,” explained Alec Miloslavsky, EIS CEO. “Our Customer Compass survey told us the minority (43%) of UK policyholders consider their insurance providers are responsive to their needs. For insurers to thrive in this digital-first world, they’re accelerating their digital transformation projects to deliver a proactive, omnichannel experience that their customers are looking for.”

About esure

Founded in 2000, esure Group is one of the UK’s leading personal lines insurers. The Group provides motor and home insurance products through the prominent esure and Sheilas’ Wheels brands, and currently has a total of more than 2.4million policyholders. The Group is dedicated to building world-class insurance fundamentals across pricing and underwriting, claims and customer service, underpinned by data and analytics – the DNA of insurance. Looking forward, esure Group is progressing its digital transformation programme to become a world-class digital insurer, focused on the development of a new technology platform, its customer propositions and data assets.

The post EIS partners with esure Group to expedite its digital transformation appeared first on EIS.

En privilégiant le digital pour l’acquisition de nouveaux clients, la gestion des services et l’indemnisation, esure entend se démarquer de la concurrence. EIS va l’aider à déployer une plateforme entièrement tournée vers les clients, qui augmentera le nombre d’interactions avec eux grâce à l’utilisation de canaux digitaux et de fonctionnalités en libre-service.

« Notre mission est de transformer notre entreprise pour qu’elle devienne un assureur offrant des services digitalisés précurseurs, qui révolutionnent le secteur de l’assurance. La flexibilité de la plateforme d’EIS va nous aider à distancier la concurrence grâce à une expérience client basée sur la technologie, à des propositions personnalisées et à des prix attractifs » explique David McMillan, PDG d’esure. « Notre partenariat stratégique avec EIS est une étape motivante et déterminante dans notre parcours de transformation digitale ».

Le programme de transformation initié par esure débouchera sur la mise en place d’un écosystème digital très performant, bénéficiant de processus et de technologies de pointe. Ce programme comprend la livraison d’une nouvelle plateforme technologique d’assurance adaptée à l’évolution de son architecture vers un modèle cloud, ouvert, compatible avec des micro-services et des APIs. Une fois en place, cette architecture constituera le socle du processus de transformation digitale d’esure. Pour assurer une agilité constante et accompagner l’évolution des besoins des assurés, la plateforme EIS est intuitive, entièrement modulable et régie par des règles propices à l’innovation en matière de souscription et de nouveaux produits, tout en permettant d’optimiser les coûts de maintenance et de support en continu.

EY, leader mondial dans le domaine de la transformation des entreprises et des technologies, accompagne esure et EIS dans cette transformation digitale à grande échelle, tout le modèle économique de l’entreprise étant concerné par cette évolutions vers le « Digital-First ».

Afin de créer une expérience client totalement fluide, esure déploiera les applications entièrement intégrées de la plate-forme EIS, PolicyCore®, BillingCore®, ClaimCore®, CustomerCore™, CustomerCore CEM™, et EIS DXP®, en acquérant de bout en bout des capacités commerciales permettant une activation digitale à chaque point de contact.

« Il est fantastique de savoir que nous aidons esure à se placer en leader de la révolution digitale du secteur, grâce à un parcours client réinventé sur la totalité du processus qui va de la demande initiale de devis à l’indemnisation » déclare Alec Miloslavsky, PDG d’EIS. « Notre étude Customer Compass nous a révélé qu’une minorité (43%) des assurés britanniques pensent que leurs assureurs tiennent compte de leurs besoins. Pour prospérer dans ce monde numérique, il est donc impératif que les assureurs accélèrent leur transformation digitale afin d’offrir l’expérience proactive et omnicanal que les clients attendent ».

A propos d’esure

Fondé en 2000, le groupe esure est l’un des principaux assureurs britanniques dédiés aux particuliers. Le groupe propose des produits d’assurance automobile et habitation avec les marques reconnues esure et Sheilas’ Wheels, et compte actuellement plus de 2,4 millions d’assurés. Le groupe se consacre à l’élaboration d’offres d’assurance de premier plan, que ce soit en matière de tarification et de souscription, d’indemnisation et de services clients, étayées par les données et leur analyse – l’ADN de l’assurance. Pour devenir un assureur incontournable en matière de digitalisation de l’assurance, le groupe esure poursuit son programme de transformation digitale axé sur le développement d’une nouvelle plateforme technologique, sa proposition client et ses actifs de données.

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Transformation du Secteur de L’Assurance : Quelles Tendances Pour 2021 ?

Economie Matin Feb 26, 2021

Olivier Vaysse talks about key trends for 2021 including the widespread adoption of APIs, the rise of insurance-as-a-service, and even more personalization

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Legacy Systems May Prevent Digital Transformation

AM Best Feb 23, 2021

EIS’ Samantha Chow joins John Weber on AM Best Audio podcast to discuss the rapid shift happening in the life insurance and annuities markets from product-focused to people-focused.

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“The life and annuities landscape is rapidly shifting from a product focus to a people focus,” said Samantha Chow, LAH Markets Lead at EIS. “With customers demanding more efficient, engaging, and personalized experiences, and agents and underwriters seeking more digital workflows, life and annuities providers understand that simply retrofitting legacy systems cannot provide a clear path to true digital transformation. In fact, our research shows that 88% of insurance professionals believe that legacy systems are preventing transformation. By providing a cloud-native, API-first coretech suite that is flexible, easy to upgrade, and works across all lines of business and distribution channels, we are giving insurers the ability to reimagine their business, scale quickly, upgrade efficiently and innovate freely, while reducing technical debt.” 

EIS has been named a Challenger in Gartner’s recently published report Magic Quadrant for Life Insurance Policy Administration Systems, North America. EIS was also named the “Best-in-Class” life policy administration (PAS) vendor in Aite Group’s most recent L&A comparison report, AIM Evaluation: Life PAS Vendors’ External Third-Party Data Integration Capabilities.

EIS OneSuite simplifies and integrates all phases of the life insurance lifecycle: 

• Product Development: Featuring an architecture that enables growth and can be configured to meet insurers’ individual needs, EIS OneSuite leverages automated, reusable rules, making traditional product libraries a thing of the past. Insurers can test and learn quickly, getting to market with new products ahead of the competition—in a matter of weeks rather than months. 
• Marketing and Distribution: The EISⓇ platform can help transform marketing and sales, by giving agents, through the EIS Agent App, an intuitive interface to organize and simplify sales activities with data-driven insights and have more meaningful and personalized engagement with customers throughout the entire application-to-claim lifecycle.
• Purchase and Underwriting: Leveraging rapid data collection from hundreds of sources and advanced predictive modeling, insurers can replace expensive manual product underwriting with logic and automation, leaving the underwriter to focus on what they were hired for, evaluating risk.
• Claims: EIS OneSuite helps life and annuities insurers manage complex claims through more effective claims prevention, fraud detection, and automated claims handling while keeping the agent notified throughout.
• Ongoing Customer Engagement: With its API-first architecture, EIS OneSuite provides easy connectivity to partners and third-party data sources, giving carriers more freedom to offer ancillary services and increase revenue. The ability to manage all lines from one platform also makes bundling, cross-selling, and retaining and renewing customers easier and more seamless.

Using EIS’ CoreVelocity™ delivery methodology, insurers can also avoid costly “big bang” upgrades and deliver new capabilities faster, using speed as a competitive advantage. 

“COVID-19 caused life and annuities insurers to reprioritize and accelerate digital initiatives and improve workflows. Their response to pandemic conditions exposed gaps in manual and paper-based processes, leading them to rethink how to improve operations and to better meet customer expectations,” said Rob McIsaac, Executive Vice President, Research & Consulting at Novarica. “Insurance technology providers like EIS are helping insurers by providing solutions that support the digitally-enabled future of life insurance.”

To find out more about Reimagining Life Insurance, visit our website.

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Interview with Olivier Vaysse, SVP Sales Europe, EIS

RiskAssur Jan 6, 2021

EIS’ Olivier Vaysse discusses the company’s role in accelerating digital transformation for insurers and other topics including the growth of UBI.

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2021 Predictions: Personalisation will drive change in insurance

Continuity, Insurance & Risk Jan 5, 2021

In 2021, insurers will continue to evolve their offerings related to personalized insurance products, and usage-based insurance will be a crucial element in this effort, explains EIS’ Brad Worth.

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Digital transformation of insurers: The key role of APIs

Journal du Net Dec 29, 2020

To offer policyholders a personalized and optimal experience, insurers must now have IT resources that can access multiple APIs, explains EIS’ Olivier Yayesse.

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2021 Technology Trends: Experts share their predictions for the year ahead

UK Tech News Dec 23, 2020

Across the tech sector, the pandemic has accelerated digital change. As we move towards 2021, some industry experts―including EIS’ Samantha Chow―share their predictions for the year to come.

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Insurers need ‘digital heart’ to deliver better customer experience

S&P Global Dec 21, 2020

EIS’ Samantha Chow is interviewed on the findings of a survey of policyholders in the U.S. and Europe and talks about the need for personalization.

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The report explores some of the key trends within the core systems market for P&C carriers and discusses the ways in which technology is evolving to address new market needs and challenges.

“EIS has focused on building a coretech platform that enables insurers to more easily create an ecosystem of services, data, and partners, and to build and distribute customer-centered insurance products in new and emerging B2B and B2C business models,” says Tony Grosso, Global Head of Marketing, EIS. “We are proud that Aite Group—and our customers—have recognized our leadership in providing the industry the most open, ecosystem-friendly core and digital platform.”

EIS stood out against much larger and publicly-traded competitors in the overall scoring of Aite’s AM Components, which include Vendor Stability, Client Strength, Client Services, and Product Features. EIS achieved best-in-class scores in three categories,  including a tie top score of 96% for Product Features and a shared second place at 93% for Client Services, based on customer feedback.

“P&C insurance carriers worldwide are being asked to provide more customized and personalized experiences for their policyholders, such as quicker and more accurate underwriting decisions or a facilitated claims process. To make this happen, carriers increasingly rely on third-party data and on a core system that can integrate this data into various workflows,” said Jay Sarzen, senior analyst with Aite Group’s P&C Insurance practice. “EIS responded to the market need with an open platform that can meet the evolving needs of a wide range of carrier clients. Any carrier looking for a flexible and highly capable platform that can deliver a digitally focused experience would be well-served by EIS OneSuite.”

According to the report, the best way for carriers to meet evolving customer and prospect expectations is to employ a more digital experience, the foundation of which is data. This means that a core system’s ability to seamlessly integrate copious amounts of existing and emerging data into carrier workflows is critical for digital evolution. The report cited several EIS OneSuite best-in-class strengths to that end:

• Data Integration: EIS is one of a small handful of vendors that can integrate all of the data types asked about in the survey without any customization and fully support integrating data into every key component.
• Product Features: The driver of the EIS OneSuite’s high score was overall depth and breadth of product features, client favorability of these features, and the platform’s user interface and functionality.
• Client Services: Factors that drove EIS OneSuite’s high score were client perceptions of overall cost value, the ability to deliver on promises, a vendor’s range of deployment options, and the breadth of support offered to clients.

“Customer-centered transformation is the most pressing need for P&C insurers to succeed as the industry evolves,” said Rowshi Pejooh, Executive Vice President, Product Management, EIS. “The high scores earned by the EIS OneSuite in this report validate our promise of enabling insurers to act more like tech companies so they can innovate quickly in response to changing customer demands across multiple business lines and distribution channels.”

For more information, view the market analysis and full EIS excerpt from the Aite Group report.

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“With EIS UBI, we are solving one of the biggest challenges to insurers as consumers increasingly demand coverage tailored to fit their lifestyle, be it infrequent drivers seeking mileage-based policies, safe drivers who want to be rewarded for their good driving habits, or drivers earning income from ridesharing, carsharing, and other commercial uses,” said Joel Yarde, Technology Marketing Lead, EIS. “EIS UBI enables insurers to innovate and deliver products for specific uses, take better advantage of telematics, and deliver a great customer experience.”

Through seamless integration of data from a wide variety of telematics and mobile devices, EIS UBI can support multiple models, including miles only, driver behavior, change of use, or any combination of these and other factors.

“The pandemic has been a catalyst for the UBI market, as insurers across the size spectrum look to ramp up programs. Programs to support various telematics and usage-based-insurance initiatives, including ridesharing, are becoming increasingly important,” said Mark Breading, Partner, SMA.  “It is vitally important that modern core platforms like EIS offer new capabilities to support these programs.”

Solution for Ridesharing

The first iteration of the new solution is EIS UBI for Ridesharing, which solves the challenge insurers currently face in accurately underwriting and pricing based on “why” the car is in use. Rideshare drivers may cycle through four phases that cross over commercial and personal lines of coverage: off the clock, on the clock waiting for the first customer, pickup and driving to the destination, and on route to the next pickup. However, typical rideshare policies cover only stages with riders in the car.

EIS UBI for Ridesharing enables insurers to provide continuous coverage with accurate rates and premium billing according to each phase of use, whether personal or commercial. Furthermore, it allows companies to embed insurance offers directly into the driver experience through their driver app and enable real-time or near real-time interactions. EIS UBI for Ridesharing is already in use by one insurer to provide quotes and service to drivers of a top-three global ridesharing company.

Driving Innovation

The foundation of EIS UBI is the robust and extensive event-driven architecture of EIS OneSuite that makes thousands of policy, billing, claims, and customer management tasks, transactions, and interactions available for creating usage-based insurance products.  EIS UBI is the next generation of usage-based insurance capabilities available in EIS’ PolicyCore policy administration platform.

This enables EIS clients to innovate for various scenarios, from providing unified coverage for vehicles or equipment used for personal and agricultural use to public and private carsharing and commercial fleet.

“EIS UBI provides insurers with the tools to create and deploy usage-based products for today’s sharing economy, and to ‘future proof’ their offering as new models of car usage emerge,” said Yarde. “EIS clients have embraced the capability to create new auto coverages and use EIS UBI as a platform to test-and-learn new product innovations.”

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Insurance industry ‘failing digital customers’

FStech Nov 17, 2020

A survey of 1,100 insurance consumers reveals the three most important purchasing factors among other insurance consumer behaviors and preferences.

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EIS, in partnership with GlobalWebIndex, surveyed 1,057 consumers who own insurance policies in the U.S., the UK, France and Germany, to generate insights into new expectations for customer experience found within the global insurance industry.

As insurers rapidly pivot their business and operational models in response to the global pandemic, those who will thrive in the New Normal will be the insurers who are prepared for digitally-enabled customer interactions. Globally, the top three most important factors for consumers when purchasing an insurance policy are: the ability to purchase products and services online (44%); secondly, the ability to offer dynamic pricing based on the individual consumer’s specific needs (42%); and, thirdly, having an easy-to-use mobile app (32%).

When it comes to digital prowess, consumer opinions of insurers are astonishingly low – only 23% of consumers expect insurers to integrate their experience across mobile, web and in-person channels, while only 19% expect insurers will know them and their preferences following an interaction. This dynamic presents a terrific near-term opportunity for digitally-savvy insurers to exceed expectations and win business.

The data also shows insurers should be focused on how they can provide technology that empowers consumers to manage their financial lives. This sentiment was strongest in the UK, where 72% of respondents want to own and manage their financial lives digitally, compared to 65% and 63% for the U.S. and France respectively.

“Customer expectations outpacing insurer capabilities is the clarion call from our Customer Compass report,” said Anthony Grosso, Head of Global Marketing at EIS. “Getting user experience and personalization right across all digital channels is essential for insurers to meet consumer’s expectations for today’s digital lifestyle.”

“However, insurers who can rapidly re-architect their IT infrastructure to simplify the customer journey, create products that better meet lifestyle and life cycle needs can become the one-stop shop consumers crave,” Grosso added. “These insurers will build consumer confidence and grow their business within emerging consumer ecosystems.”

Three key findings of the report bear this out:

• Opportunity to own the customer lifecycle – There is a 36% gap between consumers who currently use one company for all their insurance needs, and those who would be happy to do so. This is a huge market opportunity being driven by access to new technology and modern pricing models. While 44% of consumers in France currently purchase all their insurance from a single provider, the gap is most pronounced in the UK where only 12% of consumers do the same, yet 60% are comfortable buying from a single provider.
• Subscription and usage-based insurance provide control consumers want – The subscription business model has permeated how consumers access more and more products and services, and they want insurance to follow suit. 66% of those surveyed said they don’t like being tied into annual contracts, preferring to pay monthly, with the option to cancel at any time. The appeal is clear: for consumers, it is a simple, hassle-free offer; for insurers, it is recurring, predictable revenue which can enhance customer loyalty. This desire for control also extends to consumers being only charged based on how often they use services. UK consumers want this level of control the most at 67%, followed by the U.S. at 65% and France at 59%.
• The power of bundling – The advent of open platforms and connected devices is also enabling innovative packaging of insurance and non-insurance products to drive revenue. For example, 55% of consumers were interested in a housing bundle including home insurance, financing, essential home repairs and all home utilities. UK and U.S. consumers showed more interest, at 51%, than French consumers, at 37%.

Download the Customer Compass Report

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Sharon has over 25 years’ executive experience in the insurance industry in both the Property & Casualty and Life & Health segments. She has served as president of Aviva Insurance Company of Canada, and president and CEO of Swiss Re Canada, and launched Canada’s first online insurance marketplace, Kanetix. Sharon has been a member of the EIS board since 2018, providing invaluable insight and guidance to the executive team.

“Sharon is an industry pioneer and leader with a keen sense of what the industry can achieve collectively, and a prevailing interest in the advancement of its people and practices,” said Alec Miloslavsky, CEO of EIS. “We congratulate Sharon on this well-deserved honor and thank her for her significant contributions to EIS and to our vibrant industry.”

As part of her commitment to the insurance industry, Sharon has been a Board Member of the Insurance Bureau of Canada, the Canadian Life and Health Insurance Association, the Institute for Catastrophic Loss Reduction, and the Reinsurance Research Council, where she was Chairwoman.

The awards ceremony, and a fireside chat with Sharon, will occur virtually on Thursday, November 19, 2020. Details are available at www.ibawards.ca.

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Less than half of insurance customers trust insurers to deliver basic needs – survey

Insurance Business Nov 11, 2020

Insurers have invested Heavily in customer experience, just 49% of customers feel their insurance provider will be responsive to their basic needs, according to EIS’ Customer Compass report.

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In the group benefits landscape, the demand from brokers and employers for simplified, multi-product offerings that are also easy to administer is growing. Renaissance recognized the opportunity to leapfrog ahead with a new end-to-end system that incorporates all of its products and helps to automate and support its workflow — from quoting and case installation to billing and claims processing. Partnering with EIS helped drive this important advance and its success as a multi-line insurer.

“Growth often presents opportunities to find more efficient and effective ways to operate. The EIS solution allowed us to create an ecosystem unifying our core and digital operations across multiple lines of business. At the same time, it provides a digital platform to help us deliver outstanding insurance experiences for our brokers, employer groups and members today and into the future,” said Robert P. Mulligan, President and Chief Executive Officer, Renaissance.

The new platform will be used for creating new insurance products, quoting, enrollment, policy administration, billing, claims, and customer and broker management. In addition, it will facilitate self-service processes to provide a differentiating level of service and efficiency.

EIS’ leadership is excited about the opportunity to deliver a platform that provides Renaissance with extreme product flexibility and cutting-edge digital experience capabilities.

“Renaissance represents the wave of the future,” said Tony Grosso, Head of Marketing, EIS. “Renaissance was early to understand that innovation is tied to success in the marketplace and that a new generation, open-architecture platform can power the type of product and plan flexibility and broker- and customer-first engagement that wins new cases and drives retention.”

It is a testimony to Renaissance’s commitment to digital transformation that the COVID-19 pandemic accelerated rather than stymied progress on the project.

“This transformation program is a high priority for Renaissance. So, we were pleased that with the highly automated, cloud-based, and remote delivery environment provided by EIS, we did not experience any slowdown as an impact of the COVID-19 pandemic.  In fact, once we had managed our immediate organizational response to the pandemic, we were able to commit more resources and increase productivity, helping us maintain our projected schedule for this significant initiative,” said Renaissance Chief Operating Officer Jeff Kolesar.

“EIS is honored to support Renaissance’s digital transformation initiative,” said Alec Miloslavsky, CEO, EIS. “The roll-out was a large undertaking not made any easier by the pandemic disruption. I am proud of the joint effort to overcome that disruption and our work helping Renaissance position itself for the future of the employee benefits market.”

Renaissance has deployed the EIS platform’s fully integrated applications, PolicyCore®, BillingCore®, ClaimCore®, CustomerCore™, CustomerCore CEM™, and EIS DXP® to gain end-to-end business capabilities that support digital enablement at every stakeholder touchpoint.

About Renaissance

Renaissance Life & Health Insurance Company of America and its sister company Renaissance Life & Health Insurance Company of New York offer ancillary benefits for employer groups and individuals nationwide. Dental, vision, life and disability insurance comprise the core line of the company’s ancillary benefits solutions. With headquarters in Indianapolis, Ind., Renaissance is focused on providing its members and partners with outstanding products and service. Visit www.renaissancebenefits.com, and find us on Facebook, LinkedIn and Twitter.

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According to the report, EIS achieved the following scores:

• Highest in New Product Development/Launch Use Case, scoring 3.96 (out of 5)
• Highest in Policy/Contract Change Use Case, scoring 3.99 (out of 5)
• Highest in Digital User Support Use Case, scoring 3.90 (out of 5)
• Third Highest in Group/Worksite Enrollment, Claims and Billing Use Case, scoring 4.61 (out of 5)

“We believe that market demands—more so than ever before—call for PAS solutions that can adapt to disruption with greater product agility and vastly improved digital experiences,” says Samantha Chow, LAH markets lead at EIS. “To excel in the use case evaluations for the second consecutive year is very gratifying, particularly to achieve the highest score in the Digital User Support Use Case for the first time.”

In the report, Gartner states, “Insurers need policy administration system characteristics such as flexibility and IT agility to recover from the COVID-19 pandemic. For insurers to become more agile and resilient, CIOs must match policy administration capabilities with insurers’ needs.”

Gartner notes that, “As life insurance companies move forward with recovery from the COVID-19 crisis, CIOs need to prepare for business renewal. CIOs must reevaluate their PASs for fitness for an expected acceleration in digital sales and services in a virtual work-from-home world.”

EIS’ recognition in Gartner’s Critical Capabilities for Life Insurance Policy Administration Systems, North America report follows the publication of Gartner’s companion report Magic Quadrant for Insurance Life Policy Administration Systems, North America.² EIS was named a Challenger in the latter report assessing vendor ability to execute and completeness of vision.

¹ Gartner, Inc., Critical Capabilities for Life Insurance Policy Administration Systems, North America, Richard Natale and Rajesh Narayan, August 11, 2020.

² Gartner, Inc., Magic Quadrant for Insurance Life Policy Administration Systems, North America, Richard Natale, August 3, 2020.

Disclaimer
Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.

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Why Most Insuretech Connect Talks Will Be About Personalization

DataArt Sep 30, 2020

The days of traditional insurance are fading as insuretechs completely transforms insurance products and services, and their method of delivery. Learn how to successfully personalize your insurance offerings and marketing, and where to start.

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The report evaluated EIS OneSuite™, a cloud-based platform for insurance carriers that provides core, data, and digital capabilities across multiple lines of business, including life, worksite and individual benefits, and property and casualty.

“To be recognized as a Challenger this year is exciting and gratifying,” says Samantha Chow, LAH marketing lead at EIS. “In our opinion, it tells us we are meeting the market need and on the right track. We expect continued momentum for EIS OneSuite in the current and post-COVID environment as insurers assess the strengths and weaknesses of their current systems, and plan for a future that supports fully digital operations and business models and adapts to disruption. A modern tech stack designed to rapidly create new frictionless workflows, digitally-enabled products, and fast delivery of new capabilities will be critical.”

“As the COVID-19 pandemic has clearly demonstrated, business operating conditions can change dramatically overnight, and life insurance PASs and the infrastructure on which they operate must be scalable, secure, and adaptable to change,” wrote Richard Natale and Rajesh Narayan analysts, at Gartner, in this report. The report also mentions, “Life insurance CIOs must assure that core insurance processes remain operationally resilient to changing conditions that a crisis brings to the forefront.” It further says, “Life insurance CIOs should be evaluating their PASs now to determine the degree to which they enable, or are a barrier to, this type of resiliency in the face of disruption.”

The EIS OneSuite for life and annuity carriers challenges the status quo. It provides an insurance market, heavily burdened with product-centric legacy technology, a path to digital transformation. The core platform offers the L&A industry a customer-centric framework and enables carriers to grow through product development, market expansion, data-driven decisions, and customizable ecosystems without boundaries. It leverages a digital and mobile-first approach, is cloud-native, and built on open APIs and microservices to foster a wholly modern and scalable tech environment―enabling the carriers to react like an insurtech: fast, simple, agile. The platform provides end-to-end capabilities out of the box yet is entirely flexible to integrate with both modern tech solutions and legacy, acting as the hub for ecosystem development. It delivers continuous software updates that are seamless and keep carriers modern. It is a coretech platform that will take life insurers from 2020 to the 2030s and beyond.

* Gartner, Inc. “Magic Quadrant for Life Insurance Policy Administration Systems, North America” August 3, 2020.

Gartner Disclaimer

Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.

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As insurers step up the pace of digital transformation to meet market expectations, they need to overcome the hurdles of having multiple products on separate product platforms and a customer experience that is compromised as a result.

The collaboration between EIS and Spraoi is designed to accelerate the simplification of systems and the customer experience and quickly enable new product offerings, distribution, and AI-assisted customer journeys. EIS and Spraoi work as open ecosystem partners. EIS provides a comprehensive, industry-leading set of open APIs that expose the quoting, rating, policy administration, billing, claims, and customer management capabilities within the EIS OneSuite™ of core applications. Spraoi connects to those APIs to build out customer and agent portals within its QuikCover solution and delivers machine learning models to improve operating outcomes from quote to claim.

The integration has already been deployed by Renaissance, a nationwide provider of dental, vision, life, disability and accident products to support a diverse product portfolio and deliver a next-gen distribution and customer experience.

“Through our ongoing partnership with Spraoi, we are taking another step toward helping insurers become the agile and customer-centered organizations that the future of insurance demands of them,” said Tony Grosso, head of marketing at EIS. “EIS is executing an open ecosystem strategy that leverages the native openness of our platform to connect quickly with complementary solutions and compound the business value of carriers’ digital transformations. Insurers can benefit immensely from technology partners that are aligned technically and culturally when building platforms that are responsive to the market.”

In addition to its portal technology, Spraoi’s machine learning models can also positively influence many core processes enabled through the EIS® platform. For example, to improve propensity to buy, as consumers engage with the platform, the solution can deliver recommendations on what products are most relevant to them through EIS OneSuite to the end consumer, based on their persona. In the claims process, Spraoi delivers machine learning models through to the adjusters and various stakeholders for segmentation, assignment, auto adjudication, and fraud detection. The integration of EIS and Spraoi solution is available to the property/casualty and group/voluntary benefits spaces.

“Spraoi is excited by our progressive partnership with EIS because we share a vision of how new generation technologies should be delivered to carriers,” says Karan Mishra, co-founder, Spraoi. “We have a natural fit. Spraoi solutions take maximum advantage of EIS’ fully digital core to provide an enhanced and adaptive user experience. This means insurers get maximum value from their digital transformation investment.”

About Spraoi

Spraoi is an insurance technology solutions provider combining Big 4 Insurance consulting experience with Silicon Valley technology acumen and offshore scale. We focus on assisting carrier clients with the two most pressing needs confronting them today: how to leverage their data to optimize outcomes using our patent pending platform and how to better engage customers throughout the lifecycle using our customer engagement infrastructure. Beyond our solutions, we have created an innovation framework that provides accountability from concept through execution, eliminating technology as the impediment to progress. Visit us at Spraoi.ai.

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When insurtech meets coretech, the customer wins.

Insurance Wire Aug 10, 2020

Insurers are flipping their lens on their customers.  Rather than making it easier to do business with customers, they are making it easier for customers to do business with them with the help of insurtech and coretech, says Anthony Grosso.

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Coretech (finally) lets insurers leverage InsurTech innovation

Property Casualty 360 Jul 20, 2020

InsurTech presents many possibilities for innovating customer experiences, products, and business models. But InsurTechs can’t do it alone. They are part of an ecosystem. And Coretech enables that ecosystem, says Tony Grosso.

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Samantha Chow Joins EIS as Life, Annuities and Health Markets Lead

Insurance Innovation Reporter Jun 18, 2020

The former senior analyst for Aite Group  will lead EIS’ expansion in markets experiencing a high degree of disruption and seeking to accelerate digital transformation.

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Samantha Chow Joins EIS as Life, Annuities and Health Markets Lead

EIS Group, a core and digital platform provider for insurers, is pleased to announce the appointment of Samantha Chow as life, annuities and health markets lead. In this role, she will lead the go-to-market strategy that propels EIS’ expansion in markets experiencing a high degree of disruption and seeking to accelerate digital transformation. Chow most recently served as a senior analyst for Aite Group. Since 2015, she has covered insurtech, business, and regulatory trends in the life insurance and annuity industry for Aite Group and authored original research and reports with insights and guidance to these markets.

“Finding the right LAH markets leader has been a top priority of mine,” said Anthony Grosso, head of marketing at EIS. “Samantha brings a unique combination of experience as an innovation and transformation leader within insurers and as an authority and sought-after counselor to the market. EIS has always been a pioneer in identifying disruption and bringing technology solutions to bear, most recently in the voluntary and group benefits market. As a result, we are thrilled to have Samantha join us and lead our response to the disruption in the life insurance markets.”

“After spending the last five years as an analyst for the life and annuity industry, I had the great pleasure of watching EIS and evaluating its solution in the industry,” said Samantha Chow. “EIS was a catalyst to the voluntary benefits market, seeing the problems the industry was facing, and bringing a solution to help this industry innovate. I have, with objective eyes, evaluated EIS strengths and weaknesses and placed them in the best-in-class category for core system vendors. I am excited to be a part of the team that brings this same innovation to life and annuity industry, allowing the industry to innovate without the system boundaries they have today.”

Before joining Aite Group, Chow served as corporate vice president of business productivity and innovation at New York Life, where she was responsible for building and growing an enterprise-wide capability for facilitating transformational and cultural insurance change. Prior to this role, Ms. Chow led the research department at New York Life, where she was charged with providing research and recommendations for business strategies, new products, pricing analysis/strategies, and competitive intelligence. She also worked at the American Family Life Assurance Company in multiple research capacities.

Chow holds a B.S. in Marketing and Statistics and a Master’s in International Business. She is certified in change management and the Klapper Institute problem-solving methodology.

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APIs: the invisible wiring pivotal to digital transformation

City A.M. Jun 10, 2020

Unless you work in a technology-focused business, or are particularly technology-minded, it’s unlikely that you will have heard of ‘Application Programming Interfaces’ – or APIs.

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EIS taps EPAM to help insurers speed up digital transformation in UK

Life Insurance International Jun 10, 2020

EPAM Systems will support insurers implementing EIS’ core and digital solutions in the UK and work together addressing the need for and agile platform for insurers that is driven by both cloud and open APIs, offering flexibility to end customers.

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The partnership comes at a time in the insurance industry when adaptive, orchestrated technology eco-systems are becoming more critical, pushing insurers to assess the urgent need for an agile platform, which offers flexibility driven by both the cloud and open APIs.

What’s more, the pandemic has highlighted the fact that insurers can no longer wait to begin transformation initiatives. A recent EIS survey found that 71% of respondents have accelerated initiatives to digitise operations and customer experience as a result of the pandemic. With only 4% of digital initiatives postponed. As the industry looks to create its new normal, insurers will have to look for new ways to adopt new business models and capabilities to support its customers. Doing this on existing on-premise infrastructure, however, will cost both time and much needed financial resources and make it difficult for insurers to compete against more nimble Insurtech upstarts.

“We’re excited to announce our partnership with EPAM in the UK”, said, Olivier Vaysse, Head of EMEA for EIS Group. “EPAM’s wealth of experience in engineering and software implementation and services will be of high value and quality to our mutual customers. This stands alongside exceptional digital design and delivery competencies that will be critical as insurance companies try to adapt to the changing needs of the consumer who is looking for more personalised offers and experiences.”

The collaboration between the two companies will allow insurers to overcome these challenges while allowing them to grow their business for the customer of tomorrow. EIS’ cloud-native coretech platform, for example, uses open APIs to rapidly create and deploy new and innovative products and services. EPAM’s world-class engineering pedigree, proven delivery and implementation methodology and in-depth industry knowledge will allow insurers to respond to the changing demands of the modern customer in an innovative and agile way.

“The insurance sector is currently facing disruption from many angles—changing consumer needs, inflexible legacy IT infrastructures, increasing competition by Insurtech and an evolving regulatory landscape. To ensure they thrive, insurance companies across the UK must continue to evolve their business,” said Balazs Fejes, Co-Head of Global Business at EPAM.  “For this reason, we’re excited to partner with EIS Group in delivering digital solutions to help insurers bring new services and products to market quickly, without introducing additional risk, and allow them to stand out from the competition. We look forward to working with them both now and in the future.”

About EPAM

Since 1993, EPAM Systems, Inc. (NYSE: EPAM) has leveraged its software engineering expertise to become a leading global product development, digital platform engineering, and top digital and product design agency. Through its ‘Engineering DNA’ and innovative strategy, consulting, and design capabilities, EPAM works in collaboration with its customers to deliver next-gen solutions that turn complex business challenges into real business outcomes. EPAM’s global teams serve customers in over 25 countries across North America, Europe, Asia and Australia. EPAM is a recognized market leader in multiple categories among top global independent research agencies and was one of only four technology companies to appear on Forbes 25 Fastest Growing Public Tech Companies list every year of publication since 2013.

Learn more at www.epam.com and follow us on Twitter @EPAMSYSTEMS and LinkedIn.

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Assurance: personalization and agility are the new keys to success

RiskAssurance Jun 9, 2020

The  challenges of the COVID pandemic can help the industry better understand and anticipate consumer needs, and respond more quickly, says Olivier Vaysse.

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What digital insurance looks like in practice – outflanking Covid

Insurance Wire Jun 5, 2020

Now is not the right time to hunker down, cancel projects and see what happens, says Tony Grosso in this regular column. There is no turning back the clock on the changes afoot in the industry.

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EIS – Next-Gen Insurance Now

Financial IT Jun 2, 2020

Tony Grosso is interviewed by Financial IT on the impacts of COVID 19 on insurance and the EIS launch into the UK market and how it helps insurance distribution, product innovation and customer experience.

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Insurtech platform provider EIS launches in the UK

Reinsurance News May 22, 2020

San Francisco-based insurtech EIS has launched its coretech platform in the UK to help insurers offer a new generation of insurance products and services. This allows insurance companies to operate seamlessly with insurtechs and other providers to deliver lifestyle solutions beyond protection to consumers.

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Dr. Mark Boxer

EIS, a global provider of digital insurance platforms and core systems, today announced the appointment of insurance C-suite veteran Dr. Mark Boxer to the board of directors. Boxer is an internationally recognized innovator and technologist with more than twenty-five years of experience in healthcare technology, analytics, and digital leadership. He also is considered an expert in behavioral economics and using IoT devices to improve health and wellness.

Boxer previously served as executive vice president, and global chief information and digital officer for Cigna, one of the largest global health-services companies. He also has held senior executive positions for Anthem; Xerox; and HP, where he began his career.

Boxer currently is a director with property & casualty insurer Grange Insurance, where he chairs the governance committee. In addition, he has served as an independent director for Aprimo, provider of CRM software, FinishMaster, distributor of automotive parts and industrial paints, and Audax Health, a digital engagement company. He served on the board of Cigna Ventures, a venture capital fund that works closely with health care entrepreneurs, and as an advisor to private equity firms Parthenon Capital and Health Enterprise Partners, which invest in healthcare services and information technology companies.

“We are delighted to have Mark join our board of directors,” said Alec Miloslavsky, EIS’ chief executive officer, “Mark brings a wealth of insight, experience, and knowledge from his decades of executive leadership in insurance to EIS. His strategic guidance and commitment to industry innovation will be a tremendous help as EIS grows its coretech platform and expands its footprint in global markets.”

Boxer earned doctorates in health administration from the Medical University of South Carolina, and global public health from Arizona Health Sciences. He also holds master’s degrees in information systems and finance, as well as bachelor’s degrees in physics and engineering.

“The insurance industry is under unprecedented pressure to embrace digital transformation and the ecosystem distribution model, and no other insurance technology provider is as well-positioned to support those changes as EIS,” Boxer said. “EIS is recognized as a Visionary in Gartner’s Magic Quadrant for P&C core platforms as well as Life insurance policy administration systems, and the company is well-positioned to help insurers in all lines of business to innovate and thrive. I’m honored by the opportunity to contribute to EIS’s success.”

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“For the insurance company of the future, providing the right cover and good service to policyholders are table stakes,” says Tony Grosso, Head of Marketing at EIS, “The real winners will be those who can move beyond protection and operate in an ecosystem of value with other, non-insurance providers.”

In fact, a recent EIS poll of UK insurance providers and insurtechs showed that 1 in 3 respondents identified “moving beyond protection to deliver more value to customers” as the most important objective for the insurer of the future.

In response to the wave of innovation in the UK insurance sector, 75% of insurers are leaving legacy technology behind in favour of more dynamic and flexible ‘as a service’ models. EIS aims to help UK carriers with the introduction of its coretech platform, which, unlike modern legacy technology, allows insurers to rapidly create and deploy new and innovative products and services via open APIs. This new, flexible platform allows insurance companies to operate seamlessly with insurtechs and other providers to deliver lifestyle solutions beyond protection to consumers.

With customers at the heart of the EIS platform, insurers globally can now take a personalised approach to their customer experience by recognising and engaging customers as a whole, across all their insurance needs, rather than individual policy numbers.

“The agility and flexibility of the platform will be invaluable to UK insurers as they look to adapt to and sync regulatory changes post-Brexit and the demands of the market,” says Tony. EIS is already helping forward-thinking insurance businesses in EMEA, North America and APAC.

“As we enter the UK market, we see a high demand for innovative approaches to insurance. More so than other markets,” said Olivier Vayesse, Senior Vice President, EMEA at EIS. “EIS has been resourceful in responding to this demand. One example is a local initiative where we are developing an intelligent digital ecosystem to enable insurers to take a more radical approach to transformation, offering a greenfield platform for transitioning away from legacy technology.”

“EIS is committed to expansion in the UK market, creating jobs and revenue opportunities, in conjunction with our partner program,” Olivier continued.

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EIS Launches In the UK as Insurance Companies Look Beyond Protection to Deliver More Value to Consumers  

Financial IT May 20, 2020

“For the insurance company of the future, providing the right cover and good service to policyholders are table stakes,” says EIS’ Tony Grosso, “The real winners will be those who can move beyond protection and operate in an ecosystem of value with other, non-insurance providers.”

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Why coretech plays an essential role in the digitalization of insurers (French)

Le Journal de Net May 13, 2020

Coretech brings together the best of both worlds to meet the expectations of policyholders, says Olivier Vaysse. It combines the scalability of a core system with the agility and innovation capabilities of an insurtech.

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EIS Launches In the UK as Insurance Companies Look Beyond Protection to Deliver More Value to Consumers

Financial IT May 5, 2020

“For the insurance company of the future, providing the right cover and good service to policyholders are table stakes,” says EIS’ Tony Grosso, “The real winners will be those who can move beyond protection and operate in an ecosystem of value with other, non-insurance providers.”

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“As voluntary benefits innovators, Reliance Standard is known for building affordable, easy-to-understand benefits programs delivered expertly,” said John Albanese, SVP and chief information officer, Reliance Standard. “Our selection of EIS Group allows us to continue that tradition and quickly adapt to broker and customer expectations and other market changes. EIS has a strong track record of rapid and successful implementation and a solution upon which we can build a voluntary benefits platform for future growth and efficiency. We gain the flexibility to quickly create new products and the agility of an open architecture and APIs to connect an ecosystem of partners and services, bringing a new level of risk protection and service to our customers.”

The EIS OneSuite of fully integrated solutions—PolicyCore®, BillingCore®, CustomerCore™, and EIS DXP™—will enable Reliance Standard to:

• Support customer journeys with a seamless, data-rich multi-channel experience;
• Quickly add new products to take advantage of market opportunities;
• Reduce the cost of operations by utilizing modern architecture; and
• Establish a digital ecosystem that supports business growth

“EIS Group is honored to be chosen to support Reliance Standard on this transformation initiative,” said Alec Miloslavsky, CEO and executive chairman of EIS Group. “The EIS Group team is inspired by Reliance Standard’s vision and leadership as a market innovator and look forward to working together to bring it to life.”

About Reliance Standard

Reliance Standard Life Insurance Company is a leader in absence and employee benefits solutions including financial protection, absence management and supplemental health, with a portfolio of insurance products that include disability, life, accident, critical illness, hospital indemnity, dental, vision, medical stop loss and limited benefit medical. Reliance Standard markets these solutions nationwide through independent brokers and agents to employers of all sizes. Rated A+ (Superior) by A.M. Best, Reliance Standard was founded in 1907 in Chicago, IL.

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The ambitions of EIS Group, which is launching in France

L’Argus de I’assurance Apr 30, 2020

EIS offers a platform intended to support French insurers in their digital transformation, in particular in connection with takgn advantage of insurtech innovation, says Olivier Vaysse.

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“Today, insurance companies must evolve to also become technological players, because their customers want to benefit from a streamlined experience thanks to digital,” said Olivier Vaysse, vice president of sales for EIS Group in Europe. At the heart of the European revolution in the field of insurtech, the EIS Group platform allows insurance companies to innovate and operate as a technological enterprise: faster, simpler and more agile.

View the full press release in French.

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EIS Group partners PwC for digital insurance ecosystem

FStech Apr 22, 2020

The move is aimed at supporting incumbent insurers which have struggled to make the move to digital, held back by legacy estates that are slow to change, difficult to integrate and complex to draw insights from.

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In recent years, insurers have struggled to adapt to the changing demands of consumers. Their ability to make the move from analogue to digital is being held back by their legacy estates that are slow to change, difficult to integrate, complex to draw insight from, and lack the agility to deliver innovative services. This is why 75% of insurers are now proactively taking steps to move legacy technology landscapes to more dynamic and flexible ‘as a service’ models.

The intelligent digital ecosystem will allow insurers to take a more radical approach to transformation, offering a greenfield platform for transitioning away from legacy technology.  This new ecosystem will serve as an accelerator asset that shows insurers that moving away from legacy is much quicker, cheaper and more sustainable than ever before.  It will demonstrate a fast and low-cost stand-up of core platform and architecture, the ability to leverage new partners and insurtech innovation in a plug and play model, and the ability to adopt more customer-centric business models such as episodic insurance.

The ecosystem will bring together a new technology collective to deliver data-driven solutions that understand insurance customer needs and meet their expectations. Solution providers will connect with EIS Group’s core insurance hub and leverage cloud-native technologies and open APIs to create speedy and scalable solutions for insurers. In addition, because it is architected as an open ecosystem, rather than as a pre-defined vendor marketplace, insurers can connect new partners without difficulty.

Insurers will be able to choose partners and solutions in the ecosystem to advance key initiatives, including:
Agility:

• Rapid release of modern technology solutions that are fully digital and cloud- and API-based
• Plug and play integration with a series of insurtechs
• Modular approach to IT, providing the ability to incrementally ‘rip and replace’ key components

Insight:

• Scalable platform to consume data and provide intelligent analytical capabilities
• Consolidated data hub that uses an industry standard data model

Differentiation:

• Quickly launch new customer-centric products, such as parametric or on-demand coverages
• Meaningful digital experiences built for connected customers
• Prepackaged data-driven risk mitigations to enable market differentiation

Tony Grosso, Head of Coretech Marketing at EIS, said: “The insurance sector is undergoing immense change as it tries to future proof itself from further disruption. The ecosystem will allow insurers using a greenfield approach to break into the platform economy and develop new products and value-added services, fit for the customer of tomorrow. What’s more, it will provide insurers with an opportunity to differentiate themselves from their competitors with a connected platform that allows them to understand the customers and their needs. The launch of the intelligent ecosystem initiative signifies a new milestone in our relationship with PwC. We are interested in speaking with insurtechs, solution providers and insurers interested in participating in this ecosystem initiative.” 

Glynn Austen-Brown, Insurtech Partner at PwC, said: “This new ecosystem will be an accelerator asset that provides insurers with an understanding of how they can achieve unrivaled agility, insight and differentiation in the market. The ecosystem will provide the insurer with the tools needed to deliver services of the future. We’re proud to be launching the ecosystem initiative alongside our long-standing partners at EIS Group who share our commitment to ecosystem insurance and innovative approaches to transformation. PwC already has a dedicated EIS Group delivery practice, which utilises more than 100 consultants to deploy and support EIS’ solutions across the globe. We look forward to growing this productive relationship.”

About PwC

At PwC, our purpose is to build trust in society and solve important problems. We’re a network of firms in 157 countries with over 276,000 people who are committed to delivering quality in assurance, advisory and tax services. Find out more and tell us what matters to you by visiting us at www.pwc.com.

PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. Please see www.pwc.com/structure for further details.

© 2020 PwC. All rights reserved

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A Better Customer Experience Requires More than InsurTech—Introducing ‘Coretech’

Insurance Innovation Reporter Apr 20, 2020

Coretech combines next-generation technologies, methodologies and insurance core systems that easily consumes InsurTech and data, joins digital insurance ecosystems and can serve as a hub to deliver vastly improved customer experiences.

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Eight ways to power your digital transformation with a next-generation insurance platform in the cloud

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In the complex voluntary benefits landscape, brokers and their clients commonly work with multiple systems, fighting to integrate with carriers’ patchworked legacy systems. Whether it’s product sophistication, internal workflow monitoring, enrollment and third-party integration, or communications across multiple modules, carriers struggle to administer plans in a digitally unified way.

Wellfleet Workplace entered the voluntary market last year, on a mission to be the digitally enabled carrier of choice. Partnering with EIS Group helps drive this differentiation by jointly creating an open-architecture and cloud-based software system designed to support the full broker and customer lifecycle.

“We’re building a web-based customer-centric platform with a consistent, multi-channel experience,” said James Ocampo, Executive Vice President and head of Wellfleet’s Workplace division.

“At Wellfleet, we have no legacy systems: we’re building our API-driven platform from the ground up, enabling true data integration among apps to power customer-facing processes across multiple channels. Our platform will also improve data agility and operational efficiency, and enhance the overall customer experience—all while enabling the rapid introduction of new products to market,” said Ocampo.

EIS Group’s leadership is excited about the opportunity to build a cutting-edge software system that will satisfy Wellfleet Workplace’s customer-centric focus and give users a holistic software solution.

The software provider’s cloud-based platform supports broker and customer lifecycles from rating and quoting, policy issuance and administration, to billing and claims management. Multi-channel touchpoints are easily created and managed through EIS Group’s digital experience platform.

“Wellfleet and EIS Group are making an investment into the future of workplace benefits. If brokers are to keep pace with digital economy demands and engage their clients how they want to be engaged, they need something different,” said Tony Grosso, Head of Marketing at EIS Group. “A customer-first approach to solution design and an open architecture that easily connects to a rapidly changing ecosystem of products, services, exchanges, and other channels is critical. Our partnership with Wellfleet will push boundaries and raise expectations.”

PwC (PricewaterhouseCoopers) assisted Wellfleet in its technology strategy development and is also serving as its primary systems integration partner.

With many years’ experience as a leading student health insurance administrator, Wellfleet leaders understood the importance of creating a system free of the pain points found in limited-function legacy computer systems and challenging tech integrations.

“As a Berkshire Hathaway company, Wellfleet takes a long-term view,” said Drew DiGiorgio, Wellfleet President & CEO. “This investment is part of our strategy to diversify and customize our product offerings, while building a business division led by an experienced team of industry leaders. We’re excited to offer the market a customer-centric administration experience—from quote to bind to claim.”

About Wellfleet

Wellfleet is a Berkshire Hathaway company focused on delivering customer-centric insurance solutions through flexible product offerings and quality service. With an A++ financial strength rating from A.M. Best, Wellfleet’s goal is to protect people against risk throughout every stage of life — from grade school to college, the workplace and beyond.

The Wellfleet Workplace division delivers high-quality, customizable benefit solutions through a suite of voluntary products. Designed to complement core benefits plans, while providing employees with financial protection from the unexpected, Wellfleet Workplace products include Accident, Critical Illness and Short-Term Disability Income insurance. For more details, visit WellfleetWorkplace.com.

Wellfleet is the marketing name used to refer to the insurance and administrative operations of Wellfleet Insurance Company, Wellfleet New York Insurance Company, and Wellfleet Group, LLC. All insurance products are administered or managed by Wellfleet Group, LLC. Product availability is based upon business and/or regulatory approval and may differ among companies.

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• Enhanced user experience – 365 / 24×7 enrollment with a self-enrollment option and real-time integration of qualifying life events, new hires and terminations
• Flexible product support – Support for individual products that are optimized for claims automation and straight-thru processing
• Speed to market – Agile processes bring new capabilities to market quickly, and a headless API model makes those products easily available to ecosystem partners
• Improved operations – Real-time data sync provides more accurate billing, payments and policy communications, and business-configurable solutions reduce IT-only management

“EIS Group is excited by the transformation program this industry-leading insurer is undertaking to realize its vision for an innovative ecosystem supporting customers’ needs,” said Tony Grosso, SVP and head of marketing at EIS Group. “Becoming a next-gen digital insurer requires the new technologies and faster and more agile approaches that we have been pioneering in the market, and we look forward to a strong collaboration to bring this project to fruition.”

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APIs are key to insurance billing and the customer experience

Property Casualty 360 Feb 11, 2020

Openness and configurability drive great insurance billing solutions. Without them, insurers end up replacing relatively new core systems.

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The report explores some of the key trends within the core systems market for P&C carriers and discusses the ways that technology is evolving to address new market needs and challenges.

“With EIS Group’s concentration on digitizing core processes, customer experience, and innovation, we are helping insurers of all kinds to step outside the constraints of legacy systems, processes, and thinking,” said Tony Grosso, Global Head of Marketing, EIS Group. “We’re proud that Aite Group and our customers have recognized our efforts to provide the future-focused core solution for P&C as well as life and benefits insurers.”

In addition to faring extremely well against much larger and publicly-traded competitors in the overall scoring of Aite’s AIM Components, including Vendor Stability, Client Strength, Client Service, and Product Features, EIS Group scored a 96% and was tied for the top score for Vendor Stability. EIS Group also was ranked second for Client Service, based on customer feedback.

“As the P&C insurance world becomes more digital and as core system platform users—agents, policyholders, and internal employees—demand greater ease of use, vendors are under a good deal of pressure to deliver on both for their carrier clients,” said Jay Sarzen, senior analyst with Aite Group’s P&C Insurance practice. “EIS Group has answered that challenge by building a platform that enables a digital experience for its carrier clients and provides an intuitive user experience for carriers’ key stakeholders. These elements were major reasons why EIS Group was named a Best-in-Class vendor for 2019.”

The Aite Impact Report evaluated the overall competitive position of 16 vendors, focusing on vendor stability, client strength, product features, and client services.

For more information, view the market analysis and full EIS Group excerpt from the Aite Group report.

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Tower Insurance works with EIS Group to accelerate digital business transformation

CIO Dec 17, 2019

Tower has deployed EIS Group’s digital insurance platform as a cornerstone of its digital transformation initiative. “We are creating a unique and empowering self-service experience that challenges current industry norms,” says Tower CEO Richard Harding.

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After an extensive plan was developed, the new platform was rolled out in less than eighteen months. It enables Tower to offer consumers digitally-enabled personal and commercial motor, home and content products within a simplified and convenient customer journey. The cloud-based platform replaces numerous legacy systems and supports quoting, policy administration, billing, claims, and customer management and engagement processes to provide Tower’s customers with a fast, seamless sales and service experience.

Tower CEO, Richard Harding, says that Tower believes people deserve better from their insurance company and took the time to understand our customers and how they wanted the future of insurance to be.

“We used the information and feedback our customers gave us to develop a blueprint that laid out the way forward and the type of technology we needed to bring this to life,” said Harding.

“We worked with EIS Group to make this a reality in a very short period of time, and we are now able to proactively engage with customers and provide easy to understand policies that give customers clarity and confidence about what they are covered for. We are creating a unique and empowering self-service experience that challenges current industry norms,” said Harding.

In total, Tower deployed EIS OneSuite™ components PolicyCore®, BillingCore®, ClaimCore®, and CustomerCore™ and EIS DXP™ on Microsoft Azure as the foundation of the new business platform.

“Matching Tower’s aspiration to bring a next-gen experience to insurance consumers and to do it with unparalleled speed to market has been a very gratifying experience for us,” said Alec Miloslavsky, chief executive officer of EIS Group. “We look forward to continuing to support Tower’s ambition to keep innovating and creating the future of insurance.”

A key enabler of the transformation is the API gateway and persona-based digital app capabilities in EIS DXP, EIS Group’s digital experience platform. Tower leveraged DXP to expose core business functionality and create apps that allow users to quickly gain a quote, access policy information, make policy and billing changes, file a claim, and other tasks.

Tower chief operating officer, Peter Muggleston, said that putting a customer-centered digital platform with state-of-the-art architecture in place was a large undertaking.

“Collaboration between the Tower and EIS Group teams and an effective Agile process leveraged the resources and scalability of the cloud, which was critical to on-time delivery,” said Muggleston at Tower.

“Now the platform is in place, we have digitally-enabled products on sale and the migration of existing policies has begun, which will result in improved outcomes for customers, increased efficiency and will allow us to take advantage of market opportunities,” said Muggleston.

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Getting to Greenfield: 8 Things to Look for in Your Tech Platform

ITA Pro Nov 1, 2019

Innovating disruptively requires a fundamentally different insurance technology platform… like nothing you’ve had before. Tony Grosso describes the design principles and capabilities that are important in a greenfield platform.

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Greenfield: Fast Track to Enterprise Transformation

Insurance Innovation Reporter Oct 25, 2019

Greenfields innovate quickly and freely, and they combine what’s possible from a new build with the capital resources and savvy associated with an established firm. This makes them a good approach to accelerating innovation, Tony Grosso explains to IIR.

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According to the report, EIS Group achieved the following scores:

• Highest in New Product Development/Launch Use Case, scoring 3.89 (out of 5)
• Highest in Policy/Contract Change Use Case, scoring 3.86 (out of 5)
• Second Highest in Digital User Support Use Case, scoring 3.74 (out of 5)
• Third Highest in Group/Worksite Enrollment, Claims and Billing Use Case, scoring 4.37 (out of 5)

“To compete effectively, life insurers need a new level of agility that gives them quicker time to market for products and a vastly improved digital experience that compares favorably with what consumers experience elsewhere they shop,” said Rowshi Pejooh, senior vice president, product management, EIS Group. “That’s why we believe a PAS solution choice is so critical. EIS Group has invested in building and maintaining a world-class product development and management capability that can be delivered with industry-leading speed to market. It also supports a deeper level of customer engagement via the industry’s largest library of open APIs. We believe our two highest use case scores in Gartner’s Critical Capabilities for Life Insurance Policy Administration Systems, North America report are a testament to how well EIS Group’s platform enables insurers to adapt to change and drive growth.”

In the report, Gartner states: “Life insurance CIOs need to assess that their policy administration system (PAS) has technical and architectural characteristics that support adaptability and change. Fifty-nine percent of client references surveyed in 2019 for the Magic Quadrant for Life Insurance Policy Administration Systems, North America tagged inflexible legacy systems as a reason for initiating a PAS replacement. They also indicated that the ability to support changing business conditions and improved business outcomes, such as better operational efficiencies as well as improved time to market, were key drivers for replacing a PAS.”

Gartner notes that CIOs should be striving for PAS that “Support and continually improve integration with an API framework to interact with customer engagement hubs and ecosystem partners dynamically, including an API workbench that facilitates configuration, customization, testing and deployment of APIs.”

EIS Group’s recognition in Gartner’s Critical Capabilities for Life Insurance Policy Administration Systems, North America report follows publication of Gartner’s companion report Magic Quadrant for Insurance Life Policy Administration Systems, North America.² EIS Group was named a Visionary in the latter report assessing vendor ability to execute and completeness of vision.

¹ Gartner, Inc., Critical Capabilities for Life Insurance Policy Administration Systems, North America, Richard Natale, September 9, 2019.
² Gartner, Inc., Magic Quadrant for Insurance Life Policy Administration Systems, North America, Richard Natale, August 5, 2019.

Disclaimer
Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.

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Principal^® is leveraging technology to modernize the disability insurance customer experience. The partnership with EIS Group will provide a simplified process for consumers and business owners to protect their income, as well as service their ongoing and changing needs. It also brings new technology, such as API-based capabilities, that will ultimately enable straight-through underwriting and enhance the digital experience. This customer-centric approach benefits consumers by reducing the time from application to activation for a disability insurance policy.

One in four of today’s 20-year-olds will become disabled before they retire[1]. However, only 20% of households in the U.S. have disability insurance[2]. Disability insurance can play a key role in an overall risk protection plan.

“The technology from EIS Group is a game-changer because it lays the groundwork for so many future enhancements that will benefit customers,” said Paul Fromm, vice president of individual disability insurance at Principal^®. “By simplifying the process, we improve the customer experience – saving customers valuable time and making it easier to purchase and service disability insurance. There are many working Americans who have not purchased income protection. We have a great opportunity to provide education and help them get the valuable protection they need for their income in case they become too sick or hurt to work.”

“We are proud to partner with Principal to provide individual disability products on the EIS Group platform,” said Alec Miloslavsky, CEO of EIS Group. “We admire the organization’s commitment to customer-focused digital transformation and look forward to provide the platform that enables continuous evolution and growth in the years ahead.”

Principal^® is a top-five individual disability insurance provider with more than $500 million in revenue, representing 11% of U.S. individual disability revenue². In addition to helping individuals, Principal is the only carrier with complete solutions to meet employers, employees and business owners’ disability insurance needs[3]. The disability insurance business has grown 8% over the past five years, compared to the industry average of 1.7% during this period[4].

“This investment in technology and partnership with EIS Group, is a tangible signal of our commitment to our consumers,” added Fromm. “By simplifying the process for consumers, we are helping working Americans and their families protect their financial futures and their retirement savings so they can continue to save enough to meet their retirement goals.”

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Don’t let insurance innovation season pass you by

Property Casualty 360 Oct 1, 2019

It’s that time of year when insurers and insurtechs are engaging. Beginning a dance toward implementing innovative solutions. However, perennial obstacles to innovation remain as insurers strive to onboard insurtech, explains EIS Group’s Tony Grosso. Insurers need new agility if they wish to participate in the ever-evolving insurance ecosystem.

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The workshop will help attendees understand the relationship between insurtech opportunities and coretech solutions and how to incorporate both into their innovation strategies. Panelists provide perspectives from all participants in the innovation ecosystem: Tony Grosso from EIS Group representing coretech, Robert Wentling of USAA representing carriers, Janet Anderson from Lapetus and Karan Mishra of Spraoi representing insurtech, and Dina Belyayeva from InsurTech Hartford representing insurtech accelerators.

“To be competitive in the industry today, insurers must be innovative and future-focused. However, many insurers are struggling to leverage valuable insurtech opportunities because their legacy technology is far too rigid to support it,” says Grosso. “By merging insurtech and coretech, insurers can deploy a test-and-learn approach – quickly and easily evaluating how innovative new capabilities fit their business models.”

The workshop will demonstrate how one carrier integrated ML-enabled facial analytics to upend their underwriting – in just three days. Panelists will also host roundtables and take questions from the audience.

Attendees are encouraged to RSVP for the workshop now to reserve a seat.

InsureTech Connect is one of the largest insurtech events in the world – bringing together insurance carriers, tech entrepreneurs, and investors from all over the globe. EIS Group is proud to be a presenter, sponsor, and exhibitor.

The post What Happens when Insurtech Meets Coretech? EIS Group panel to explore at InsureTech Connect 2019 appeared first on EIS.

EIS OneSuite™ is a cloud-based platform for insurance carriers that provides core, data and digital capabilities across multiple lines of business, including life, worksite and individual benefits, and property and casualty.

“Scalable core systems that support continuous change are critical to a stable and adaptable digital business technology platform,” wrote Richard Natale, senior director analyst, Insurance, Gartner and author of this report. “Life insurance CIOs will find it essential to lay the groundwork for the iterative evolution of their digital business technology roadmap by modernizing their core systems.”

“Helping insurers position themselves for success in a world of evolving consumer needs, markets and channels is the driving force behind EIS Group,” said Adam Denninger, senior vice president of strategy at EIS Group. “To us, recognition as a Visionary confirms our direction and belief that only a cloud-based, unified enterprise platform of core and digital solutions will support insurer success in the digital economy. In our view, we meet that need and are gaining market momentum with EIS OneSuite for life insurance, a platform that supports new business models — for both direct to consumer and intermediary business — and allows insurers to operate seamlessly in existing markets and emerging B2C and B2B ecosystems.”

EIS Group has led the industry trend toward adoption of enterprise platforms with integrated digital experience, data, and core applications. Among them, EIS DXP^™, a digital experience framework, leverages an end-to-end series of core APIs to deliver consumer-grade, persona-based user experiences. EIS Group is also recognized as a leader in incorporating emerging technologies, such as chatbots, AI and ML, in customer interactions and other business operations. Additionally, clients benefit from EIS Group’s well-developed Agile, continuous integration/continuous delivery approach to gain industry-leading time-to-market for new business capabilities.

* Gartner, Inc. “Magic Quadrant for Life Insurance Policy Administration Systems, North America” August 5, 2019.

Gartner Disclaimer
Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.

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Screenshot of the Billing Agent App

The addition of the Billing Agent application accelerates insurers’ digital transformations by accessing the complete billing lifecycle capabilities within EIS Group’s BillingCore® solution and making them available as the persona-driven, context-aware, omnichannel user experiences required in the new era of digital insurance.

“Enabling business users to carry out tasks quickly and accurately–whether that be a customer search, review of policy and payment history, or change of payment methods–is satisfying to both customers and staff and promotes an uptick in NPS scores at the same time that it increases efficiency,” said Rita Iorfida, vice president of product strategy, EIS Group. “With Billing Agent, we have packaged a large subset of the rules, data, and transactions within BillingCore to help drive insurers’ digital billing transformations and meet the needs of all users.”

Key business benefits of Billing Agent include:

• Access to all functionality and business rules within BillingCore via API calls ensures that insurers do not lose any capability as they move it from their core layer to a digital experience layer;
• Simple and rapid implementation of billing user experiences via portal, mobile or web apps that are persona-based and consistent across all channels;
• Flexible and easy creation of discrete views of billing operations–such as premium refunds, payments, billing adjustments–based on business user needs that adopt the same roles and privileges as the base BillingCore product;
• Access to the industry’s most complete library of core billing system APIs; and
• Support for core transformation strategies by enabling integration with EIS Group’s PolicyCore, third-party policy administration systems, both or several in parallel.

Billing Agent is the latest in a series of digital experience apps for users – including agents, consumers, customers, and claims adjusters – available within EIS DXP^TM, EIS Group’s digital experience platform. These omnichannel, persona-based apps use DXP Web Components to quickly create custom user experiences and leverage API management tools within EIS DXP. DXP makes any BillingCore capability available within any user experience as needed. In total, DXP makes available an industry-leading tally of 1,100 REST APIs–for packaging as portal, mobile, and web apps–that expose the full lifecycle of insurance functionality in EIS OneSuite^TM which comprises BillingCore along with PolicyCore®, ClaimCore®, and CustomerCore^TM.

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Open architecture will power the future of insurance

Property Casualty 360 Jun 21, 2019

Open architecture unlocks lots of benefits for insurers. EIS Group’s Tony Grosso explores why open platforms are needed to connect, securely, with systems and data in ever-broadening ecosystems: other insurers, distribution partners, insurtech and other vendors, inside and outside of the insurance market.

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The availability of over 1,100 REST APIs to app developers makes it easier for insurers to create secure, persona-based digital experiences to all participants in rapidly growing B2C and B2B insurance ecosystems.   The APIs can be combined within EIS DXP to create apps for any part of the unique journey of any ecosystem participant, from consumer, customer, agent and broker to claims adjuster, CSR, risk inspector, underwriter and more.  Multiple pre-built web and mobile apps are already available in EIS DXP for re-use and adaption to specific insurer needs.

“Establishing a digital layer as an environment for innovation and connectivity is key capability within every insurer’s strategy,” said Karen Furtado, partner at Strategy Meets Action. “EIS Group’s commitment to exposing core services and transforming them as an extensive library of open APIs that can be consumed to create new experiences, products and channels is an advantage for insurer’s focused on the next generation of insurance customers.”

This industry-leading API portfolio can be designed into digital apps within EIS DXP that:

• Call out to any EIS OneSuite™ (or third-party core application) to access any core process and microservice from acquisition to underwriting, policy admin, billing, payments, claims and customer management.
• Embody product-specific logic and data across personal, commercial, life, benefits and health lines of business.
• Capture persona-based and device and channel specific preferences to create optimal user experiences with higher rates of user engagement and satisfaction.
• Are flexible and re-usable to lower the cost of digital experience delivery and accelerate digital transformation.

In addition, these 1,100 open APIs can be combined with ecosystem partner APIs to create new apps that extend journey capabilities or create entirely new experiences and touchpoints. The API library is fully consumable by mobile, web, wearable, and IoT solutions to support the packaging of insurance products and services for digital ecosystem distribution.

“The release of the industry’s largest open core API library is another big step forward for EIS Group as we lay the path for digital transformation for insurers,” said Fazi Zand, senior vice president, Products, EIS Group.  “EIS OneSuite is now fully available to customers and partners via open APIs in EIS DXP where new digital journeys and products can be built to support new business models and true market differentiation.”

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The report explores how well PAS vendors can deliver on policyholder expectations and process efficiency by integrating external data and leveraging APIs to enhance core operational functions, such as underwriting and claim processing, and improve customers’ digital experiences. The report evaluates the overall competitive position of each PAS vendor, focusing on vendor stability, client strength, product features, and client services.
EIS Group emerged as the leader in the best-in-class category and achieved the highest score in vendor stability, where Aite Group cited EIS Group’s financial strength, high growth rate, substantial investment into R&D, and perfect 5.0 score on client references. EIS Group was also rated as a best-in-class offering in product features.

“EIS Group, a young vendor in comparison to the players in this industry, came out strong in this forward-looking comparison of life insurance policy administration vendors, which focuses on integration, API development, micro-services, and the ability to integrate and use external third-party data. EIS Group is clearly prepared to support the advancement of the life insurance industry with digital transformation, integration of external third-party data throughout the policy lifecycle, the development of the best insurance ecosystem, and a roadmap to becoming 100% micro-services based,” said Samantha Chow, senior analyst at Aite Group and author of the report.

Some capabilities highlighted by Aite Group are:

• Over 10,000 APIs are built into the technology, and any PAS functionality is available through API
• Advanced workflow tools can integrate data that triggers additional rules-based workflow, including decision-making or recommendations.
• EIS DXP™ (digital experience platform) integrates with chatbots and enables social media feeds on a policy-by-policy basis
• A persona-based API platform that provides a bridge from legacy to new systems, allowing parallel operation during integrations

“As insurance B2B and B2C ecosystems grow, open solutions that are data friendly and able to leverage data broadly in core operations are essential,” said Rowshi Pejooh, executive vice president, Product Management, EIS Group. “We are proud that Aite Group has recognized our efforts to provide the future-focused PAS solution for life and benefits insurers.”

For more information, view the full EIS Group excerpt from the Aite Group report at bit.ly/New-Aite-Report.

EIS Group ranked “Best-in-Class” in Aite Group’s life insurance PAS AIM

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Better Policy Administration

National Underwriter Property & Casualty Mar 1, 2019

The venerable policy administration system is being redefined as new data sources, AI, ML, and recommendation engines change the insurance offer lifecycle. It means quicker collection of data and underwriting decisions and a better product offer, says EIS Group’s Rowshi Pejooh, in NU’s March P&C edition.

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Inflection Point 2019: 8 Tech Essentials Digital Insurers Can’t Do Without (Part 2)

The Intersection Jan 31, 2019

In 2019, some insurers will make the fundamental technology pivot toward supporting new platform-based business models and retool to compete in the experience-driven digital economy, with its new and evolving B2B and B2C ecosystems. In this two-part blog series, EIS Group’s Brad Worth outlines eight essential next-generation platform elements insurers will need.

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Inflection Point 2019: 8 Tech Essentials Digital Insurers Can’t Do Without (Part 1)

The Intersection Jan 24, 2019

In 2019, some insurers will make the fundamental technology pivot toward supporting new platform-based business models and retool to compete in the experience-driven digital economy, with its new and evolving B2B and B2C ecosystems. In this two-part blog series, EIS Group’s Brad Worth outlines eight essential next-generation platform elements insurers will need.

Read more

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The report, AIM Evaluation: PAS Vendors’ External Third-Party Data Integration Capabilities, evaluates the overall competitive position of each PAS vendor, focusing on vendor stability, client strength, product features, and client services.

According to Aite, EIS Group emerged as the leader in the product features category with the highest score recorded in any of the four categories by demonstrating the ability to integrate external third-party data (ETPD), offer open APIs, and wrap that all into the traditional PAS construct.

“EIS has built out an extremely data-focused platform that can accommodate a wide range of carriers’ data needs. There are no real limitations with this platform with regard to ETPD importation and integration, as customization is not needed to incorporate any data element into any core process. Furthermore, EIS’ determination to bring forth a robust AI/ML offering speaks volumes about its dedication to ensuring that its clients are able to work with and gain meaningful insights from ETPD,” says Jay Sarzen, senior analyst at Aite Group and author of the report.

The Aite report details major drivers for expanded data integration and their significant benefits as increased process accuracy; development of more holistic policyholder/applicant views; increased staff productivity; expedited operational processes; and, promotion of growth by underwriting new industries and risks. In addition to the product feature category, EIS Group was also rated as a best-in-class offering in client service and vendor stability.

Aite noted that third-party data integration is supported for EIS OneSuite’s rating engine, document generation, billing, CRM, reinsurance, and claims.  The solution can also automatically route workflow based upon imported ETPD, and both business stakeholders and IT staff are able to adjust workflow and rules based upon imported ETPD if needed. Microservices are supported with a one-per-integration approach as well as a platform/hub approach.

The post Aite Group Gives EIS OneSuite Top Marks for Insurance Data Integration Capabilities appeared first on EIS.

A Tech Strategy for Dental Carriers to Diversify and Grow By

Insurance Innovation Reporter Nov 5, 2018

Are dental and medical insurers destined to join forces or are there other options? EIS Group’s Tony Grosso looks at how innovation and diversification add value for dental insurers and the importance of technology in overcoming market barriers. 

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The report recognizes EIS Group for “completeness of vision” and “ability to execute.” In the report, Gartner defines Visionaries as vendors offering “strong core system functionality and broader platform capabilities, and have demonstrated a flair for innovation. Their level of execution is lower due to factors such as fewer customer wins and more limited production experience in certain segments, but they demonstrate vision and potential.”

“Helping insurers position themselves for success in a world of changing consumer needs, markets, and channels is the driving force behind EIS Group,” says Alec Miloslavsky, chief executive officer of EIS Group. “We believe our positioning as a Visionary is a confirmation of the belief that only a cloud-based, fully digital, unified enterprise platform of core and digital solutions will support insurer success in the digital economy.  We meet that need with a digital insurance platform that supports new business models to allow insurers to operate seamlessly in existing markets and emerging B2C and B2B ecosystems.”

EIS Group has led the industry trend toward adoption of enterprise platforms with integrated digital experience, data and core applications. Among them, EIS DXP^TM, a digital experience framework, leverages an end-to-end series of core APIs to deliver consumer-grade, persona-based user experiences. EIS Group is also recognized as a leader in incorporating emerging technologies, such as chatbots, AI and ML, in customer interactions and other business operations.  In addition, clients benefit from EIS Group’s well-developed Agile, continuous integration/continuous delivery approach to gain industry-leading time-to-market for new business capabilities.

Gartner Disclaimer
Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.
* Gartner, Inc. “Magic Quadrant for P&C Core Platforms, North America” October 9, 2018.

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ENGAGE 2019 is EIS Group’s annual user conference drawing attendees from across the company’s growing customer and partner community and related industry participants.  Designed to help community members maximize the value and impact of their investment in EIS Group solutions, it provides attendees opportunities to learn about the latest solution capabilities, share best practices and case studies, discuss industry trends and network with industry peers in P&C and worksite and individual benefits lines of business.

“We are excited to be introducing ENGAGE as our premier annual event and to welcome our global customers and partners to a uniquely valuable experience,” said Alec Miloslavsky, EIS Group’s CEO.  “With so much innovation and transformation shaping the industry, and EIS Group’s constant advance of capabilities to support and facilitate it, ENGAGE is the ideal forum for our active community to learn, share and collaborate.”

The conference will offer keynote and general sessions with thought leadership addressing insurance industry disruption and opportunity and new technology—from AI and ML to serverless cloud and microservices—organized in educational tracks tailored to attendees with a business or IT focus. Included will be sessions covering new developments in EIS Group’s digital experience solutions and next-gen insurance platform and their support for existing and emerging B2B and B2C markets and ecosystems.

“ENGAGE aims to provide insights and know-how for our customers to interact with their customers in a way that provides better service and with the digital experience they prefer,” said EIS Group’s EVP and CMO Glenn Lim. “We believe technology innovation will enable insurers to capture the opportunities created by ever-changing market conditions and at a pace consumers demand.”

Business and IT leaders from customers, analysts, partners and prospects considering EIS Group solutions are expected to attend ENGAGE. For details visit eisgroup.com.

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Can insurers compete in the new platform economy?

Property Casualty 360 Oct 17, 2018

Can insurers use a platform-based business model like Facebook, Amazon, and Alibaba to accelerate both growth and profits? EIS Group CTO Mike Dwyer explains how the next-generation of insurance platforms should allow insurers to play new roles emerging B2B and B2C ecosystems, opening up new channels and marketplaces.

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The new platform was developed in less than twelve months and enables Guardian to offer consumers dental PPO and HMO, critical illness, and accident products within a simplified and convenient customer journey.  The cloud-based platform supports quoting, enrollment, policy administration, billing, claims, and customer management and engagement processes to provide Guardian’s customers with a fast, seamless digital experience.

“We were able to introduce a consumer-friendly product platform on a remarkably short timeline. This project was unique in its large scale, and a critical accelerator was an effective Agile process managed by EIS Group that leveraged the rapid provisioning and scalable qualities of the cloud,” said John Furlong, Platform CIO at Guardian. “EIS Group software and solution delivery, and their commitment to our goal were key to delivering the totally digital platform with state-of-the-art architecture that we wanted for our customers.”

To deliver a tailored policyholder experience for a new generation of consumers, Guardian leveraged the API gateway and persona-based digital app capabilities in EIS DXP™, EIS Group’s digital experience platform, to build a new member portal. Consumers can quickly access policy information, make billing changes or file a claim in the self-service portal.

Guardian deployed EIS OneSuite components PolicyCore®, BillingCore®, ClaimCore®, and CustomerCore™ and EIS DXP as the foundation of the new business platform.

“This has been an exciting project for EIS Group because of the breadth of core and digital capabilities deployed and the speed with which it progressed,” said Alec Miloslavsky, chief executive officer of EIS Group.  “We are fully committed to supporting Guardian’s market success with flexible, customer-focused solutions that can deliver a differentiating digital experience.”

The post EIS Group’s Digital Insurance Platform Deployed for Guardian’s Direct to Consumer Business appeared first on EIS.

The workshop is designed to help attendees understand and leverage cloud-based machine learning (ML) and artificial intelligence (AI) to mine customer data and improve insurance customer experience and loyalty. Featuring AI and ML solutions from AWS and EIS Group, the workshop will be led by EIS Group’s Fazi Zand, senior vice president of products.

“You cannot afford to forego the substantial value hidden in your data. Advanced analytics using machine learning help discover insights in patterns, trends, business rules and correlations that can be operationalized in insurance product development, marketing, sales, and service,” says Zand.

The workshop will profile multiple use cases to help attendees understand how the technology identifies patterns in customer transactions and interactions, detects potential customer churn, and recommends mitigation strategies. Further, the workshop will include discussion on the strategies, challenges, and the process involved in building out predictive solutions.

Attendees should RSVP for the workshop as soon as possible to reserve their seat.

InsureTech Connect is one of the fastest growing digital insurance conferences. Attendees include insurance carriers, tech entrepreneurs, and investors from around the world.  EIS Group is proud to be a presenter, sponsor, and exhibitor at this year’s event.

The post EIS Group to Present InsureTech Connect 2018 Workshop on How Machine Learning and AI Reduce Customer Churn appeared first on EIS.

In addition, EIS Group’s Fazi Zand, senior vice president of product, will speak on the panel session, Can Artificial Intelligence Augment Customer Experience While Preserving the Human Touch?, on Wednesday, September 26th at 3:05 pm.

“Insurance companies are faced with stiff competition from inside and outside their sector with digital and IoT solutions eroding traditional barriers to entry while expanding opportunities,” says Fazi Zand. “On this panel, we’ll refer to our client’s experience with the EIS DXP™ digital experience platform, which enables differentiating insurance lifecycle experiences for their customers. The platform infuses digital applications and omnichannel user interactions, with insights driven by embedded analytics and AI/ML for enhanced customer experience.”

EIS Group will have its own insurtech experts available at our exhibit table to answer questions about EIS Group’s expanding set of customer-centric digital capabilities featuring AI and chatbots.

The post EIS Group Announces Sponsorship and Participation at Internet of Insurance 2018 appeared first on EIS.

Why insurers’ digital strategies depend on the cloud

The Record Aug 1, 2018

Insurers won’t fully benefit from their investment in customer-focused business models, writes EIS Group CTO Mike Dwyer in The Record magazine, until they embrace the ubiquity of cloud innovations and design their enterprise applications as cloud-native.

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What are the benefits of cloud-based core systems?

The Record Jul 24, 2018

A cloud-based, unified core and digital platform is the key to a customer-focused business model for insurers, Glenn Lim tells The Record. New cloud-based business platforms enable insurers to play in the digital economy and support consistent and engaging customer experiences at each point in the customer journey.

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Tower taps EIS Group to help deliver next-gen digital customer experiences

CIO Jun 15, 2018

“We’re on a mission to revolutionize the way customers interact with us and turn insurance industry norms upside down,” says Tower CEO Richard Harding. According to Harding, the EIS platform will unify core, data and digital operations as “a key enabler for our transformation and allow us to take advantage of all the opportunity that today’s digital world offers.”

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EIS Group’s platform will be used for creating new insurance products, quoting, customer self-service, billing, claims, and customer management and engagement. This will all be provided to Tower with a single, cloud-based platform supporting integrated, next-gen digital customer experiences. Four existing Tower systems will be replaced by the one platform.

“We’re on a mission to revolutionize the way customers interact with us and turn insurance industry norms upside down,” says Tower CEO, Richard Harding.

“This new platform will be a key enabler for our transformation and allow us to take advantage of all the opportunity that today’s digital world offers.

“We’re excited to partner with EIS to unify our core, data and digital operations, giving us more flexibility to innovate and improve our connection with, and value for our customers.

“EIS Group is a leader in their field and will deliver a system that leverages the full benefits of the cloud for security, scalability and rapid delivery. This is a future-proof investment that will drive our transformation,” said Harding.

Tower will deploy the EIS platform’s fully integrated core and digital applications, PolicyCore®, BillingCore®, and ClaimCore®, CustomerCore CEM™ and  DXP™ to gain end-to-end business capabilities that support digital enablement at every customer touchpoint.
EIS Group’s solutions will enable Tower to:

• Support customer journeys with a seamless omnichannel experience;
• Quickly add new products to take advantage of market opportunities;
• Leverage internal and external data for improved underwriting and pricing;
• Reduce the cost of operations by utilizing cloud-based modern architecture; and
• Establish an efficient, cost-effective platform.

“Microsoft is pleased to be able to help power Tower’s transformation initiative with an Azure cloud environment and services optimized for EIS Group’s insurance platform,” says Barrie Sheers, managing director, Microsoft New Zealand.

“We are honored to have been selected as the provider of a new business platform for Tower,” says Alec Miloslavsky, EIS Group’s chief executive officer. “The Tower leadership has a forward-thinking transformation agenda focused on bringing value to customers and we are excited by the opportunity to bring our best technology and expertise to the table.”

The post Tower Selects EIS Group’s Insurance Platform to Drive Transformation appeared first on EIS.

DGIG deployed PolicyCore® and BillingCore® modules as part of a large enterprise-wide transformation initiative enabling the company to respond to the demands of an evolving market and the insurer’s own growth strategies. It is the first phase of implementation of the EIS OneSuite solution as the new multi-line, omnichannel digital insurance platform for core underwriting, policy administration, billing, customer management and engagement processes in DGIG’s personal and commercial insurance operations.

DGIG rolled out the new solutions for its commercial property products – including property, liability and surety coverages – and business owner policy product sold via State Farm agents in Alberta, New Brunswick and Ontario and via Desjardins’ direct network in Quebec.

With the launch of the new platform for its commercial lines, DGIG is now able to provide a whole new level of automation, flexibility and consistent processes to support its agents and customers and drive operational efficiency.

DGIG is very pleased with the smooth execution of the roll-out and the new platform, itself. DGIG is looking for agility and speed to market for its commercial products within a multi-distribution network and now has a platform that allows it to quickly tailor a commercial offer to meet the specific needs of various types of businesses. This launch is an important first step in the company-wide roll-out of EIS OneSuite and in its partnership with EIS Group to facilitate digital transformation.

The EIS OneSuite solution enables DGIG to:

• Enhance the customer experience and provide better capability to adapt smoothly to their needs;
• Provide a 360 view of customer information, transaction history, and communications;
• Reduce significantly the time it takes to quote and issue a commercial policy, with straight-through processing for issuance of some policies;
• Configure a product once and leverage that configuration for all channels of distribution and digital engagement; and
• Reduce operational costs by automating processes using flexible tools to create workflow and business rules.

Through a comprehensive joint enablement strategy, DGIG was able to achieve self-sufficiency and led and managed the last roll-out for the province of Quebec.

“We congratulate Desjardins Insurance on its successful new technology platform launch to support its commercial lines of business,” said Alec Miloslavsky, chief executive officer of EIS Group. “We are very pleased to be able to support its business vision and goals with a modern platform of core and digital solutions that is serving as a foundation for its transformational journey.”

The post Desjardins General Insurance Group Deploys EIS OneSuite for Commercial Lines appeared first on EIS.

The latest release of ClaimCore extends its award-winning capabilities to help dental insurers to modernize and fully digitize their operations. ClaimCore is a complete dental claim system built on modern and configurable technology to support DHMO and PPO products in both group and individual markets.

ClaimCore for dental claims is deployed at one large, US-based benefits insurer and being evaluated by additional carriers.

ClaimCore is designed to accurately and quickly process dental claims by enabling no-touch auto-adjudication via a comprehensive set of business rules, by delivering high-quality digital experiences through simplified user interfaces and omnichannel engagement support, and leveraging its industry-leading integration capabilities to easily connect with policy and billing systems, provider networks and other data sources.
Using ClaimCore for dental claims provides insurers significant advantages, including:

• A single comprehensive claim solution – ClaimCore simplifies operations by introducing a single solution that replaces disparate technologies, including claims calculation, fee schedules, payment, workflow and document imaging solutions, to deliver accuracy and consistency to the dental claims process.
• A flexible and configurable rules engine – ClaimCore enables no-touch auto-adjudication to accurately compare claims against provider networks, patient history, and coverage parameters to increase auto adjudicated claims throughput while also monitoring and measuring rule use.
• Streamlined claim intake – Intuitive workflows and mouse-free navigation of claim intake for high-speed, high-volume keying of data improves the system user experience and productivity.
• Digital ready solution – ClaimCore is fully digital business enabled through an extensive API portfolio and is pre-integrated to the EIS® DXP™ digital experience platform for the delivery of omnichannel engagement that includes configurable mobile and online apps and portals.

ClaimCore can be deployed as a standalone core system or as a modular component of EIS Core Insurance OneSuite™, providing benefits insurers with additional options for transforming their legacy core systems. When deployed as part of the pre-integrated EIS OneSuite™—comprised of PolicyCore®, BillingCore®, ClaimCore and CustomerCore™— eligibility, coverages and customer information are immediately available to claims operations. In addition, the common database and data model in the EIS OneSuite platform provides a single source of truth with data entered one time and leveraged throughout the entire customer lifecycle.

“We are very pleased to offer this superior dental claim management solution option to address the process inefficiencies and eligibility issues that can negatively impact claims customer service and increase expense for insurers,” said Jim Eva, EIS Group’s product executive for claims. “We have applied the design flexibility and digital readiness of the EIS platform to create a solution that works seamlessly within the EIS OneSuite or as a standalone component to deliver better claims outcomes.”

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The Aite report views claims as a primary focus as the US life insurance industry shifts its focus on customer-facing technologies and processes to include back-office operations. The new attention to claims is driven by the need to reduce operational cost and improve the beneficiary experience.  To evaluate vendor offerings, Aite focused on vendor stability, client strength, product features, and client services.

Award for Most Extensive Digital Capabilities
Aite recognized EIS Group for most extensive digital capabilities and described ClaimCore as ready for the future of life insurance claims and a more digital claims process driven not only by insurers’ need to reduce the cost to process claims but also by the demand for a more positive customer experience.
“EIS Group’s solution is fully digital: Capabilities are built at the platform level rather than at the component level,” states Chow.  “It offers more advanced mobile features, including keychain and autofill, camera and photo gallery for easy scanning and uploading of documents, audio recording for transmitting messages to the carrier, location recognition, optical character reading or barcode scanning, credit card scanning for easy payout, and bots for automation.”

Award for Most Comprehensive Integration
Aite also recognized EIS Group as best in class in the area of integration, which is key for life insurance carriers in North America, according to the report, as most have many different core systems across their technology ecosystems.
“EIS Group offers all of the necessary integration functions and features for a life insurance carrier,” says the report. “It stands out in its investment in and dedication to AI and chatbots to support the claims process. EIS Group’s claims solution, ClaimCore, comes pre-integrated with third-party tools that support both AI and chatbots.”

Award for Best Workflow Tool
EIS Group also received the top marks for the workflow management Aite believes carriers need to reduce operational cost and drive a more consistently operated claims department.

“EIS Group provides a more complete workflow solution as it relates to configuration,” says the report. “EIS Group offers workflow configuration that is supported by rules configuration, templates, and wizard-based tools. EIS Group also has strong client references as it relates to workflow, reporting complete satisfaction with workflow capabilities.”

“We deeply appreciate Aite’s recognition of our efforts to create a claims solution that will meet today’s needs and anticipate insurers’ future needs, while also providing a solution that can be a stepping stone to a fuller core system modernization,” says Rowshi Pejooh, executive vice president of product management, EIS Group.

The copy of Aite’s report Life Insurance Claims Vendors in North America: Evaluating Stand-Alone Systems featuring the full EIS Group profile is available for download.

The post Aite Group Awards EIS Group Three Top Honors for Life Insurance Claims Solution appeared first on EIS.

HiRoad has used the EIS insurance platform to introduce its innovative telematics-based auto product that rewards drivers every month based on driving behavior. With the ability to switch in just minutes and manage everything from an app, customers can save up to 50% every month based on how much and how well they drive.

“By creating a model that recognizes and rewards smarter choices, we’re helping our customers’ wallets while inspiring a better world,” says Steve Harris, Vice President at HiRoad. “We selected the EIS core platform to help enable our new smartphone-centric approach to insurance. EIS’s flexible platform supports our approach to reward mindful drivers, and allows us to innovate across the insurance experience to serve our customers better.”
HiRoad has deployed the EIS OneSuite™ components PolicyCore®, BillingCore® and ClaimCore® in conjunction with EIS® DXP™ as its platform for policy administration, product development, billing, claims and customer management. The platform can also support HiRoad’s introduction of additional insurance offerings in the future.
These key EIS OneSuite capabilities support HiRoad’s direct-to-customer business:

• Flexible policy, billing, and claims management that supports usage-based insurance.
• Flexible product configuration for rapid development and introduction.
• Support for data-driven underwriting and pricing that incentivize positive choices by customers for themselves and their community.
• Extensive set of policy, billing and claims APIs to support digital customer engagement.
• Platform architecture designed to enable fast integrations and scale to demand.

“HiRoad is in the vanguard of insurers designing insurance for the mobile-first customer. We are honored to have been chosen to support their exciting initiative,” says Alec Miloslavsky, CEO, EIS Group. “EIS Group shares HiRoad’s enthusiasm for creating innovative solutions that meet the evolving needs of a new era and we are looking forward to supporting their journey.”

About HiRoad

HiRoad is reinventing insurance to recognize and reward the good choices people make every day, so they can lower their bill and benefit those around them. We’re starting with car insurance, but we’re offering a different approach than a traditional policy. Using leading edge technology, we provide our customers real-time feedback on their driving so they can drive down their rate and help build a world where doing right pays off for everyone.

Established as a separate company in the State Farm® family of companies, HiRoad began selling policies in 2017 and is now available to all of Rhode Island.
For more about us, please visit HiRoad.com.

The post HiRoad Deploys EIS Group’s Insurance Platform for Innovative D2C Offering appeared first on EIS.

Looking to digitize? Keep an eye on your back end.

Canadian Underwriter Mar 29, 2018

Insurance C-suite veteran and new EIS Group board member Sharon Ludlow talks to Canadian Underwriter about insurers’ need for a platform approach that balances core and digital tech investment.

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Ludlow is a member of the board of directors of health and dental benefits insurer Green Shield Canada and biotech company Ortho Regenerative Technologies, and is an advisory board member at on-demand auto insurance start-up Autonomy Insurance. She previously served on the boards of the Insurance Bureau of Canada and the Canadian Life & Health Insurance Association.  Earlier in her career, Ludlow, along with co-founders launched Kanetix, Canada’s first on-line insurance marketplace for consumers.  Ludlow currently serves as the head of insurance investments strategy for OMERS, one of Canada’s largest defined benefit pension plans and is responsible for setting and executing the strategic plan with respect to OMERS insurance investments.

“We are delighted that Sharon has joined our board,” said EIS Group’s chief executive officer, Alec Miloslavsky. “Sharon brings deep insight, experience and knowledge to EIS Group through her years of executive leadership in insurance. Her strategic guidance and commitment to industry innovation will be a tremendous help as EIS Group grows its multi-line insurance platform and expands its footprint in global markets.”

“As new insurance business models emerge upon which insurers can create value in the new digital era, insurers need to look closely and critically at what enabling technologies and partnerships will support their growth,” says Ludlow. “EIS Group was recently recognized as a Visionary in Gartner’s Magic Quadrant for P&C Core Platforms and is well-positioned both strategically and technically to help insurers innovate and thrive and I am honored with the opportunity to contribute to EIS Group’s success.”

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EIS Group Inks Reseller Agreement with Comtec

Insurance Innovation Reporter Mar 14, 2018

Israel-based Comtec will resell EIS Group’s core and digital insurance platform in the Eastern Mediterranean region ready for digital insurance transformation. EIS Group’s Alec Miloslavsky and Glenn Lim explain the value of the reseller model within regional markets and as a growth strategy.

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The post EIS Group Inks Reseller Agreement with Comtec appeared first on EIS.

Comtec provides strategic software solutions and services to the property and casualty insurance industry and serves the majority of insurers in Israel, for a total of sixteen clients in both Israel and Cyprus. Comtec will assist with localization and undertake the sales, implementation, and support of EIS Group software solutions to help insurers in the region to modernize their business platforms to drive new business and engage more effectively with their customers. EIS Group’s solutions support personal, commercial, accident and disability, and employee benefits lines of business of insurers worldwide.
“Our ability to offer EIS Group solutions within our markets creates unprecedented opportunities for insurers in the region,” says Nadav Milner, chief executive officer at Comtec. “Because the EIS platform is built leveraging advanced application design technologies and delivered using the latest continuous deployment approaches, insurers have unlimited potential to reshape their customer experience, improve operations, reduce risk, and accelerate the delivery of innovative products and services. I am excited by, and confident the offering will propel our clients into the next generation of insurance business.”
The EIS Group platform will enable Comtec to help clients:

• Achieve state-of-the-art digital enablement of their enterprises;
• Enhance their customer journeys with seamless digital, omnichannel experiences;
• Enable rapid development and deployment of new products to take advantage of market opportunities;
• Distribute products and services easily within traditional and new digital channels and consumer ecosystems;
• Establish an efficient, cost-effective insurance business platform.

“We are very pleased to have a partner that is so successful in this market and dedicated to providing solutions crafted to meet the unique needs of the market and its consumers,” says Alec Miloslavsky, chief executive officer at EIS Group. “We believe our digital insurance platform is perfectly suited to adoption in the region Comtec serves and it will help drive digital transformation in the market. This new regional expansion is the next step in EIS Group’s global growth and underscores both the flexibility and modernity of the EIS Group platform.”

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The rise of the insurance chatbot

Property Casualty 360 Feb 13, 2018

So ascendant is the humble chatbot that some pundits are describing 2018 as the year of AI and voice technology. Will that also be true for insurance? EIS Group’s Fazi Zand writes about how insurers, customers, and agents are embracing AI and chatbots, what is coming next, and what is holding back AI in insurance.

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CSAA Insurance Group provides AAA-branded insurance for AAA-partner clubs in 23 states and the District of Columbia, and has deployed EIS OneSuite™ components EIS PolicyCore® and BillingCore® for all personal lines of business. EIS DXP is designed to deliver persona-based digital experiences within an omni-channel user environment. The addition of DXP enables CSAA Insurance Group to accelerate expansion of customer self-service capabilities to deliver consistent experiences on a lower cost platform. CSAA Insurance Group will leverage DXP to expand its web presence to customers.

“Our customers appreciate being able to engage easily with us when and how they choose,  and high-quality, self-service experiences are a key driver of customer loyalty and retention,” said Kim Bissell, director of policy administration services at CSAA Insurance Group. “CSAA Insurance Group’s selection of DXP aligns with our customer-focused transformation strategy and provides us the ability to leverage digital capabilities within the EIS OneSuite to provide a better, more consistent user experience at a lower cost of delivery.”

Tightly integrated with the core processing systems in the EIS OneSuite, DXP will enable CSAA Insurance Group to:

1. Empower customers with enhanced web self-service quote, buy, policy servicing, and inquiry capabilities;
2. Deliver consistent user experiences across engagement channels and the lifecycle of customer interactions;
3. Increase speed-to-market and reduce the cost of digital solution delivery; and
4. Deploy a lightweight web presence using modern technologies—such as Restful services and JSON language—that is easy to support and upgrade.

“We are very pleased to be able to provide CSAA Insurance Group with a digital solution that enhances customer engagement,” said Rowshi Pejooh, executive vice president of product management at EIS Group. “We admire how CSAA Insurance Group placed customer needs firmly at the center of its successful core systems modernization and are delighted to be able to help them bring further value to their customers.”

The post CSAA Insurance Group Selects EIS Group’s Digital Experience Platform appeared first on EIS.

Customer expectations have big implications for insurers

The Record Jan 17, 2018

The digitization of the everyday has lifted customer expectations and created specific digital strategy and technology implications for insurers, explains EIS Group’s CTO Mike Dwyer.  Organizational change and the use of new technology—such as a cloud-based digital experience platform—is needed to respond to the demands of today’s digital world today and those of an increasingly connected world.

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Perfect customer experience with persona-based engagement

Property Casualty 360 Jan 12, 2018

Personas allow insurers to do something personal and differentiating for those coming across their interactions channels. EIS Group’s Fazi Zand describes why personas are the next step in personalization, how they work, and what technology is needed to support persona-based engagement.

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The Modern Insurer

The Record Jan 11, 2018

Insurers are leveraging new technologies to gain insights from their data and transform their business for the digital age. EIS Group has leveraged Microsoft Azure’s language understanding (LUIS) and Bot Framework services to embed AI in web and mobile. These include a virtual assistant chatbot to converse with and assist customers and a chatbot that supports agent engagement and productivity.

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