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Let’s be honest: if your core system was a direct report, would you give it a performance bonus, or put it on a PIP? 

Insurance technology can either be your biggest enabler, or your sneakiest saboteur. It’s rarely neutral. 

The thing is, if your company is trying to make strategic bets on growth, efficiency, and improved customer experience, using a tech stack that’s out of date with current technological abilities could be working against you. 

But… before diving down a panic spiral of planning a digital transformation project that’s more about buzzwords than utility and results, know there is a smarter way. 

Using a guide to see exactly where your current tech stack is dragging you down and where it’s rightfully holding its own is an essential first step… which is why we’ve put together these scoresheets for insurers to see what improvements would matter most to them. 

Why a scoresheet instead of a shopping list?

Tech vendors love to rattle off endless feature lists like it’s a game of insurance software bingo. But smart, ambitious insurance isn’t about who can show off the shiniest pieces of technology… it’s about who can deliver the actual outcomes. 

These scoresheets flip the script. 

They’re not about checking if your core system has feature X or integration Y. They’re about whether your tech stack actually gives you the leverage you need to achieve the agility, speed to market, customer loyalty, and operational efficiency that you, your stakeholders, and your customers desire. 

They’re a diagnostic tool that helps you evaluate where your core system stands in six high-impact areas, including: 

• Fast, frictionless, and personalized customer experiences
• Agility to launch new products quickly
• Empowering product developers to innovate without IT intervention
• Engaging with customers whenever & however they choose
• Providing value beyond insurance policy terms & ecosystem readiness
• Worry-free operations & less tech debt

It helps you score yourself in each area based on clearly defined criteria, so you know exactly where you stand. 

A reality check that doesn’t sugar-coat or feamonger

What makes these scoresheets so helpful is their honesty. 

They’re not fearmongering: they don’t assume you’re doomed if you haven’t completely re-platformed to the coolest technology out there. They acknowledge that some core systems are doing just fine for now. 

However, if your core system is lacking somewhere, they will show you. They’ll also help you realize that if you’re too far behind in one particular area, you could end up with expensive, fragile workarounds and a customer experience that’s one typo away from a retention disaster. 

How do they work?

This isn’t just a “rate yourself on a scale from 1-10” exercise. The scoresheets have clear definitions of what each score requires, and a well-structured point system. 

Beyond that, they give you language to talk about transformation with your executives, product teams, and IT in a way that’s grounded and actionable. 

Based on your scoring, you’ll get clarity on:

• What’s working (so you don’t have to bother fixing what isn’t broken)
• What’s weak (so you can stop applying duct tape to legacy problems & craft a smarter strategy)
• What needs to be prioritized (so you don’t get behind in the market and/or don’t get distracted with shiny marketing promises of one technology or another)

Download your copy & give your tech its annual performance review

If you’re not sure if or how your tech stack is sabotaging you — or if you want to know where the most critical points of improvement are ‌ — ‌ you need one of these scoresheets. 

They’ll tell you whether your tech is helping you move faster and smarter, of if it’s quietly holding you back with bloated processes, patchwork fixes, and features that sounded great in 2012. 

Think of it as an annual performance review for your technology:  Honest, unbiased, and will  help you both be more productive in the future. 

Download the scoresheet for your line of business using the buttons below:

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We have. And unfortunately, so have many other insurance customers, brokers, and support staff. Bad portals aren’t just annoying; they’re expensive too (even if they are cheap to make).

Let’s talk about what’s really going on when your digital experience is stuck in the dark ages.

Bad portals are annoying… 

When poorly designed and poorly-integrated user portals are deployed, it doesn’t take long for users to get incredibly frustrated with them. 

• Customers can’t figure out what their coverage includes, so they call your service center.
• Service center staff have to flip through multiple screens on customer info and policy coverages to find the information the customer is requesting. (This can take a long time, especially if the customer has a complex question that requires tracking down multiple pieces of information from different systems.)
• Brokers can’t track down billing issues, policy information, or customer history without opening ten tabs.
• Your claims adjusters are toggling through three systems to do one thing.

Clearly, this is really inefficient. 

Customers who have a bad experience will swear themselves to a different company come renewal time. Brokers will start recommending insurers who have better portals — both for their sake and the sake of their customers.

Then, with enough critical mass of bad user experiences, your TNP score takes a hit, and reputation is damaged in the market by horrible word-of-mouth stories. (Making even the “cheapest” portal solutions really costly in the long run.)

… and expensive. 

Yes, they do get costly. 

Confusing screens without the required information trigger support calls. 

Missing data integrations on the backend take up time doing dull manual work that could be used doing something of higher impact. 

Individual customers will churn, and frustrated brokers will start recommending their books of clientele to other insurers. 

The hidden costs behind incoherent user portals rack up quickly: higher call volume, slower sales cycles, and mounting inefficiencies for IT to deal with. 

Further, modern legacy platforms on the backend only make things worse. They’re not made to support the real-time, data-fluid, instant-answers-at-your-fingertips that customers today expect.

Modern Portals Should be Intelligently Connected & Work for Everyone

The best insurers know portals aren’t just a customer perk. They’re the backbone of the insurance experience. Done right, they make everyone’s lives easier:

• Customers get fast, clean access to what they need.
  
• Brokers feel empowered instead of annoyed.
  
• Internal teams stop playing digital hopscotch with systems that don’t talk to each other.

EIS Portals are designed for this. We build for real personas with real responsibilities, and we don’t stop at making it look pretty. Our portals actually connect to the data and tools your people need. In real time. Seamlessly.

It’s not just a UI upgrade. It’s a better way of doing business.

Here is an EIS portal for claims adjusters showing our fraud prediction model at work. Real-time data integrations continually adjust the fraud score as information comes in regarding the claim, making it easy for claims adjusters to see all the facts in one place.

EIS Portals: Where real-time data meets a seamless experience

EIS Portals plug directly into EIS OneSuite, but they also play well with others, if you use another system for policy or billing information, for example. 

So whether you’re managing a group benefits enrollment or a property & casualty claim, everyone‌ — ‌from the broker to the policyholder to the claims rep‌ — ‌gets the right view, with the right information, at the right time.

EIS Portals let insurers build personalized, seamless experiences for everyone across the insurance value chain. They’re configurable, persona-based interfaces that connect directly with EIS OneSuite, meaning users get what they need, when they need it. 

This results in fewer frustrations, faster service, and a boost in customer satisfaction and loyalty. 

Because let’s be real: your digital experience is your brand. If your portals are difficult, your customers don’t know why they’re difficult; they just leave and look for something easier.

If you’re ready to stop losing time, money, and customers to clunky experiences, see what EIS Portals can do for you.

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Pacific Life and Wellfleet both launched new group benefits businesses as greenfield projects, from the ground up. 

They both wanted to be truly innovative, and didn’t want tech debt or baggage from a legacy tech stack holding them down. Instead, they moved with agility from the traditional insurance products they historically offered, and started with a blank slate and a mandate to build something new, fresh, and modern for the group benefits space.

In this Q&A hosted by LIMRA and EIS, leaders from both carriers shared what it really takes to stand up a greenfield operation in today’s insurance environment, and why the decisions they made early on — especially around core technology — are paying off for them now.

Wellfleet: Fast Execution with Clear Intent

As a Berkshire Hathaway company with deep experience in health and accident plan administration, Wellfleet entered the employee benefits space with a clear point of view: if they couldn’t offer a better experience for employers and employees, there was no point in entering at all.

That meant building a fully digital, omnichannel platform to support quote-to-claim workflows across four key products. They called it Lighthouse. With a small, agile team and a cloud-native, API-driven core platform, they launched in just 11 months — issuing their first coverage for a January 1 effective date.

In the full Q&A, Wellfleet discusses: 

• Why they chose to prioritize a digital, omnichannel quote-to-claim workflow from day one
• How they launched Lighthouse — their group benefits platform — in just 11 months
• The critical role of a cloud-native, API-first architecture in enabling agility and integration
• How a lean team successfully supported four initial products at launch: accident, critical illness, hospital indemnity, and short-term disability
  How digital-first design helped create a more intuitive experience for brokers, employers, and employees
• Their approach to enrollment data, platform flexibility, and real-time quoting

Pacific Life: Designing for Brokers, Employers, and Employees

Pacific Life also didn’t want to try to adapt old systems for a new business model. As a legacy insurer in the life insurance space, they started clean, with a customer-first approach designed specifically for group benefits.

This meant building event-driven architecture, enabling automation where it saves manual effort, and reserving human interaction for where it matters most. From enrollment to billing to claims, the platform supports real-time collaboration across all users, with flexibility baked in to meet the needs of different client types.

In the full Q&A, Pacific Life discusses: 

• How they approached enrollment as a core driver of experience and efficiency
• Why they embraced event-driven architecture and automation (and where they chose not to automate)
• The importance of balancing digital tools with human empathy in claims and service interactions
  How they handled broker expectations around tech capabilities and platform transparency
  Real-world lessons from billing challenges — and how flexibility made the difference
• What it takes to maintain confidence in a new platform as adoption grows

Why the Full Q&A Is Worth Your Time

This Q&A isn’t a case of two carriers just tweaking what already existed — or going to the opposite end of the spectrum and deploying a full-on rip & replace transformation. 

These are greenfield builds designed by smart, ambitious insurers to compete in a modern, high-expectation market. Both companies are open about what worked, what was harder than expected, and what they’d recommend to others.

If you’re building something new, or thinking about how to set your next line of business up for success, their insight is refreshingly direct and useful.

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Why Traditional Customer-Centric Data Strategies Fail

Most insurers are sitting on mountains of customer data, so lack of data isn’t the issue. 

The problem is that their data is:

• Siloed across different policy admin and CRM systems
• Outdated or incomplete due to manual processes
• Difficult to integrate across digital and traditional touchpoints

These limitations make personalization, proactive customer service, and efficient operations nearly impossible.

EIS CustomerCore: The End of Disjointed Data

However, with EIS CustomerCore™, insurers can finally turn fragmented customer information into a seamless, real-time, 360-degree view of every policyholder. It’s the backbone of smarter decision-making, deeper engagement, and operational efficiency that doesn’t just match today’s expectations but sets a new standard for the industry.

Think of it as the central nervous system for your customer intelligence. It helps insurers who use it:

• Centralize customer data from multiple (internal and external) sources into one, unified system
• Enrich and optimize customer information in real time for accurate, actionable insights
• Integrate customer data seamlessly with policy, billing, claims, and CRM systems
• Can provide hyper-personalization at scale, helping engaging with their customers like never before

How does CustomerCore do this?

CustomerCore doesn’t just collect data‌. As a part of EIS OneSuite™, it orchestrates customer data across the whole insurance lifecycle to give insurers a living, breathing view of every customer, and to increase customer satisfaction at every touchpoint. Here’s how it works:

• Real-Time Data Integration: CustomerCore ingests and unifies data from policy, billing, claims, CRM, and external sources, ensuring no data lives in a vacuum.
• Event-Driven Architecture: Because EIS OneSuite has an event-driven architecture, certain updates in CustomerCore can trigger workflows elsewhere across the insurance lifecycle, enriching the customer experience, making insurance less annoying to interact with, and helping the insurer keep cleaner data records.
• Seamless Ecosystem Connectivity: With open APIs and pre-built integrations, CustomerCore syncs effortlessly with existing digital tools and touchpoints, from self-service portals to call center platforms.

Together, these capabilities don’t just provide a better data‌ set — ‌they unlock smarter decisions, more personalized experiences, and faster responses to every customer need.

Your Unified Customer Data Strategy Starts Now

If you’re tired of wrestling with outdated customer management systems and data silos, EIS could be right for you. We’ve been the go-to foundation for many ambitious insurers trying to improve operational efficiency and increase customer satisfaction.

To get the full breakdown of how it all works, download our comprehensive guide, Unifying Customer Data with CustomerCore.

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But it’s a quiet powerhouse that can make or break employee satisfaction, HR efficiency, and compliance success. 

The AbsenceSoft 2025 State of Leave and Accommodations Report makes one thing abundantly clear: leave management isn’t just an HR headache anymore‌ — ‌it’s an operational battleground where insurers can either thrive or fall behind.

(Spoiler alert: If your leave management systems still run on manual processes, you’re losing. Big time.)

Here’s what the numbers say — and what insurers can do to fix the cracks in their absence operations before they become chasms.

Leave Requests Are Piling Up‌ — ‌And HR Is Drowning

According to the report, 57% of organizations reported an increase in leave requests over the past year. Of those, a staggering 53% saw requests climb by more than 21%. 

Add to that an equally sharp increase in accommodations requests, and HR teams are busier than ever. Unfortunately, many are still relying on outdated manual processes that can barely keep up.

For insurers, this is a critical red flag. Manual processes mean:

• Longer approval times: Nothing says “frustration” like an employee waiting weeks for their leave request to be processed.
• Higher error rates: Compliance mistakes in leave policies are lawsuits waiting to happen.
• Overworked HR teams: With the higher leave and accommodation requests, HR teams have a lot on their plate, and are starting to burn out from the overload of manual work involved.

Employee Leave Frustrations Can Be Expensive (Really Expensive)

Employees who feel unsupported during their leave process are more likely to jump ship. When they do, it costs companies 33–50% of an employee’s annual salary to replace them.

Let’s do some math:

• A company with 5,000 employees and a 10% turnover rate loses 500 employees annually.
• If inefficient leave management contributes to just 5% of that turnover, that’s 25 employees leaving unnecessarily.
• At an average replacement cost of $20,000 per employee, that employer is looking at half a million dollars down the drain every year.

And that’s before factoring in the hidden costs: lower morale, lost institutional knowledge, and the damage to your reputation as an employer of choice.

Compliance Nightmares Lurking in the Shadows

Federal, state, and local leave policies are getting more complex by the year, and manual systems simply can’t keep up. From parental leave to caregiver benefits, employers are adding new types of leave at a record pace, but those shiny new benefits mean nothing if they’re not applied correctly.

And as an insurer responsible for payouts to cover certain types of leave, you could face non-compliance fines, reputational damage, and a loss of trust with policyholders if you and their HR departments don’t have your house in order. 

By helping HR departments make sure they’re filing leaves correctly — and that their employees have the right expectations around leave types and insurance payouts — you can save yourself from all kinds of compliance issues and customer experience headaches.

How Group Benefits Insurers Can Turn Leave Chaos into Leave Confidence

Here’s the good news: fixing leave management isn’t rocket science. It’s just a matter of upgrading your tech stack to handle the complexity.

At EIS, we’ve cracked the code with our Absence Management enhancement in partnership with AbsenceSoft that integrates seamlessly into EIS OneSuite™. Here’s how we can help:

• End-to-End Automation & Real-Time Data Syncing: From leave requests to compliance checks, we eliminate manual workflows and reduce the risk of errors.
• Compliance Tracking: Stay on top of federal, state, and local regulations without breaking a sweat.
• Unified Portals: Give employees, HR teams, and insurers a single platform to manage the entire leave process, from request to payout.

The result? HR teams get their time (and sanity) back, employees feel valued and supported, and insurers improve retention while reducing compliance risks. Everybody wins.

A Smarter Future for Leave Management

The 2025 report paints a clear picture: the days of cobbling together leave policies with duct tape and hope are over. Insurers that invest in smarter, integrated solutions won’t just save time and money‌ — ‌they’ll also position themselves as champions of the employee experience.

Interested in improving your leave management processes? Discover how EIS can improve operational efficiency, support your employees, and give your company a competitive edge.

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This event wasn’t just a challenge‌ — ‌it was a celebration of creativity, teamwork, and the endless possibilities of AI-driven insurance solutions. With 26 teams, over 135 participants, and groundbreaking projects, we turned ideas into actionable developments. 

The Backstory: A Journey Fueled by Passion for Insurance Technology

The hackathon emerged from a mix of necessity and opportunity. 

With survey feedback highlighting innovation gaps, AWS partnered with us, offering immersive AI workshops to ignite our team’s creativity. Over 300 employees voluntarily attended these sessions, gaining a crash course in cutting-edge AI technology.

From ideation to execution, the hackathon showcased collaboration at its finest. Participants worked across time zones, forming dynamic teams, submitting 26 projects, and blowing our judges out of the water.

The Judging Framework: A Fair, Rigorous Process

The projects submitted from the hackathon were just judged‌ through a multifaceted lens:

• Complexity: How challenging was the problem tackled?
• Innovation: Did the idea push the boundaries of what’s possible?
• Presentation: Was the business value of the project clear and beneficial?
• Execution: How complete and functional was the project?
• EIS Technical Fit: How well did it align with our technology ecosystem?

Judges included our CEO, Alec Miloslavsky, our CTO, Mike Dwyer, and SVPs from heads of our product teams. 

The Winners Circle: Game-Changing AI Innovations for Insurers

It was a hard choice, but ultimately three projects won:

• 🥇 First Place: Dream Team — Smart Quote Generator 
  • This tool generates competitive quotes by extracting insights from competitor policy documents. This innovative solution demonstrates the power of AI in streamlining the quoting process and improving competitiveness.
• 🥈 Second Place: Panda Team — AI Demand Management Optimization Tool for Business Analysts 
  • This tool empowers business analysts with AI-driven analysis, generating INVEST-compliant user stories to streamline demand management.
• 🥉 Third Place: Billing Olympus — BillBrain AI Co-Pilot 
  • A smart assistant that revolutionizes the billing setup process with natural, chat-based interactions.

Best in Category Winners: Innovation Across the Board

Because the projects delivered were so impressive, our judges decided to also award best in category along with the top three:

• SaaS: An AI assistant to validate test environments, recommend further analysis when needed, and assess deployment states post-regression, performance, or batch testing.
• Business Impact:This project aims to develop an AI-driven solution that autonomously adjusts insurance rate factors, using a chatbot to analyze data and update factors in OpenL.
• Ready to Use: An AI-driven tool that provides contextual UI guidance and tips based on user profiles, enhancing learning, onboarding, and product knowledge with document and wiki integration.
• Developer Tooling: A chatbot using NLP and semantic search to simplify API discovery, enabling users to ask plain-language questions and receive precise, relevant documentation.

Beyond the Hackathon: What’s Next?

The event wasn’t just a one-off celebration. It was a springboard for integrating AI-driven solutions into EIS OneOneSuite. Under the guidance of Stephen Price, our new AI architect, these ideas are being evaluated for potential implementation into our roadmap, giving a brighter, more innovative future for our technology and our customers.

A Final Word

The 2024 EIS Hackathon was more than a competition‌ — ‌it was a testament to what happens when you dedicate the power of smart minds to figure out the best way to harness new technologies. (In this case, AI.) With AWS’s support, our team’s dedication, and a company-wide culture of ambition, we’re redefining the possibilities of insurance technology. 

Ready to see what comes next? Stay tuned!

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Their vision? Build a benefits platform that prioritizes seamless, digital-first experiences for employers and employees alike. And they turned to EIS to bring this vision to life.

Read the case study

The Challenge: A New Playing Field

Voluntary benefits insurance is a vastly different game from traditional group health coverage. For example, in the area of claims handling, speed, accuracy, and customer communication are critical to building trust and loyalty.

Success depends not only on pleasing brokers and employers but also on engaging directly with consumers. Wellfleet knew it needed a strategy‌ — ‌and technology‌ — ‌to juggle these competing priorities.

They knew legacy systems weren’t going to cut it. They wanted a foundation that could integrate effortlessly with enrollment platforms, eliminate data silos, and power a user-friendly quote-to-claim workflow — a critical factor for customer satisfaction in voluntary benefits.

Why Wellfleet Chose EIS 

Wellfleet partnered with EIS to build “Lighthouse,” a custom benefits administration platform designed to redefine voluntary benefits experiences. With EIS OneOneSuite™, they gained access to:

• Limitless integration capabilities: Lighthouse seamlessly connects with third-party systems for unmatched data fluidity.
• Operational efficiency: Streamlined claims and enrollment processes empower Wellfleet’s team to serve clients better and faster.
• A customer-centric approach: By focusing on the user experience, Wellfleet turned an operational necessity into a competitive differentiator.

Customer-Centric Results That Speak for Themselves

Since implementing EIS, Wellfleet has revolutionized its claims process, achieving an average turnaround time of just one day. 

This speed and efficiency have made their claims handling one of the most customer-friendly in the industry.

As Erik Gray, Wellfleet’s Digital Integrations Practice Leader, put it:

“EIS helped us stay true to our mission of delivering customer-centric insurance solutions. This partnership enables us to provide superior support, setting us apart in the market.”

By choosing EIS, Wellfleet didn’t just transform their operations‌ — ‌they reshaped how customers interact with and perceive their insurance provider.

The Takeaway for Ambitious Insurers

What Wellfleet accomplished isn’t just a case study — it’s a blueprint for insurers ready to embrace modern technology architecture to meet customers and employers where they’re at, and subsequently establish themselves as the go-to insurer in their respective markets.

With EIS, the possibilities are endless: faster claims, happier customers, and a coretech platform that evolves as you do.

Let’s talk about how EIS can help you make it happen. Contact us today.

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Insurance isn’t just adapting‌ — ‌it’s transforming. In 2025, an industry known for steady, cautious evolution will take giant leaps, embracing innovative technology, responding to market shifts, and reshaping the customer experience.

At EIS, we’ve identified the trends that will define the year ahead, from the rise of embedded insurance to the adaptation of artificial intelligence and beyond. These aren’t just trends‌ — ‌they’re imperatives for insurers looking to lead, not lag, in a rapidly shifting landscape.

Trend 1: Winning at Distribution with Digital Ecosystems

The days of relying on traditional channels like brokers and agents alone are over. With $3 trillion in potential market value, embedded insurance and self-service portals are reshaping distribution. But this isn’t about replacing human touchpoints; it’s about empowering them. Carriers that embrace omnichannel ecosystems will ensure seamless transitions between digital tools and personal interactions, driving customer satisfaction and operational efficiency.

Trend 2: AI Tightrope‌ — ‌Balancing Ambition and Governance

From fraud detection to personalized product recommendations, artificial intelligence will be a cornerstone of 2025 strategies. Yet, insurers must tread carefully. AI’s promise depends on responsible practices and accurate, real-time data foundations. Success stories like a leading insurer using generative AI for personalized call-center interactions in 2024 show the potential‌ — ‌but without proper oversight, the risks loom large.

Trend 3: Compliance as an Opportunity

Regulations like the EU’s Digital Operational Resilience Act (DORA) may seem daunting, but they offer opportunities to build customer trust and drive innovation. Carriers leveraging adaptive core systems can respond quickly to compliance changes, turning mandates into opportunties to stand out to their customer base by protecting data and improving customer communications.

Trend 4: Facing Down Environmental Risks

As extreme weather intensifies, insurers must evolve their approach to risk. Instead of pulling out of high-risk markets, carriers can invest in predictive technology and prevention tools‌ — like sending out property protection alerts on upcoming storms and bundling water-level sensors with policies‌ — ‌to protect customers and offset claims.

Trend 5: Life Insurance Gets a Breath of Fresh Air

With millennials and Gen Z driving the workforce, life insurance needs a makeover. These tech-savvy generations prioritize income protection over traditional products, and life insurers are seeing their market penetration decrease. Carriers embracing modular platforms can integrate life insurance into digital touchpoints and create offers tailored to younger customers’ needs and preferences.

To Shine in 2025, You Need to be Agile

These trends share one undeniable truth: the need for agility. 

Whether it’s modernizing distribution, leveraging AI, or adapting to new regulations, success in 2025 depends on embracing agile, ready-to-adapt technology that drives customer-centricity and operational efficiency.

Curious to learn more? 

Dive deeper into these insights in our whitepaper, “EIS 2025 Outlook: Trends That Will Shape Insurance.” It’ll help you pinpoint where you can work to thrive in one of insurance’s most transformative years to date.

EIS is empowering insurers to take the leap into the future with modular, cloud-native solutions built for ambition. Ready to redefine your potential? Visit us at eisgroup.com.

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However, when the policy is placed above the customer (whether in business priorities or in technology structure), things can start to go awry… The problem is when carriers prioritize maximizing policy sales and driving down operating costs above all or most other issues. When this happens, customer service almost always gets put on the back burner. 

In contrast, being customer-centric is about maximizing the value of the customer by perfecting their experience. Basic examples include making it easier for policyholders to file claims or providing intuitive user interfaces through mobile insurance apps.

Though it’s not the be-all-end-all of the philosophy, an insurer’s tech setup plays a big role in customer-centricity. 

The legacy and modern legacy core systems many insurers have used for so long are fine for policy-centric models, but they’re not great at empowering true customer centricity. 

In this post, we’ll look at key reasons why policy-centricity is a disservice to your existing market (and future target audiences) and how you can change course with customer-centric coretech.

1. Out of Touch With the Times

When modern legacy core systems for insurance first hit the market about 25 years ago, they made sense for where the industry was at the time. They’d been built to support more efficient (and profitable) policy sales and administration, and that’s what carriers thought would maximize their success. 

Though this issue existed across all insurance lines, traditional group benefits operations are a particularly good example: Policies were sold with a focus on the group rather than individual members, so technology platforms maximized the efficiency of that model.

Customers, meanwhile, had no reason to shop for (or enroll in) policies by doing anything other than comparing premium rates and coverage options. 

Now, industries including retail, banking, and streaming entertainment offer personalized experiences. Customers expect the same from insurers, and are demanding it from carriers. They want policy-buying and adjustment tailored to their specific needs, web- or mobile-based claim filing and tracking, multiple digital payment options, easy personal data management, and more. (Going back to group insurance for a moment, members want to easily enroll in the group plan most suitable for them while choosing specific direct-to-consumer voluntary benefits — experiencing no hiccups or glitches in the process.)

Legacy core systems can’t easily support any of these options. The effort required to add such functions to an outdated core — i.e., a lot of IT work that’s intricate and time-consuming — is so resource-inefficient that it may invalidate the gains it’d otherwise help insurers achieve. Even if ‌intelligent third-party point solutions integrate successfully, which isn’t guaranteed, problems with data exchange will impact performance and damage the customer experience.

This problem only gets solved with an upgrade to coretech capable of supporting the fluid, real-time customer data processing that’s necessary to power more personalized and intuitive experiences for policyholders.

2. Siloed, Disconnected Customer Data

When insurers stick to a policy-centric business model and the modern legacy technology that’s underneath it, data is often spread out across multiple databases and systems. This siloing separates customer data by function (policy admin, claims, billing) and also frequently means redundancies within the silos — e.g., a P&C customer with auto, home, and liability coverage having three different policy records.

To say nothing of the complications this creates for insurance business users, customers can go through nightmares trying to find a simple detail about their coverage. If they dial into their carrier’s call center or visit the customer-facing web portal, the presence of redundant data means it could be time-consuming and frustrating to find the right record for the right policy. Siloed and redundant data also means there’s a bigger risk of inaccuracies, and that can cause any number of problems down the line: delayed claims processing, overbilling, coverage gaps, and more.

With a core platform like EIS OneSuite™, this sprawl doesn’t happen. Customer profiles in CustomerCore™ give carriers a unified view of all policies, claims, bills, and other relevant interaction records across their entire history with the insurer.

3. Price-Led = Trouble-Bound

Because the policy-centric model is all about maximizing sales and reducing costs, it’s historically common for insurers that follow this approach to focus strongly on competitive pricing. As with other aspects of policy-centrism, you could make a reasonable argument in favor of a price-led model a couple of decades ago … but it makes much less sense now.

Why? Above all, it’s because quality customer experience has become a proven value generator for insurance in recent years, based on research by McKinsey. Someone choosing between two home policies won’t pick the cheaper one by default. If the pricier option comes with value-add features that simplify and streamline their insurance experience, they’re likely willing to pay a bit more than what they originally budgeted.

Meanwhile, if customers realize their current carrier can’t offer robust CX and ease of use — which isn’t possible with outdated core systems — they’ll start looking elsewhere for an insurer that can, even if this means spending more. Soon enough, carriers bound by legacy tech will start feeling the pain in their bottom line to a degree they can’t ignore.

Ready to Cure Policy-Centric Tunnel Vision?

Committing to a customer-centric direction — and the coretech that can support it  — is an investment of both time and resources. But it’s also an investment in future-proofing your operations, by maximizing the value of every customer and building a foundation for their loyalty. Modern legacy core system vendors, meanwhile, will keep you stuck in the policy-centric past.

To learn more and see how we compare to competitors in the space like Guidewire, Majesco, Duck Creek, and others, read our complete guide: “EIS vs. the Competition.”

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After all, if it technically works… why go through the headache?

But while it might not seem like a core overhaul is urgent on the surface, looking under the hood (and at what can’t be done because of technical limitations) tells a different story. 

Major operational inefficiencies boost resource usage and total cost of ownership (TCO), and they’ll only become more problematic with time.

Here are some of the biggest inefficiencies caused by outdated core systems — and how EIS OneSuite™ can help insurers streamline operations for business users, satisfy customers, and boost the bottom line.

1. System Patchworks = Disorganization and Confusion

With legacy or modern legacy core systems, one main issue is that insurers can’t manage everything from a single, central hub. Instead, they’ve got a patchwork of multiple solutions and databases — both internal and external — adding up to a chaotic whole.

Because legacy core architecture wasn’t built with modern integration in mind, the disconnected systems and the core can’t easily communicate with each other. 

Because of this, data gets stuck in silos, and teams can’t freely access what they need without doing intensive detective work for thing like policy coverage limits to properly process claims, billing status, and so on.

By contrast, EIS OneSuite is built with open architecture and robust APIs. These allow seamless integration and real-time data exchange between internal systems, third-party solutions, and partner platforms. The resulting data fluidity ensures that carriers’ various business units and trusted partners stay on the same page, and that customer service can be truly personalized and real-time.

2. A Clunky Claims Lifecycle

Consider this example of legacy limitations: A big-name insurer runs on an outdated coure system that makes claims very complicated. Because of the setup, claims processing requires eight people running eight systems (each with extremely out-of-date UI) just to get a claim in the system for evaluation. 

Most of that work doesn’t add any real value to the insurer, and just increases cost of operations. Plus, if claims can’t quickly get where they need to go, they won’t get paid on the timelines customers expect. This leaves policyholders frustrated — and wondering if they should switch insurers.

EIS OneSuite products like ClaimCore® and ClaimSmart™ supercharge claims efficiency: Digital, automated FNOL ensures claims are immediately directed to the right examiners, or expedited for quick resolution if they’re routine. Also, preconfigured workflows eliminate manual tasks (like setting up auto rentals or appointments with property restorers) to reduce claims team workloads.

3. Bogged-Down Billing

Legacy and modern legacy tech doesn’t give billing agents convenient access to the info they need because of inefficient architecture and poor integration. For example, if a customer’s bill has to be modified due to policy changes, the employee managing the account won’t be alerted to this for hours or maybe even a day. 

In general, they’re stuck relying on too many paper documents and “digitized” but not automated manual processes. Premiums and broker commissions will process more slowly than they should. This means customers who are paid up and brokers who want what they’re owed might either appear as behind on payments or properly compensated when that isn’t true. It’s frustrating for everyone.

BillingCore® by EIS is closely integrated with all EIS OneSuite modules and other relevant internal or external systems. This ensures real-time availability of accurate data and minimizes error risk across the billing lifecycle. BillingCore also supports a wide variety of billing modes and payment methods, lets billing agents customize invoicing processes, comprehensively documents all transactions, and allows self-service reconciliation.

4. Change is Complicated

Carriers may try to avoid a core system overhaul by installing operation-specific point solutions inside their current, outdated core system. 

Unfortunately, this band-aid approach is dicey, as it requires ‌delicate, hard-coded integration. That’s resource-intensive and expensive, especially if this becomes a go-to “workaround.” Also, there’s no guarantee these new applications will perform effectively, as they were designed for more advanced operating environments than what older core systems can provide.

EIS coretech avoids this problem. The platform’s open architecture gives you the freedom to easily adopt innovative new tools. Also, EIS OneSuite is scalable and flexible because it’s cloud-based, so your core system stays updated, evolving in tandem with the organization and market-wide technological advancements.

Ready for Efficiency-Empowering Coretech?

We’ve discussed just one facet of the problems that legacy core systems cause — and one dimension of why EIS OneSuite is the future-proof coretech solution for ambitious insurers. 

To learn more and see how we compare to competitors in the space like Guidewire, Majesco, Duck Creek and others, read our complete guide: “EIS vs. the Competition.”

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Any insurer hoping to succeed in this rapidly evolving industry needs a digital-first core system that can handle current challenges and is flexible enough to adapt smoothly to future developments. 

Legacy and modern legacy core systems haven’t met those criteria for quite a while, but insurers can’t just jump into a core transformation without doing their due diligence. (Nor should they.)

The whole leadership team — particularly the CEO and CIO — should be on the same page, and there are some key questions to ask to get there. 

Below are four discussion points to help establish a clear path forward for impactful, future-proof tech updates.

1. How Ready Are We to Make Changes?

If an insurer is seriously considering a core transformation, they’re aware at least some of their technology is behind the curve. But how much?

To get an idea, ask this question: How much of a barrier to progress are your existing core systems? 

Beyond telling you “yes, we need to upgrade,” your CIO will be able to explain what about your core system needs to be different to make your desired progress.

Then, think of your core system like an aging building: Will a “facelift” solve your problems, meaning you can retain some systems or components, or do you need a “gut” — a complete overhaul? Or is it something in between?

Your CIO will be able to outline how easy (or difficult) it’d be to upgrade your core. For a “facelift” to work, the system you’re on should support continuous integration and deployment (CI/CD). If it doesn’t, and upgrading requires major effort from IT (with resources/budget to match), gutting the old core will be better in the long run.

2. What’s Your Team Working On to Improve the Customer Experience and Grow Revenue?

Tech updates that lower costs and boost operational efficiency are always a good thing. But they can’t be the only thing. CIOs must make room for customer experience improvements in any core transformation plan. 

As just a few examples, this could mean creating more intuitive customer portals, adding intelligent automation to streamline claim intake, or improving customer data management for more personalized marketing. Updates like these hit the sweet spot of making things easier for customers while creating opportunities to generate revenue (through upsells, cross-sells, etc.) The CIO should look for a coretech solution that covers all those bases (and more).

3. What Can We Do To Get More Value From Our Data?

The importance of maximizing insurance data’s value in all possible ways can’t be overstated. For example, unfettered, real-time access to historical customer data helps adjusters make better decisions about complex claims. It also ensures policy admin teams don’t have to pore over old paper records to determine which rate factors should carry the most weight when pricing a policy.

Streamlining the flow of data needs to be at the forefront of any CIO’s mind when coretech upgrade conversations start.

CIOs should strive for 100% data fluidity — so it’s freely accessible whenever needed and accurate in real or near-real time. Cloud-native technology can make this happen across multiple channels, including mobile, while modern legacy systems can’t do this without complicated, resource-intensive integrations.

4. How Easily Can We Connect with Partners?

Because modern insurance customers expect more out of their carriers, being able to integrate with business and data partners is essential. Doing so with seamless integrations will allow you to:

Broaden your product catalog (think specialized coverage, on-demand, or usage-based insurance)
Expand your distribution (think digitally embedding policies at a business partner’s point of sale)
Connect to key data sources (like public data sources to stay up-to-date on customers’ life changes)

Legacy core systems can’t support these partner integrations for the same reason they can’t enable true data fluidity: they don’t have API-first architectures that enable quick, “plug-and-play” integrations. Creating these connections requires coretech that uses open APIs, and that’s what CIOs must look for.

Ready to Plot a Course For Digital Transformation?

EIS OneSuite™ is the future-enabling core platform that can help your CIO answer all these questions effectively. 

But these aren’t the only areas your tech team must address. See more questions and discussion points in our comprehensive guide: 10 Questions Every Insurance CEO Should Ask Their CIO About Tech Operations.

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Which sounds great, right? 

Unfortunately, the adoption of technologies to improve claims — the most customer-facing part of insurance — doesn’t quite match the level of interest carriers have expressed about going digital. 

The reason?

The LIMRA report cited difficulties with legacy core systems as one of the key roadblocks to further innovation. Old core systems caused reporting challenges for 66% of survey respondents. Other challenges included unconnected internal platforms, a lack of fluidity between systems for customer data, and poor API compatibility. (Legacy systems are now ghosts of their former selves, but the trouble they cause juuuuust won’t go away.)

In this post, we’ll see how two leading benefits insurers are using event-driven architecture in their core platforms to manage complex workplace benefits claims — making life easier for member, customer, and carrier alike. (*cough* We’ll see how they saw remarkable success through their no-holds-barred embrace of digital transformation and innovative coretech from EIS. *cough*)

Streamlining Claims With Event-Based Processing

Consider how many workplace group members have multiple coverages beyond their health insurance. This is a good thing: Today’s employees want a wide range of benefit options so they can personalize insurance based on their life’s needs. But if employers provide this coverage via multiple carriers, employees often have a convoluted nightmare on their hands just getting in touch with each insurer handling each policy. 

Even if one carrier provides all or most benefits, it can still be hard for customers to navigate the processes necessary to file claims for an incident (say, a bone break) that applies to multiple coverage types (hospital indemnity, short-term disability insurance, and more, depending on policy terms). It’s guaranteed to be hard if the insurer uses a legacy or modern legacy core system that doesn’t have event-driven architecture.

Monolithic Architecture = Horrific Claims-Filing

Older core systems’ monolithic architectures often mean data for different types of coverage is siloed in a policy-centric setup, rather than being directly tied to employees’ member profiles through airtight data integration. Legacy systems also don’t process data in real time (because they can’t). 

This slows down claims processing for an employee with just one coverage type. But when multiple benefits and claims are involved, it’s sluggish enough to be excruciating. That’s bound to frustrate anyone, especially in the fraught times after an injury or serious illness. If situations like this become common enough and generate significant complaints, it’ll frustrate employers. Then they might start thinking about taking their business elsewhere the next time renewal comes around.

One Case = Multiple Coverages; Only One Claim (No More Scary Claims Situations)

With event-based claims handling, a claim becomes a case — it encompasses every employee benefit a person has that applies to a given incident. 

The moment the affected individual files their initial claim for one insurance type, it triggers filings for all other relevant protection. 

For example, a short-term disability claim and FMLA filing will automatically be filed after a primary health insurance or accident claim stemming from a broken leg, if a broken leg affects the employee’s job. The employee doesn’t have to file more than once or make an endless string of phone calls. Meanwhile, the employer and insurer have a centralized, real-time view of everything that’s going on with the employee’s case, so they’re never caught off-guard no matter how complex the issue becomes.

Event-Driven Claims Success Stories From Two Ambitious Insurers

In an August webinar hosted by LIMRA, two EIS customers — Wellfleet Insurance Company and Pacific Life — discussed our coretech’s benefits, including the advantages of event-based claims.

Wellfleet’s EIS-powered benefits administration platform, Lighthouse, enables them to customize plans and product development, make quick updates, and keep the user experience consistent across multiple distribution channels. It also galvanizes the insurer’s claims processing.

Erik Gray, Wellfleet’s Head of Enrollment Experience, explained Lighthouse’s claims effectiveness through a hypothetical example of an employee with a broken arm:

“With a claims system that has event-driven architecture, all the information for that employee is all in one place,” Gray said. “Say that we received their initial accident claim but then notice they have additional coverage with us, like hospital indemnity, and they spent time in the hospital. We handle that as a single workflow and handle the processing, assessment, and payout as one claims case. We don’t have to send them a reminder about their other coverage, and we will make payment for any other applicable coverages the member has available.”

Similarly, Pacific Life’s digitally native setup enabled innovation at breakneck speed, accelerating product development cycles and improving enrollment onboarding through full digitization. According to SVP and Head of Employee Benefits Division Erich Sternberg, their platform also allowed them to create a truly customer-centric claims experience for group members:

“We designed the claims interface intuitively, so based on the answers to a few questions from the claimant, we’ll know they had an accident, went to the hospital, missed work, and so on,” Sternberg said. “From there, we can manage the whole process in one streamlined fashion, so the customer doesn’t need to make multiple phone calls and go through multiple interactions.”

How EIS Makes it Happen

Because EIS coretech enables the sort of seamless integration and data fluidity that’s impossible with outdated legacy systems, the claims lifecycle can be an efficient, end-to-end workflow. The employee group members are the main “records” around which everything revolves, rather than the policies associated with their benefits.

With CustomerCore™ (the heart of EIS OneSuite, alongside EIS Platform), carriers have a unified, comprehensive view of each employer-customer that covers every single interaction across the life of the client, including the cases of specific employees. Also, if the employer has medical coverage from a different carrier, the benefits carrier can connect with that insurer (provided there’s approval from all parties involved) using the open APIs that come with EIS OneSuite. This means the event-based automated claims workflow still functions even when one carrier doesn’t provide all coverage, because the benefits insurer gets alerted when a medical claim is filed.

Ready to Streamline Claims and Satisfy More Customers?

Improving and simplifying the claims experience is one of the best ways workplace benefits insurers can pursue the goal of increased customer satisfaction. EIS OneSuite gives carriers the architectural foundation necessary to make claims processing as painless as possible.

To learn more about event-based claims (and EIS in general) from two of our most digitally forward customers, check out the full LIMRA webinar. 

When you’re ready, book a call to talk to an EIS representative to start planning how our event-driven core system can revolutionize your claims processes for the better.

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APIs (application program interfaces) and EDIs (electronic data interchanges) both enable data transfer that lets insurers take an ecosystem approach to their business, but the similarities basically end there. 

So… which one works better for insurers? Looking at them each closely quickly highlights their major differences, and you’ll soon see that one is decidedly better than the other.

EDIs = The Past. APIs = Now (and Beyond)

First, let’s run through EDIs:

An EDI is essentially a conduit that facilitates the transfer of data between two organizations (e.g., an auto manufacturer sending parts orders to its many component suppliers).
The technology dates back to the late 1960s/early 1970s, and hasn’t changed much since then.
Systems connected by EDIs typically use a uniform file format like EDIFACT, X12, or VDA, and communicate using VAN, AS2, or FTP protocols.
EDI data exchanges use batch processing, so they take place at set intervals (and can’t be triggered outside this schedule).
In addition to manufacturing, the industries that use EDIs most often include retailers, logistics, and various segments of healthcare (for example, communications between medical organizations and Medicare).

Now, APIs:

An API is a set of rules or protocols, written in code, that allows two different software applications or systems to communicate. For example, a customer’s mobile e-commerce app and an e-retailer’s database are two systems an API would connect. 
The earliest APIs date back to the late 1970s, but modern APIs — particularly representational state transfer (REST) APIs and other web APIs — appeared in the early 2000s. Ever since, they’ve been in consistent use, and are now more versatile than ever.
Unlike EDIs, APIs can be used with many different programming languages and platforms. This is due in no small part to their use of versatile file formats, most notably XML and JSON.
API data exchange occurs in real time, over common internet protocols (like HTTP and HTTPS).
Because of APIs’ flexibility, virtually all modern software uses them to communicate with other apps, databases, and backend systems.

EDIs are by no means useless — especially not in logistics or manufacturing, which commonly make standardized large-scale data transfers. The issue is that they’re not useful for other industries, especially not insurance. 

EDIs require highly specialized knowledge to set up and manage, and they’re costly to maintain. In contrast, a significant number of today’s developers can put together APIs from scratch (or with the help of easy-to-find, open-source API libraries), and do so quickly.  APIs also often come with built-in workflows and automation to simplify development and deployment, which just isn’t possible with EDIs.

Above all, what it comes down to is speed: How fast do you want your data transferred and available? (And how quickly do you want to start making those quick data transfers happen?)

Real-Time Data: The Key to Better User and Customer Experiences (and Why We Love APIs for Group Benefits Insurers)

In insurance, having real-time data available is more valuable than ever before. 

Customers (and end-users, in the case of group benefits) need the freedom to look up policy details and track the progress of claims.
Brokers require fully up-to-date commission and billing data to oversee their policies of record properly. They also have to keep a close eye on member sign-ups during open enrollment cycles to assist their employer-clients.
Adjusters, policy administrators, and other business users need the most accurate data possible to resolve claims fairly, assess risks in underwriting, and provide the best possible customer service.

Several years ago, real-time data might’ve been a nice-to-have, rather than a must-have. Today, because of how data processing and transfer methods have evolved, it’s essentially negligent for any insurer to stick with outdated practices or technology in this area.

The Need to Overhaul Entrenched EDI Technology in Favor of APIs

Now, we know how daunting it can be to overhaul an entrenched technology. And EDIs definitely fit the bill for the word “entrenched” based on how long carriers have used them. However, several factors make them incapable of supplying the real-time data insurance users need.

EDIs represent a major error risk because all the procedures involved (entry, testing, validation) require lots of manual work from staff.
Unless data from multiple sources has uniform formatting to begin with — which isn’t guaranteed by any means — it needs to be standardized before an EDI transfer.
As a result, the data transfer for something like a group enrollment (to use just one example) can take weeks or even months.

When insurance platform users are stuck sitting around and waiting for data ingestion to finish before they can move on to the next step, the inevitable delay isn’t going to please customers.

APIs, by contrast, allow real-time data transfer, because all the systems they connect are seamlessly integrated and use up-to-date communication protocols. 

This real-time capability also means updates take place in mere minutes, so if something wasn’t accurate at the time of initial transfer, it’ll be corrected quickly.

An API Success Story: Improved Enrollment Metrics via Seamless Data Exchange

In collaboration with EIS, Wellfleet Insurance Company developed an innovative benefits administration platform that uses APIs to harness the power of real-time data transfer. 

The APIs automatically connect and streamline multiple data sets into Wellfleet’s core system, enabling fast quoting, real-time claims updates, and efficient billing processes. This reduced the need for old data processing practices, while also ensuring customer and group member information was accurate and up to date, enhancing their customer experience.

Leveraging APIs ultimately boosted Wellfleet’s operational efficiency, minimized errors, and reduced the time required for customers to complete enrollment cycles. 

Superior Technology and Integration

Having gotten this far, it’s worth noting that APIs are only as powerful as the technology they’re a part of. Ideally, they should support airtight integration for optimal communication between internal systems, critical business applications, and external third-party solutions.

Wellfleet built its API-driven platform on EIS OneSuite. Our cloud-native, customer-centric coretech platform serves as a single source of truth for customer data, providing centralized and secure data management. 

Unlike modern legacy systems that rely on batch file integration via EDIs, EIS OneSuite gives insurers access to more than 9,000 open APIs. This guarantees real-time data integration between all applications within an ecosystem, whether internal or external. It also improves the user experience by providing a comprehensive view of benefits and enabling personalized engagement and shopping experiences for employees.

Ready to embrace the API revolution?

By using cloud-native, data-fluid coretech from EIS and the expansive selection of APIs that come with our flagship platform, insurers can address the challenges they face and also make things easier for customers, brokers, partners, and all other relevant users.

EIS OneSuite can connect an effective technology ecosystem that helps you streamline and accelerate operations. To learn more about how our API-driven solution allows greater automation, helps you save time and money, and minimizes errors across policy administration, data management, claims processing, and billing, get in touch with us today.

Book a call

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There’s also a regulatory incentive for insurers operating in key national and international markets. Any carrier with EU business interests is bound by the General Data Protection Regulation (GDPR), which manifests itself in nation-specific laws for each member state. US insurers that don’t want to leave California customers on the table must follow the equally stringent California Consumer Privacy Act (CCPA). And while Canada’s proposed nationwide data law, the Digital Charter Implementation Act, hasn’t yet cleared the House of Commons, Quebec’s Law 25 takes full effect September 22, 2024, bringing GDPR-esque data privacy requirements standards to the nation’s second-largest provincial market.

The passage of these laws (and similar legislation in major national markets like Australia, India, Japan, and South Korea), indicates that lawmakers have grown to share consumers’ concerns. But even insurers not strictly bound by any all-encompassing regulation should view this as an opportunity. Having the right coretech foundation can help them realize it.

The Necessary Burden

Customer concerns over data privacy didn’t materialize out of nowhere. 

Data breaches are a significant factor, of course. The biggest ones make major headlines — most recently, Ticketmaster, AT&T, and the National Public Data leak that exposed 2.9 billion Americans’ Social Security numbers and other personally identifiable information (PII). The average person gets wind of such stories and understands the gravity of the issue, even if they can’t quote specific stats off the top of their head.

While the average number of breached accounts worldwide fell somewhat between 2022 and 2023 (the most recent years with complete data available), these incidents have grown more expensive. As of mid-2024, the global average cost is $4.88 million (up 10% from last year). That figure almost doubles for the average US breach — $9.36 million, with the Middle East, Benelux, Germany, and Italy rounding out the top five (at $8.75 million, $5.9 million, $5.31 million, and $4.73 million, respectively). Customer PII is more commonly exposed than any other data type, including intellectual property or employee PII. 

In addition to breaches, large-scale incidents of data misuse ranging from Meta (formerly Facebook) to Cambridge Analytica have further tested public trust. Now, when customers provide sensitive data to various companies, including insurers, many of them have greater expectations for its security. They also want at least some transparency (and control) over how that data is used, especially if the information is shared between partnered businesses. 

Juggling Regulations and Consumer Priorities

The requirement to quickly notify affected consumers (and relevant authorities) when data breaches occur is fairly common even in “mild” data privacy legislation. Consumers are also increasingly receiving the right to opt out of certain marketing-related data tracking, or request that their data be deleted once it’s served its purpose. 

Data privacy laws on the more stringent side are more likely to require the destruction or anonymization of PII that’s no longer relevant. Some also expect businesses handling PII to appoint an executive to oversee data protection efforts (often called a chief data officer). The right to data portability — providing individuals with full records of their stored personal information upon request — is yet another concept pioneered by the GDPR that’s gaining ground in other far-reaching data privacy laws.

Although the GDPR’s noncompliance fines and other penalties have arguably received the most attention, nearly all of the wide-ranging data regulations impose similar financial consequences. Some fines are large to begin with, while others start small but add up with repeated violations.

Aside from the regulatory necessity of data protection in certain markets, insurers must understand that some customers will consider the issue when making purchase decisions. This can easily be a factor in markets where data privacy isn’t federally regulated (like the US) but consumers generally understand the danger of data exposure. Granted, it likely won’t be the only thing that drives them to choose one carrier over another. But if, for example, two P&C insurers offer essentially identical coverage and one has better data security and privacy services, which do you think the consumer is likely to pick?

EIS OneSuite: The Ideal Solution for Data-Conscious Insurers

Keeping customer data safe requires insurers to take a multifaceted approach — and EIS OneSuite provides the means.

Support for Customers’ Data Rights

EIS OneSuite privacy settings default to the highest level of confidentiality, so insurers effectively begin working to protect customer data as soon as they implement the solution. The platform also gives insurance customers a degree of agency in how their data is used and stored.

For example, the customer-facing portals of all EIS OneSuite core products give consumers control of data access settings to modify as they see fit. Also, the platform supports data minimization — collecting PII only for specific purposes and destroying or anonymizing it once it’s no longer needed. Lastly, EIS OneSuite makes it easy for insurers to fulfill data portability requests or purge customer data upon demand.

Thorough Transparency and Disclosure

Insurers using EIS OneSuite will find it easy to create (and regularly update) clear privacy policies that customers can readily access, so they fully understand how their data is used and shared. This includes details on any automated decision-making processes that leverage customer data and the management of any facial recognition or other biometric data.

Also, in the event of a breach, EIS OneSuite enables insurers to automate the release of detailed data breach notices for affected customers and regulators. This way, consumers hear about it from carriers within any required time frame.

Risk Assessment and Compliance Reporting

Evaluating the impact of both new projects and existing processes on data privacy is crucial to ensuring PII isn’t needlessly put at risk. EIS OneSuite makes it easy to conduct risk assessments and determine any privacy hazards caused by data processing procedures, planned initiatives, or data transfers.

Continuous monitoring and reporting is also crucial to upholding customer data privacy. Through its support for intelligent automation and seamless data integration capabilities, EIS OneSuite streamlines and simplifies breach incident logging, data processing audits, and compliance report generation activities. Because the solution’s integrations extend to third-party systems, carriers can also monitor the data protection practices of their partners.

Internal Governance and Education

Without buy-in and commitment from their internal teams, insurers can’t establish excellent data protection practices. EIS OneSuite helps carriers make sure that their business users across all lines and departments can easily access governance standards and educational materials that stress the importance of safeguarding customer PII and help staff learn data protection best practices.

Ready to Safeguard Customer Data with Cloud-Native Coretech?

As organizations that rely on the precise assessment of risk, insurers have to treat data privacy with the urgency it deserves.

At EIS, we’re committed to helping insurers across multiple markets ‌safeguard their customers’ invaluable data — and we’re also invested in assisting them with data privacy compliance efforts. Get in touch with an EIS representative today to learn more.

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Would you have a plan in place, or be floundering? For any insurer, even a fairly short outage (one to three days) could cause costly setbacks, and anything beyond five days might as well be no-man’s-land.

The recent CrowdStrike outage shows why insurers need a safety net that legacy and many modern legacy core systems can’t give them. By contrast, the cloud-native (and cloud-agnostic) flexibility of EIS Platform means it can be a foundation for insurance business continuity.

First a Bug, Then a Swarm: Anatomy of an Outage

CrowdStrike, a cybersecurity vendor to half the Fortune 500, attempted to update its Falcon Sensor anti-malware platform on July 19. The glitch crashed all Windows PCs and devices that received it (about 8.5 million machines). CrowdStrike traced the outage to a bug in Content Validator: a system intended to detect glitchy updates.

The outage forced airlines worldwide to cancel thousands of flights on the 19th and over the following days. Financial institutions experienced disruptions or failures within internal systems and customer-facing apps. Emergency call centers went down all over the US for hours-long stretches.

And that just scratches the surface of the outage’s effects. 

Microsoft regional director and cybersecurity expert Troy Hunt called it the largest in world history. Companies affected by the outage likely lost over $5 billion in revenue and gross profit. Many affected systems were back up the same day or by June 20, but full recovery will likely take weeks.

Modern Legacy’s Lack of Contingency

Insurers still using legacy or modern legacy core systems are effectively playing chicken with their business continuity. This is just as true of modern legacy systems that’ve been lifted-and-shifted to the cloud as it is of those relying on centralized server infrastructure.

Why? Above all, systems that are only “cloud-based” in name are usually migrated to one specific public cloud provider — AWS, Microsoft Azure, Google Cloud, etc. If the cloud goes down for any reason, the system goes down with it, and all the mission-critical operations it supports grind to a halt. 

The system vendor can give the affected customer the base code to redeploy the system, but full recovery from the ground up takes six to nine months, and the business losses an insurer undergoes in that time might be fatal. (This is no better than what you’d deal with post-outage if you had fully on-premises core infrastructure.)

Being tied to a single cloud also comes with potential regulatory headaches. 

First off: In certain jurisdictions, cloud providers must maintain the approval of the regulatory bodies that’ve given them licenses to operate. These agencies (the UK’s Financial Conduct Authority, various EU organizations and their national counterparts in member states, etc.) can take away those licenses at any time, and repeated outages or breaches can quickly erode regulators’ trust. 

Additionally, because insurers are essentially outsourcing a critical service, regulators require them to (upon request) attest to the resilience of that service’s provider (and the provider’s sub-supplier ecosystem). Carriers must also offer proof that they could seamlessly continue operations in the event of a “stressed exit” (i.e., a cloud provider outage). Insurers with modern legacy systems hosted by a single cloud vendor don’t have a suitable plan for such an event and face significant risk as a result.

Cloud-Native + Cloud-Agnostic = Cloud-Secure

We know that the cloud providers and other critical vendors insurers rely upon don’t suffer outages or breaches regularly. But they happen often enough — and, increasingly, to devastating effect — that having a flexible safety net is a must. (Or think of it this way: Having no plan isn’t a risk any smart organization should take on, least of all one in the business of protecting from risk.)

As cloud-native coretech, EIS Platform has been expressly engineered for cloud-based operational excellence. But for resilience purposes, the platform’s cloud-agnostic nature matters more. Though it’s paired with a single cloud of your choice like AWS or Azure upon deployment, it’s compatible with all the major offerings, and can also accommodate private cloud infrastructure.

If Azure has an outage, EIS starts moving your operations to AWS (or another cloud of your choice, public or private). This helps minimize downtime and all the losses that come with it. Replace with – This provides the insurer with choice, whether they decided to move to an alternate cloud provider, are forced to do so, or decided to provide the service inhouse – all options are open 

We also offer “SaaS escrow:” It requires advance setup but further strengthens your safety net: If EIS itself suffers a catastrophic outage or busines failure, you can immediately step in and take over the environment and applications you built on the EIS platform  from a cloud repository, alongside the instructions and documentation for your IT team to run the core operations. In essence business continuity is a paper exercise, not a technical one..

Protect Yourself Sooner, Not Later

On Jan. 17, 2025, the Digital Operational Resilience Act (DORA) takes full effect in the EU, emphasizing the need for “multi-line operational resilience” among other key provisions. 

This means insurers operating in or planning to enter the EU market must ensure their core systems aren’t tied to a single cloud provider. Failure to comply could result in significant penalties and operational disruptions. 

But whether or not you operate in the EU, consider the potential consequences of not being prepared: an unexpected outage with your sole cloud provider, or system provider could leave your systems down for days, resulting in substantial financial losses and damage to your reputation. (Just imagine the chaos if customer claims systems weren’t accessible during a natural disaster, or if your underwriting platform went down during a peak renewal period.) 

Having a cloud-native and cloud-agnostic solution like EIS Platform mitigates these risks by allowing seamless transition between multiple cloud environments, ensuring continuous operations even if one provider fails. Additionally, SaaS escrow gives you the additional ‘insurance’ of  access to your critical applications and data in case of a catastrophic failure, with the ability to ‘step-in’ further strengthening your operational resilience. 

Talk to an EIS colleague now and start setting your company up for an ambitious — but well-guarded — path. Taking proactive steps now will ensure regulatory compliance and protect your business from unforeseen disruptions, safeguarding your operations and maintaining customer loyalty.

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But that’s been changing quite a bit recently:

End consumers are more aware than ever of financial security. Employers want to offer competitive benefits packages to keep top talent. Regulation organisations are imposing more customer-friendly requirements on insurers that they must adhere to. 

At the end of the day, this all ties back to a need for better operations: whether it’s to get new products to market faster, or nimbly comply with new customer communication regulations. 

This is where the four components of MACH-based architecture come in to help protection insurers gain and keep a competitive edge:

M = Microservices

An architecture with microservices decouples an overall application into loosely-coupled services that can be developed, deployed, and scaled independently. This makes digital transformation projects and long-term maintenance much easier to handle.  

Without microservices, you’re essentially putting all your eggs in one large, clunky, monolithic basket. If that basket gets a hole in it, all your eggs fall out. In tech terms, if you encounter one issue on any part of your monolithic (microservices-less) architecture, it’ll affect the entire system.

But with microservices, you get stronger resilience and fault tolerance. The system as a whole can better handle unexpected errors and disruptions, and if one microservice fails, it won’t affect the overall system.

Having microservices as part of your architecture also means that if you want to start a digital transformation, you can upgrade one piece at a time without detracting from ongoing operations.

A = API First

In today’s protection world, user experience is paramount. If you’re not giving brokers, employers, and customers an easy user experience, they’re apt to shop around for other carriers that’ll do a better job.

APIs are the catalysts that take you from being a standalone insurer to becoming the ecosystem that all your users love. 

Considering their important role, APIs need to be at the core of your architecture, with a standardised and consistent way for the connected technologies to communicate with each other.

Having an API-first approach to architecture is crucial to fostering innovation and growth. Without it, you’ll have a hard time integrating new services and applications into your growing ecosystem. You also won’t get the interoperability needed with third-party vendors, insurtechs, or other industry players that help you provide holistic, to-die-for customer experiences.

C = Cloud Native

While digital transformation can be costly, switching to a cloud-native platform is one place where the total cost of ownership starts to make sense.

Because of the cloud’s pay-as-you-go pricing model, carriers can save money on bandwidth during slower seasons, and use the bandwidth they need during busier seasons without slowing down operations. Cloud nativity solves the catch-22 of not wanting to pay for unneeded server space, but having it available during times of need. It gives you the best of both worlds.

Cloud-native features don’t end there. It also lets insurers develop and deploy applications without the need to manage servers, reducing complexity and maintenance overhead while optimising workflows and streamlining operations.

H = Headless (But Not Mindless) Possibilities

Without getting too far into the technological weeds, the “headless” principle enables the separation of the front-end user interface from back-end applications. 

Insurers who choose a headless approach can create more flexible and customised end-user experiences, whether for individual payers, HR departments, brokers, or customer service. By separating the front-end interfaces from the back-end applications, data can flow more freely, and more customisations and personalised offers can happen in real time.

However, having headless options built into a platform’s architecture doesn’t mean an insurer must utilise the headless setup. If you prefer, you’re still 100% able to manage the back-end and the front-end applications as a single system to avoid replicating any changes. Ambitious insurers need the power to choose a back-to-front setup that works best for their operations, and having this flexibility built into your coretech ensures you have the functionality you need.

MACH = the Perfect Match for Protection’s Tech Needs

With better architecture at your core, you don’t just have to adapt to market changes — you can lead the way. 

MACH-based architecture catapults your protection insurance business into much higher efficiency and customer satisfaction. With its innovative blend of microservices, API-first design, cloud-native solutions, and headless capabilities, MACH is the key to staying ahead and future-proofing yourself. 

Still exploring your platform options? Sign up for our bite-size newsletter to learn how to nitpick the best one for your business without the influence of biased opinions.

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When you compound the promise of better time and cost efficiency with insurance needs like regulatory changes, in-flux market dynamics, and changing consumer expectations around what their experiences as customers look like with the companies they buy from… it makes operating on the cloud even more desirable. With the cloud, you get agile and adaptive abilities that you just don’t get with legacy technology.

However, there are a number of things to consider before fully plunging into a core digital transformation to operate on the cloud.

Misconceptions & Realities about Insurance Cloud Operations

Just because something is easy to buy doesn’t always mean it’s easy to use.

For example, many cloud providers aren’t as responsive to your team’s internal needs as your own internal IT department would be. Further, true multi-tenancy in insurance is very challenging, because of regulatory, resiliency, and security issues that are almost insurmountable with insurance’s requirements. (Moreover, when a multi-tenant system experiences downtime, it impacts all tenants simultaneously.)

Cost savings in cloud operations often come from reducing labor needs, rather than reducing technology-related costs, which is a common misconception.

Unique Complexities & Risks

One significant  reason insurers want to “upgrade” to operate on the cloud is to gain more agility and flexibility.

However, if you’re not careful to have thorough discussions about how system changes are managed with your potential SaaS vendors, you could unintentionally paint yourself into a corner here. When the vendor takes on the operational risk, they have to protect themselves against continuous changes so they can maintain their service agreements.

Making sure insurer and vendor roles are clearly defined is crucial  to ensuring you don’t move to the cloud for speed and flexibility, but end up becoming even more constrained than you were before.

Cloud Success Recommendations

The above two sections might have felt like a downer, but the good news is there are ways to be incredibly successful on the cloud. (We just wanted to let you in on some of the potential pitfalls so you don’t fall into them!)

First and foremost, make sure the cloud platform offers robust API integration. With extensive options for solid API connections, both insurers and their customers can interact with the system, without hindering business as usual for anyone. This adaptability can’t be retrofitted after the fact, so this is something to look for from the get-go.

Second, avoid viewing a new platform as a simple, self-managing solution.

Although it’s tempting to believe in the self-sufficiency promoted by  SaaS B2B marketing, core systems are a completely different animal.

The new platform you choose should have enough flexibility, APIs, DevOps capabilities, and configuration tooling so that your teams can make needed changes without relying on vendor hand-holding. If the platform or the available ecosystem of connection is too prescriptive here, it only limits your innovation options as the insurance market continues to evolve.

Curious About Updating to the Cloud?

The decision to update to a cloud-based core system isn’t one that’s made overnight — nor should it be.

There’s a lot to consider, and we understand the needs insurers have to carefully consider any potential risk involved in a move like this.

If you’d like to discuss what a move to the cloud would look like for your company, with your unique needs and nuances, book a call with one of our account executives here.

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Industry curveballs happen all the time. New regulations, acquisitions that create harder-to-compete-with USPs, new competitors, and newer, more innovative products to compete with — it’s always something.

Though legacy technology makes it difficult to stay ahead of rapid changes, the right tools can empower protection insurers to both keep up and stand out as industry leaders.

Static Tech: The Ultimate Agility Blocker

There’s undoubtedly been a fundamental uptick in the cadence of protection insurers making strategic moves, with no signs of slowing down.

Unfortunately, the static, monolithic systems of old don’t have the tooling or deployability to adjust to these changes and stay competitive.

Because they operate on monolithic code structures, they don’t allow insurers to operate with the speed to market today’s rapid changes demand. Fundamental changes or new policy types can take several months to years, rather than a matter of weeks or just a few months.

Insurers Are Only as Agile as Their Tools Allow

Having the agility to pursue strategic initiatives comes down to selecting the right technological back-bone. The right technology will empower you with low-code or no-code tooling, which frees you to make desired changes without any hand-holding from your vendor. It’ll also have an architecture with strong product governance built in.

Better yet, a microservices setup and open APIs provide the interoperability required for a truly connected ecosystem that can integrate with HR administration software, payroll, and absence management platforms.

Keep Up With Your Ever-Changing Business Needs

A large part of the capability gap between coretech and modern legacy platforms is the agility they allow.

A core platform like EIS OneSuite helps you stay ahead of changes, making strategic moves in a timely manner.

Want to know more about what to look for in this type of technology? Sign up for our bite-size newsletter to learn how to nitpick the best core system for your business.

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Yes, we get it: it’s changing the world, revolutionizing work as we know it. But there are genuine reasons for concern: sometimes AI hallucinates and states unreliable “facts.”

Most of us have read all the cautionary articles, but since AI is changing the world of work… we just want to see what it’ll mean for us, and how we can use it to (reliably and safely) improve our work processes and outputs.

All talk and no action is incredibly fatiguing, especially when the talk is all about “this is going to change everything,” yet we cease to see changes actually manifesting.

However, even in highly regulated industries like insurance, we are seeing the AI revolution take hold, and in some pretty impressive ways. Top insurance companies are already saving millions on their claims payouts and processing, thanks to AI’s ability to help them detect fraud and initiate better downstream processes after first notice of loss (FNOL).

Why AI in Insurance Requires Lots of Care

In some industries, workers can play around with AI without any severe consequences.

Creatives, for example, can experiment with AI to generate ideas and complete basic tasks, freeing them up to focus on the finer points of their projects.

In regulated industries like insurance, however, AI requires a more cautious approach. Using a tool that’s known to just make up false facts and state them as truth is risky when you’re combining with a highly regulated data set.

Regulated industries need to operate on stated, factual, provable data and nothing else. There’s no room for “fun” AI hallucinations, made-up facts, or incorrect conclusions.

That’s not to say that AI can’t be incredibly useful in insurance — because it can — but it needs to be used intelligently for well-defined means, not just as a generic tool to vaguely “help productivity.”

How EIS Uses AI to Assist Insurers & Save Them Millions

At EIS, we understand the critical need for precision and reliability in the insurance industry. That’s why we’ve developed ClaimSmart™, a machine learning and AI-powered solution designed to reduce fraud, streamline the claims process, and ensure accuracy and efficiency. ClaimSmart is made up of two main solutions: ClaimGuard™ and ClaimPulse™.

ClaimGuard: Proactive AI & ML-Enabled Fraud Detection

ClaimGuard acts as your vigilant, digital fraud guardian. Using AI and machine learning, it analyzes each claim throughout its lifecycle, proactively identifying potential red flags and irregularities for you. This minimizes false claims or overstated payouts, and maximizes your team’s resources. Here’s how it works:

Automatic Analysis: Each claim is analyzed throughout its lifecycle, surfacing potential fraud risks and irregularities.
Rapid Identification: Claims are identified and scored within minutes of the first notice of loss (FNOL), and risk scores are adjusted as more information is added to the claim.

ClaimGuard uses our proprietary risk-scoring insurance model, embedded with machine learning, to score claims based on hundreds of scenarios and data points. This continuous assessment updates fraud scoring and risk insights as the claim matures, seamlessly integrating with your existing core systems and third-party data sources.

ClaimPulse: Efficient, Personalized Claim Journeys that Result in Lower Loss Adjustment Expenses (LAE)

ClaimPulse creates a smoother and more personalized experience for both customers and internal claims teams. It automates workflows based on collected data, reducing processing time and lowering LAE. Key features include:

Customizable Experiences: Collect the right claim data upfront with responsive questions based on policy information.
Automated Workflows: Collected data feeds into and informs the entire claims journey via automated workflows, reducing processing time and lowering LAE.
Customer Empowerment: Allow customers to view their claim status and take action, enhancing transparency, trust, and satisfaction.

ClaimPulse maximizes every customer touchpoint, starting with digital FNOL. It customizes experiences to your line of business, personalizing workflows and triggering events across the customer journey.

See the Difference ClaimSmart Makes

Our customers are currently using ClaimGuard and ClaimPulse to improve scenarios across the entire claims process.

Tokio Marine and Nichido Fire save millions of dollars annually thanks to the fraud detection and claims automation ClaimSmart enables.

Another North American insurer slashed their LAE just by using ClaimPulse and improving FNOL.

See What ClaimSmart AI Can Do For You

Because ClaimSmart tools have been built to use data correctly and to act and update their models to get better over time, it’s one of the best ways for insurers to use AI in a way that’ll have a significant, substantial impact for them… giving ambitious insurers AI enthusiasm instead of AI fatigue.

See the ins and out of ClaimSmart, and what it can do for you right here.

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And because claims are a huge source of both customer frustration and cost, it makes sense for insurers to focus a lot of their efforts in this area‌. It helps reduce customer churn, and reduce unnecessary processing expenses thanks to technological advancements… especially with AI.

For example, a popular P&C insurer offering auto, home, life, motorcycle, and RV policies across 15 US states recently lowered their loss adjustment expenses (LAE) and claims processing costs significantly with AI from EIS.

Why Traditional Claims Processing Costs Too Much

There’s a lot of manual work involved in traditional claims processing, from data collection to setting fraud detection parameters. 

Because humans are human, manual errors and inefficiencies are inevitable, which causes frustration for both customers and agents. And, because those manual errors in data entry can be done by anyone (customer, agent, or claims adjuster), downstream processes after the initial data entry can be completely out of whack, causing a claim to stay open too long, costing the carrier more. 

How ClaimPulse Changes the Claims Processing & LAE Game

The insurer mentioned above suffered from inefficiencies caused by manual claims processes and inconsistent and variable data. 

By using ClaimPulseTM, the data- and workflow-driven automation layer of ClaimSmartTM, the insurer could focus on their goals of providing a better customer experience and continual improvement via clean data collection and better downstream automations.

By using the First Notice of Loss (FNOL) feature of ClaimPulse, this insurer took advantage of one of the most practical uses of AI for claims. Reflexive questioning takes claim data collected and policy coverage into account as the claimant goes through the process of filing a claim. This ensures the right information is collected, and processes that data cleanly, directly into the relevant claims process automations that happen after FNOL.

They can now gather the right data automatically, use their time more efficiently, and manage their data more reliably. The data processing and automation power of ClaimPulse enabled:

24/7 digital access: Customers can access critical services and file claims anytime and anywhere
Automated data capture: Early collection of detailed, structured loss data significantly streamlines downstream processes and helps claims close sooner
Digital documentation: Users can upload photos of necessary documents
Smart, automated claim assignment: Automated claim assignment and segmentation makes claim processing even faster and more scalable

The Impact: Faster, More Efficient Claims Processing

As a result, the insurer now has:

A faster claims process, pleasing customers and making jobs easier for claims adjusters
Access to more reliable analytics on their claims, driving smarter business decisions
More digital tools for customers to report and track claims, increasing transparency and customer satisfaction
A better claims experience for everyone 
A much lower LAE than before

The Future of Claims Process Automation & Cost Savings is Here: See the Case Study

With ClaimPulse, this insurer moved from manual to automated claims processing, and reduced their LAE. This aligned with their core values to improve customer experience, and to constantly strive for continuous internal improvement‌ as well. 

Their success is a great example of how ambitious insurers are embracing AI to positively impact insurance, benefiting customers and carriers alike. 

If you’d like to see their full case study, check it out here: 

Or, if you’re interested in learning more about ClaimSmart and ClaimPulse, check out our product overview.

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Despite their name, “modern” legacy platforms offer limited capabilities that don’t measure up to customers’ expectations. Because they lack proper tooling and deployability, these monolithic systems hold protection insurers back from keeping pace with industry changes and reaching their full potential. 

With the right core system, carriers can achieve the agility, personalisation, and scalability they need to remain competitive.

Truly modern coretech has plenty of cutting-edge capabilities to boast about, but this post focuses on three especially game-changing ones: event-driven architecture, a single platform for individual and group policies, and agility to handle speed of change.

1. Event-Driven Architecture

Monolithic systems may be able to send out annual notices with links to coverage information and premium prices, but they can’t serve up the automations and personalisations consumers need as they navigate life changes.

Conversely, the architecture of EIS OneSuite is event-driven and centered around the customer as the main record type. This seemingly simple difference in setup makes for drastic improvements in customer experiences.

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Event-driven architecture is a model that enables companies to detect events — think significant changes or business moments — and trigger actions in response to them, in real time. Rather than send out cold, annual notices, an event-driven platform can act nimbly on data that’s newly entered or picked up by third-party suppliers. For instance, if an income protection customer gets married, has a child, or buys a house, your system can detect that life event and automate a personalised communication with a congratulatory message and a special offer for a higher coverage amount. Though hands-off, event-driven architecture’s personalisation and timeliness enhances customer experiences.

2. Individual and Group Policies on a Single Platform

Outdated platforms were built with limited mindsets around architecture for protection insurers. As a result, most core systems can either only handle group records or individual records — not both.

More employers are expanding group protection packages to include a multitude of standard protection policies, along with new products that may be fully employee-paid. With old systems, this would be difficult to offer.

A customer-centric architecture, on the other hand, focuses policies around customers instead of the other way around. This allows insurers and customers to work within a single platform, where they can select an individual’s protection products and easily manage the group versus individual dynamics, whether in policy or billing.

3. Agility to Handle Speed of Change

Consumer demands aren’t the only things evolving in the protection market‌ — structural business changes are just as present.

Having the agility to pursue strategic initiatives comes down to selecting the right technological back-bone — a choice that could make or break any insurer’s success.

However, legacy platforms hold insurers back from keeping pace with these changes.

The right technology will empower you with low-code or no-code tooling, which frees you to make your desired changes without any hand-holding from your vendor. It’ll also have an architecture with strong product governance built in, ensuring your products are developed, managed, and retired in a manner that maximizes benefits while minimizing potential pitfalls.

Better yet, a microservices setup and open APIs provide the interoperability required to have a truly open and connected ecosystem that can integrate with HR administration software, payroll, and absence management platforms.

Gain the Ultimate Capability Trilogy and Then Some

The growing capability gap between protection insurers who have coretech like EIS OneSuite and ones with modern legacy platforms isn’t going to bridge itself.

Choosing a core platform like EIS helps you achieve agility, personalisation, and scalability — all things you need to maintain a competitive edge.

Want to know more about what to look for in a core system? Sign up for our bite-size newsletter to learn how to nitpick the best one for your business.

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Using customer-centric (instead of policy-centric) data management is one of the best ways an insurer can create a solid, new, and future-proof organizational data structure that’ll help them innovate like crazy now, and establish themselves as a customer-focused leader in the future.

Why Go Customer-Centric?

The answer lies in the fabric of every interaction an insurance company has with its clients. Each touchpoint, from policy inquiries to claims and renewals, hinges on the accessibility and accuracy of customer data.

For instance, claims are the moment of truth in a customer’s journey with an insurer, and often make or break the relationship. When the experience is good and easy for the customer, they’ll stay as a happy customer for a long, long time. But if things go wrong, or it takes ages for a claim to close, customers will shop around and find a new insurer when their renewal term is up.

When you’ve got a system that’s focused on swiftly pulling together comprehensive and accurate customer data, you can automate a lot of the claims processing, reduce errors, and send out automated (yet personalized) messages, boosting customer satisfaction.

Further, the general expectation of consumers today is that institutions selling to them are using their data for personalized offers. When this doesn’t happen, the insurer in question can seem out of date, or like they just don’t care enough to take individual data pieces into consideration.

When an institution (insurer, online retailer, social media platform, etc.) stores data in individual customer records rather than dispersed product files, this shifts the paradigm. They move from the old-school the-customer-is-just-a-number setup, to a personalized relationship between two equalized, interested parties. This boosts customer loyalty because they feel seen and heard by those providers, but it also helps streamline the selling and delivery processes for the providers in major cost-saving ways.

The Challenges of Customer-Centricity with Modern Legacy (Policy-Centric) Systems

Traditional and even “modern” legacy insurance systems often segment customer data across various platforms and databases, leading to inefficiencies and inaccuracies. 

For example, John Smith might have three different policy types from the same, very large insurer. Instead of having one customer record that showcases all the policies he has with them, there’d be three different policy records with his name attached to each one. 

If he moves and updates the address on his home insurance, for example, that may not get reflected on his auto or life policies.  

Fragmented systems like this require repeated data entry, increasing the risk of errors and reducing operational efficiency. 

And, instead of being able to send John personalized offers that make sense (like a larger life insurance policy to cover the new home he just bought), insurers who use policy-centric technology are stuck simply catching up to make sure all of John’s records are up to date, instead of having real-time data accuracy.

A Customer-Centric Approach: Single Customer Records in EIS CustomerCore

EIS architecture centralizes customer data in CustomerCoreTM, ensuring every piece of information‌ — ‌from basic contact details to complex claim histories‌ — ‌is stored in a single, easily accessible location. 

This unified view not only enhances the accuracy of customer data, but also enables insurers to deliver personalized services more effectively. For example, significant life events like marriage or relocation can trigger automated, relevant communications to customers, like adjusting coverage or updating contact or other policy information.

Claims & AI: Two Places Where Customer-Centricity REALLY Matters

Consider a scenario where an insurer uses EISⓇ to handle a customer’s claim. 

The integrated data allows the insurer to quickly verify claim details, streamline approvals, and facilitate payment processing. This not only enhances the customer’s experience during a stressful time, but also reduces the operational load on the insurer’s staff, allowing them to focus on more complex tasks or customer interactions.

Furthermore, a lot of insurers are now looking for ways to intelligently leverage AI and machine learning. 

If an insurer has customer records that are clean, streamlined, and up-to-date, AI and machine learning can work wonders. Clean, up-to-date data allows these tools to predict customer needs and behaviors, and to offer tailored products and services that meet nuanced demands. 

But if the data on a customer is disjointed and‌ out of date, running AI and machine learning programs that enable communications to customers or seek out operational efficiencies can be a disaster. The algorithm’s predictive capabilities will be out of whack, “personalized” communications could be totally off base or out of date, and training algorithms on old data will just create more inefficiencies that’ll be a pain to deal with long-term.

How EIS CustomerCore Gets the Devil Out of Your Data & Provides Better Outcomes for Everyone

By placing the customer at the heart of their ecosystems, ambitious, future-focused insurers can unlock unprecedented levels of personalization and efficiency, setting new standards in customer care and operational excellence.

EIS CustomerCore does just this, and helps insurers make sure their customer records are always accurate, up-to-date, and not accidentally duplicated, causing confusion. Our data management architecture is designed to append all relevant data to customer records, so insurers, brokers, and the customers themselves can save time and resources at every step of the insurance value chain (pricing, distribution, underwriting, billing, claims, etc).

To see more about CustomerCore architecture and how EIS enables better, data-driven insurance processes and customer experiences, check out our CustomerCore Overview.

Learn About CustomerCore

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With a commitment to being a ‘Good Company,’ defined by a balance of strong products, services, and a deep commitment to customer trust, they wanted to create a better claims experience for everyone involved.

Their innovations would not only improve their customer experience at a critical moment for customer loyalty, but also lead to substantial annual savings in the millions!

See Their Case Study

The Challenge: A Call for Innovation

The insurance giant faced mounting challenges with its claims process, with escalating call center costs and inefficiencies from outdated but embedded data management practices. 

Each claim required cumbersome manual follow-ups, leading to customer frustration and increased fraud risk. The need for a solution was clear: Tokio Marine & Nichido Fire wanted to streamline data collection and management, boost call center efficiency, and improve the overall customer journey.

The Solution: EIS ClaimSmart to the Rescue

ClaimSmart™, a future-focused claims management solution from EIS contains two key solutions that Tokio Marine & Nichodo Fire made use of in their claims revolution: ClaimGuard™ and ClaimPulse™. 

Whether working together or separately, these solutions revolutionize the claims experience for both customers and employees, with the strong ability to reduce expenses in both fraud-related losses and loss adjustment expenses (LAE).

ClaimPulse: This component offers a seamless, omni-channel claims experience that makes everything feel smooth and straight-forward for customers and carriers alike, and it’s the tool that can drastically reduce an insurer’s LAE. 

Through an enhanced, dynamic digital experience, it gave Tokio Marine & Nichido Fire 24/7 access for customers to file claims digitally, helped them capture detailed and extensive loss information at FNOL, and enabled digital uploads of photos and documentation, leading to a more efficient use of time and downstream data use.

ClaimGuard: On the fraud detection front, ClaimGuard provides a sophisticated machine learning (ML) risk scoring model that automatically monitors all claims continuously, both new and mature claims, detects complex fraud patterns, and integrates crucial data into existing systems without disrupting workflows. Risk tolerances can be automatically adjusted as the ML model trains itself over time to be more accurate, even detecting fraud that may go unseen to the human eye — helping its users stay ahead of smart fraudsters.

“We’re proud to be one of ClaimSmart’s first users,” said Atsushi Wada, Claim Dept. Team Manager, Tokio Marine & Nichido Fire. “It’s helping to revolutionise our claims management process for both customers and employees. Inefficient and costly systems and process have been transformed, delivering faster resolutions, increased customer satisfaction, and large-scale operational savings.”

The Outcome: A Win-Win for Everyone

The results were remarkable. 

With ClaimSmart, Tokio Marine & Nichido Fire reduced fraud risks, significantly improved the claims experience for both customers and staff, and saved millions of dollars.

– Enhanced Customer Experience: The seamless claims experience facilitated by ClaimPulse saw a notable increase in customer satisfaction, as reflected by a spike in the Net Promoter Score (NPS).

– Major Fraud Detection & Financial Savings: The introduction of ClaimGuard’s advanced, automated fraud detection led to the identification of five times more instances of attempted fraud, translating to considerable savings. Not to mention how much back-and-forth customer communication time (and resources) were saved because of better FNOL data collection and downstream efficiencies created as a result. The combination of decreased fraud-related losses, time savings on fraud detection, and LAE savings from better data management meant the company saved millions annually.

See Tokio Marine’s ClaimSmart Case Study

A Future-Proof Blueprint for All Ambitious Insurers

Tokio Marine & Nichido Fire’s adoption of ClaimSmart is more than a testament to their commitment to innovation — it’s a blueprint for ambitious insurers at large. 

By embracing future-proof technology, they not only achieved significant operational savings, but also set a new benchmark in customer satisfaction. 

This case study is a compelling example of how making the right technology choices can transform common insurance challenges into opportunities for growth, efficiency, and unparalleled customer service.

See Tokio Marine’s Case Study Now

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ClaimSmartTM, reflective of our relentless pursuit of innovation at EISⓇ, is cutting-edge in the realm of data science in insurance, and is a pivotal step towards redefining insurance claims management with future-proof technology. With AI and machine learning (ML) at its core, ClaimSmart is designed to complement and enhance existing claims management solutions, like our own ClaimCoreⓇ, or any other claims management system an insurer uses. 

While ClaimSmart can still fully and seamlessly integrate with any core system an insurer uses, integrating ClaimSmart with ClaimCore from EIS gives insurers some especially great advantages in the marketplace. (Which we’ll get into below!)

But first, what exactly is ClaimSmart?

ClaimSmart is an AI- and machine-learning-powered cloud solution that eliminates redundant manual work in claims processing, boosts fraud detection, and provides a much better customer experience. The two parts of ClaimSmart, ClaimGuard™ and ClaimPulse™, have their particular areas of specialty: 

ClaimGuard is our AI and ML solution that detects fraud and scores each claim for fraud risk, enhancing the security and integrity of the claims process. With advanced analytics and a cutting-edge machine learning algorithm, ClaimGuard automatically analyzes the data points of each claim with a nuanced risk scoring system. This ensures legitimate claims get processed and closed quickly, while claims requiring more scrutiny are passed to the appropriate claims examiners for review and outcome determination. 

As you use ClaimGuard and give it more feedback on which claims were and were not fraudulent, it picks up on nuances humans might miss, helping you spot claims and stay ahead of new schemes insurance fraudsters cook up. 

ClaimPulse integrates with your existing claims processing system (whether it’s EIS ClaimCoreⓇ or another solution), and adds in a smart layer of efficiency and technological sophistication. 

Using digital FNOL as an initial touchpoint with a claim, ClaimPulse uses reflexive questioning based on ingested claim data and a claimant’s policy coverage. Manual processing, data entry errors, and the need for claimant follow-ups to gather more information are reduced. Plus, collecting all the correct data automatically and upfront means more downstream automations and efficiencies are possible, speeding up the time from initial FNOL to resolution.

Why ClaimSmart + EIS?

When you pair ClaimSmart with ClaimCore from EIS OneSuiteTM, things get really exciting and even more streamlined for a better customer (and insurer) experience. 

Because the architecture of EIS OneSuite is fully customer-centric and event-driven, you’re able to integrate ClaimSmart to do things other insurers can’t, like: 

Automatically setting off a chain of events that can be processed 24/7 the instant a new piece of required data is entered on a claim, potentially taking it as far as closure. 
Automate and customize customer communications about each step of the claims process, giving a hand-holding experience like no other‌ — ‌without your customer service reps lifting a finger. 
Automate customer-specific workflows to handle those who submit fraudulent claims. 
Give the highest level of transparency into claims processing, so customers, brokers, and everyone involved knows what’s happening, and they get more information when they check on the claim than simply “processing.” 
If a piece of data is picked up that a claim needs to be started, the system can create a digital FNOL for the insured, and workflows can immediately step in to get the customer or other parties involved to input needed information.

Curious How Much ClaimSmart AI Could Save You?

If reducing claims leakage and optimizing your claims processing is something you’d like to start taking care of in the next year or so, get in touch with a member of our team. Even if you’re not using EIS OneSuite right now, ClaimSmart can do a lot for you, and we’d love to help you figure out how it can better impact your KPIs, and how that translates to money saved.

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The first deadline was more of a checkbox exercise. It gave insurers room to manoeuvre, saying, “Yes, we can generally prove we’re not being unfair to our customers,” and was much easier to comply with.

Now, things are getting more difficult, and regulators are turning up the heat on financial service institutions.

What’s different about this deadline?

The July deadline will require businesses to be more specific in their compliance… in a very, very real way.

For one, firms will have to have evidence of their progress documented in their annual board report by July 31st. In other words, now that you’ve had time to digest what the regulations and expectations will be, you’ve got to prove how you’re putting pen to paper and doing something about it. It’s no longer a question of how you feel, but what exactly you’re improving in your customer relations.

(For example, if there were cases where you weren’t communicating with a customer for years at a time, is that really treating them fairly? No. So… what systems or actions are you putting in place to remedy that?)

Financial institutions aren’t expected to have everything ironed out by this date, but the idea is that they’ll start making improvements, and enter a cycle of continual improvement and learning.

Why this deadline is so much more than just a regulatory check box:

The whole idea, of course, is to make the world of financial services more equitable and easy to navigate and manage for customers. Regulators can clearly see that the technology exists to do this, and that it’s permeating almost every other consumer-facing industry out there thanks to big tech, so they’re calling on financial services to step up to the plate.

Unfortunately, what they don’t realise is how much work it could (potentially) take to integrate all that modern technology on top of legacy systems that’ve been humming along for decades.

An equitable and easy-to-navigate consumer experience sounds ideal for banking and financial services, for sure. The reality, however, is that the functionality just doesn’t exist within old systems to make it happen.

When you take a modern-looking, future-focused approach to insurance overall (and not just in the context of FCA requirements), you start to see just how much customer-centric technology is necessary.

Customer-Centric Setups & What to Look For

The easy way to explain big tech’s personalisation at scale is that they set up their operations around their customers — not around their products.

So many times, financial service firms and insurance companies have this reversed.

In the past, this was just the way insurance businesses were run. “Digitising” simply meant making the manual operations or aspects of customer experiences digital, rather than re-imagining how to do things in a fundamentally different way with the new technology available.

Digitally-native big tech companies, though, have only ever operated online, and thus have this setup ingrained in them. This gives them two key competitive advantages:

Deep knowledge of their customer base
Extensive control over customer files, and the ability to act on them

Thanks to these two advantages, big tech companies know exactly who their customers are, what behavior led them to become customers, and what they’re likely to buy next. This insight creates opportunities to build deep, lasting relationships and significant brand loyalty.

Insurance companies can have a setup like this too, if they know what to look for.

Rather than putting a digital plaster over a product-centric wound, it’s best to start fresh with something that’s actually customer centric. Instead of something that’ll require constant, complex updates to just barely service your customers, you’ll want something that’s agile and ready to match new market expectations.

Not only that, but once you have this customer-centric setup, all the data you have on a customer will automatically become useful in serving your customers much better. Your information is no longer siloed and obstructed from making a customer’s experience more cohesive and complete. Instead, every piece of data can be used to offer better prices, suggest more relevant coverage levels, or suggest different types of policies entirely if they’d be better for a person’s financial situation.

When that happens, you can have the kind of customer service experiences people‌ love… not to mention complying with the Consumer Duty regulations with flying colors.

Want to see what to look for in a core system to help you treat the new Consumer Duty regulations like the massive opportunity they are, instead of like just another annoying item on the to-do list?

Check out our guide on nitpicking core systems for the best technology here: Nitpick Core Systems Like an Analyst.

Or book a call with EIS.

P.S. Could this Mean a Fairness Index?

A sort of “post-script” thought, if you will, but this is an idea we find fascinating:

One of the possible outcomes from these consumer duty regulations, and why they’re so important for insurers to treat as an opportunity rather than a “do enough to tick the boxes” requirement, is the potential of a fairness index.

This is speculation on our part, but it wouldn’t be too far-fetched to imagine that, for example, we’d be able to see how our banks and insurers stack up against other banks and insurers in terms of customer fairness. If one institution ranks low, or can’t point to the technical, tangible things that make them one of the fairer institutions on the market, it’ll be a huge threat to their customer churn rate over time.

Could we see customers buying on fairness in the future? What do you think?

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But just because these strategies are optimizing on recent tech trends doesn’t mean they’re falling prey to shiny object syndrome. These digital transformations and adaptations are rooted in core system updates that have been a long time coming, and will help insurers stay digitally resilient for years to come. 

This blog post was adapted from this article in Actuarial Post, where we released our insurance sector forecast for this year.

1. Settling the Great AI Debate

With the explosion of AI in 2023, there was a lot of fear and confusion, especially for highly regulated industries like insurance that can’t afford any “hallucinated” data or information. 

In 2024, though, we’ll see solid, incremental action in this area. Keeping employees and customers aware of AI usage within an insurer, however, will be paramount.

AI will be used for what it’s good at now, especially in areas of reducing claims leakage like reducing human error, and identifying and mitigating fraud.

2. Adaptability Speed Becomes #1 in Digital Transformation

Gone are the days when insurers could plug along with the status quo and take months or years to deploy even the smallest changes in pricing or policy. The world is changing rapidly, and the financial security individuals rely on (insurance) needs to keep up. 

We’ll see underwriters adopt real-time data sources and use OpenL-style pricing engines. Property insurers will be able to adapt to new reinsurance services, like the Flood Re initiative, and motor insurers will be able to gain control of their supply chains to create internal efficiencies and improve customer experience.

3. Fast Innovation Will Only Get Faster

Insurtechs will keep pushing insurance as a whole to stay modern and focus on the future.

Insurers will welcome this, and we predict even more fintech-style acquisitions in 2024.

4. Health Insurance Leaps Into the Unknown

Post-pandemic, customers are more aware of their health than ever before, and expect their healthcare to be more customized. Wearables, IoT, and other smart devices that let individuals manage their health data will come online fast, and health insurers will be expected to adapt.

Here, we’ll see blockchain step in to improve the sharing of medical data in the healthcare system.

5. Group Insurance Becomes Relationship-Based

Just like customers expect their health insurance providers to be more personal, they’ll also expect the insurance carriers in their employee benefits packages to do the same.

In group benefits, we’ll see a desire to optimize and personalize customer service driving technology innovation. Lengthy onboarding processes are no fun for employees, and the complex data integrations and low enrollment rates aren’t good for HR departments or insurers.

We’ll see more embedded digital offerings, mirroring the rest of the fintech world, and a new generation of workplace benefits emerging, both in the US and in EMEA.

6. Investment Opens Up

Even though the economy is a little less than recovered, insurers will continue investing in innovation, because they know that this is what will drive their success and sustainable longevity.

However, because inflation is easing and investment performance is going up, access to credit will increase while shareholder pressure decreases, giving breathing room for more strategic investment for the long-term.

7. Per-Customer Offer Customizations

In the shift towards customer-centricity, insurers who adopt a customer-centric architecture will have the data (and the data structure) to feed a modular approach to insurance products.

We’ll see more insurers with digital platforms enabling more direct-to-consumer propositions, with consistent and personalized interactions across multiple touchpoints to back them up.

8. Analog Life Insurers Racing to Digital

Now that the business case for digitization in life insurance has improved with lower cost of change, transformation in this sector will accelerate. Quickly.

We predict that permission-based, fintech-like services in this market will be on the rise this year as more and more life insurers adapt the technology to enable it.

9. Regulatory Requirements Keep Pushing Digital Transformation Forward

Working hand-in-hand with consumer expectations, governmental bodies are taking notice of what technology can enable, and where it’s in the consumer’s best interest to require certain financial bodies to embrace and deploy this tech to better serve their customers.

To be clear, most regulatory bodies don’t care exactly what technological setup you have at your core. They’re just concerned that you’re delivering on the required end result.

When insurers stay a step ahead and proactively integrate these new requirements into their strategic planning, they notice the alignment in technological enablement that the market is demanding anyway, and will come out as leaders.

10. Agility and Customer-Centricity Become the Key Competitive Differentiators

Being able to meet consumer demands quickly is the thing that will differentiate one insurer’s competitive edge over another both this year and into the future.

When insurers focus on having the backend technology needed to drive this agility and customer-centricity, they’re ready to capitalize on emerging opportunities the instant they come up.

“Speed of adaptivity will be the defining characteristic of 2024,” said our own Rory Yates in this article. “The headwinds the sector is facing and the changes required to confront them are multifaceted. Only those ambitious enough to adapt will move from the slow to the fast lane of change, accelerating past competition at a blistering pace.”

2024’s Transformation Agendas will be Ambitious & Future-Focused

“In the rapidly evolving insurance market,” said EIS CEO Alec Miloslavsky, “distribution expansion, ecosystem building, and embedded offerings will drive transformation agendas… These strategic pillars won’t only redefine how insurers reach customers but also enhance the integration of services, delivering personalized experiences at scale.”

If you’re interested in knowing how to pick out the best technological backbone for your company to enable all of this, check out our series, Nitpick Core Systems Like an Analyst. It delivers in easy-to-read, bite-size pieces, and helps you make sure you select only the best for your company’s needs.

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While the theories behind our technology and MACH-based architecture sound fantastic, the proof isn’t rooted in theory — it’s rooted in the implementation, execution, and results. 

Here are what four fellow protection carriers have accomplished with EIS solutions:

AIG Canada: 95% Decrease in Time to Issue Policies

By using EIS OneSuite to upgrade their group benefits platform, AIG Canada has experienced some major wins. 

For starters, the insurer saw a 95% decrease in time to issue policies while slashing time to review policies by 90%. Internally, these time-saving results lead to more bandwidth for teams to focus on mission-critical tasks. Externally, customers spend less time waiting for answers, boosting their overall experience.

Full platform implementation can take years, but with EIS OneSuite, AIG Canada only needed 11 months. Better yet, the implementation cost 20% less than the budget they’d set. 

On top of all of that, AIG Canada launched 27 new products across four product lines, with a 75% reduction in the time required to introduce new products. These quick moves have given the insurer a nimble edge that few competitors can keep up with.

Major North American Mutual Insurance Company: 6 New Products in Only 7 Months

Next up is a major mutual insurance company in North America that partnered with EIS to launch new products in record time.

This carrier delivered six new products in under seven months. They also launched critical illness and accident products for individual sale in just six months. When you compare these timelines to the industry average of one product launch every 18 months, you see just how much of an accelerator the core system can be.

Their CIO said it best: “Technology is rapidly transforming all of our lines of business. This was an opportunity to collaborate with some of the industry leaders in technology, along with our business partners, to bring a winning set of capabilities to market rapidly and effectively.”

Wellfleet: A Consistent, Multi-Channel Experience in Under 11 Months

Seeking to provide a consistent, multi-channel experience for their policyholders, Wellfleet approached EIS to build a customer-centric platform.

This partnership enabled Wellfleet to process all of their fourth-quarter business for new cases and major re-enrollments to satisfy a January 1 effective date. The insurer also cut their data validation process from weeks to just days or hours. By saving time, Wellfleet has improved its customer experience and given its internal teams more bandwidth for other tasks.

The carrier also deployed a single platform in under 11 months for four different products. Once again, comparing this deployment timeline and product volume to the industry average shows the incredible agility EIS OneSuite provides.

To enhance customer experiences further, they launched the ability to generate customised plan designs with a smooth flow of accurate, case-specific information from quote to claim. This capability gives customers the personalised, enhanced experiences Wellfleet initially sought.

The company’s Executive Vice President, Workplace Benefits James Ocampo said, “Many carriers use a patchwork of legacy systems, creating barriers for producers and implementation shipwrecks for employers. Working with EIS, we were able to build a customer-centric platform with a consistent, multichannel experience.”

Major North American Life Insurance Company: Increased NPS by 40 Points & Huge Reduction in Time to Make Regulatory Changes

A major life insurance company partnered with EIS to expand their reach to independent and part-time workers who don’t have access to employer-sponsored protection plans.

They achieved 80% digital engagement with their members, and a two-to-three-month reduction in the time to make regulatory changes live across all systems. Together, these achievements have minimised the company’s use of manual processes and increased their team’s bandwidth for other priorities.

Further, working with EIS has also boosted this insurance company’s Net Promoter Score — the ultimate measure of customer loyalty and satisfaction — by 40 points.

Not only did this insurer tap into the individual market, they also provided stellar customer experiences to those they interacted with.

Better Coretech To Reach Your Goals ASAP

If you’re anything like the insurers above, finding the right technology partner may be the one thing standing between you and your ambitious goals.

We built EIS OneSuite to have time-saving, customer-centric features so you can gain a competitive edge in the marketplace. Get in touch if you’d like to see more detail on what EIS OneSuite can do for you. 

Still exploring your coretech options? 

Sign up for our bite-size newsletter to learn how to nitpick the best one for your business without the influence of biased opinions.

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The earliest platforms were built around doing jobs that directly reflected manual insurance operations at the time. While being able to digitise records and automate some processes benefited insurers, the labour-saving and innovation ended there, leaving plenty to be desired.

This limited mindset around building core system architecture for protection insurers permeated into the setup of policy records. The result? Most systems can either only handle group records or individual records.

Old Tech Can Only Solve Old Problems

Characteristics like siloed data and policy-centric setups are what hinder outdated systems from solving today’s insurers’ biggest issues.

For instance, policy-centric setups cause data to exist in silos, making it difficult for information to pass from one silo to another. This keeps insurers from offering seamless experiences for individuals who have two different coverages because there tend to be two separate customer records, one for each policy type.

An Evolved System That Supports Evolving Needs

Increasingly, more employers are expanding group protection packages to include a multitude of standard protection policies, along with new products that may be fully employee-paid. With old systems, this would be really difficult to offer.

A customer-centric architecture, on the other hand, focuses policies around customers instead of the other way around. This allows insurers and customers to work within a single platform, where they can select an individual’s protection products and easily manage the group versus individual dynamics, whether in policy or billing.

A Simple Experience That’s Simply Better

When it comes to the capability disparity between coretech and modern legacy platforms, providing a single-platform experience is just the tip of the iceberg.

A core platform like EIS helps insurers consolidate platforms, keeping user experiences simple and streamlined.

Still exploring your options? Sign up for our bite-size newsletter to learn how to nitpick the best coretech for your business without the influence of biased opinions.

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Unlike outdated legacy systems, this architecture helps overcome data silos and pave the way for agile, personalised customer interactions linked to significant life events. In turn, this gives you the power to redefine how you do business, increase customer loyalty, and reduce churn.

Not-So-Modern Legacy Systems

Despite their name, “modern” legacy platforms offer antiquated customer experiences. 

In these systems’ policy-centric setups, data is stored in silos, making it difficult for data to pass from one silo into another, or to be used across different functional areas. This makes it difficult for customer data collected in one area to improve or personalise customer experience in another area, unless it’s somehow inputted a second time. 

While modern legacy platforms technically cover insurers’ admin bases for policies and insureds, they’re far from being event-driven, and rarely allow for rich personalisation or agility.

Event-Driven Architecture: A Game-Changing Platform Capability

Monolithic systems may be able to send out annual notices with links to coverage information and premium prices to meet FCA requirements, but they can’t serve up the automations and personalisations consumers need as they go through life changes; or suggest policy upgrades based on data held in the system.

But with modern coretech like EIS OneSuite, the architecture is event-driven and centered around the customer as the main record type. This seemingly simple difference in setup makes for drastic improvements in customer experience.

Rather than sending out cold, annual notices, an event-driven platform can act nimbly on data that’s newly entered or picked up by third-party suppliers. 

For instance, if an income protection customer gets married, has a child, or buys a house, your system can detect that life event and automate a personalised communication with a congratulatory message and a special offer for a higher coverage amount.

On the other hand, if a customer doesn’t experience anything life-changing in a given year, you can automate an annual notice thanking them for their trust and reminding them of their product coverage, sums assured, and associated premiums.

High Tech = Higher Customer Satisfaction

When it comes to the capability disparity between platforms like EIS OneSuite and modern legacy platforms, event-driven architecture is just the tip of the iceberg.

A core platform like EIS helps you personalise and improve customer experiences, increasing satisfaction and retention.

Still exploring your options? Sign up for our bite-size newsletter to learn how to nitpick the best coretech for your business without the influence of biased opinions.

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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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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 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 EIS and esure Selected as Finalists in the Insurance Times Awards 2022 appeared first on EIS.

Transform Your Agency from Laggard to Leader

California Broker  |  October 6th, 2022

Life and health brokers who address their client’s needs and expectations by embracing technology and working with tech-savvy carriers will take the lead. As a broker, you can set yourself apart as a digital leader in a rapidly changing market that’s rife with insurtechs and other new entrants. Giving your customers what they really want is critical to keeping an edge.

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FCA Consumer Fairness Duty: Is fairness an obligation or an opportunity for insurers?

Insurance Edge  |  October 3rd, 2022

The simple truth is regulatory changes such as General Insurance Pricing Practices (GIPP) and the Fairness Duty shouldn’t be as hard hitting as they will be. It’s simply asking insurers to make pricing, product, cover and experiences more fair as well as make better provision for vulnerable customers. It shouldn’t be a tough ask but it will be, especially when it comes to insurers delivering informed, timely communications through digital channels.

That’s why, with the October deadline for implementation plans looming, I’d like to reiterate why insurers should treat these regulatory changes as an opportunity and not merely an obligation.

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Why insurers should lead the battle against climate change

Insurance Intel |  September 2022

Rory Yates, EIS’ head of strategy for EMEA and APA, discusses how insurers can lead the battle against climate change and the major obstacle that’s getting in their way.

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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.

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How Insurers Can Reach Millenials Who Rent Their Lifestyle

Insurance Edge  |  August 12th, 2022

Opinion piece by Bob Meier that takes a look at the insurance future where more people under 40 will rent their lifestyle, rather than own anything.

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EIS CEO Alec Miloslavsky on the Acquisition of Metromile EBS

Insurance Innovation Reporter  |  August 12th, 2022

Miloslavsky shared with IIR the thinking behind the acquisition, what it brings to the vendor’s industry value proposition, and how EBS would be integrated into the EIS enterprise.

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Meet Alec Miloslavsky, Founder and CEO at Cloud-Native Digital Insurance Platform: EIS

TechRound  |  August 2nd, 2022

With openness, agility, and flexibility at its core, EIS’ cloud-native digital insurance platform has been specifically engineered to remove every obstacle and give insurers the freedom to both pursue and achieve their most important strategic goals.

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Why the Great Resignation Could Drive a Renaissance in Workplace Benefits

Finance Derivative  |  July 9th, 2022

While slowing considerably, the pandemic has spurred a boom in self-employment and career hopping, as people shift employers in search of greater opportunity and work/life balance. But, in taking these bold steps, employees typically give up their health, dental, life, disability and other employer-led insurance benefits, many of which are expensive and difficult, if not impossible, to replace outside of traditional employee benefits programs.

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EIS’s Miloslavsky on the state of digitisation in insurance

InsurTech  |  June 18th, 2022

Alec Miloslavsky, CEO of digital insurance platform EIS, tells us about the pace of digitisation in insurance and what it takes to make change happen.

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Embedded Insurance 2.0: How it Will Change Customer Relationships Forever

Global Banking & Finance Review  |  June, 2022

To escape the commoditization of insurance, insurers must create more positive, frequent, and valuable customer interactions. These, in turn, can lead to longer-lasting and profitable customer relationships. And that is exactly what Embedded Insurance 2.0 is helping them to do.

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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.

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Interview with Alec Miloslavsky, CEO, EIS

Modern Insurance Magazine  |  March 7th, 2022

The way consumers want to work, live and engage with insurance brands is evolving, EIS CEO Alec Miloslavsky tells Modern Insurance. New opportunities are arising for insurers that operate more like Apple and Amazon.

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EIS: Insurers Bridging Borders With a “One Product for Many Countries” Approach

Fintech Times  |  March 3rd, 2022

Brad Worth explains challenges multinational insurers face entering new country markets and how new modular, coretech approaches to product design and distribution provide a solution.

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Ageas UK partners with EIS to drive digital transformation

Insurance Business  |  February 23rd, 2022

Ageas UK said that the transformation program will “provide the step-change for the company to fulfill its digital ambition, with an infrastructure that will allow the business to operate in a fast, simple, and agile way…”

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