EIS, a digital platform provider for insurers, announced recently the expansion of its core EIS Suite™ to carriers in the life and annuities markets. Cloud-native and customer-centered, the Suite allows insurers to innovate across all lines of business at scale, free from legacy constraints and inefficiencies. Featuring easy API integration, EIS Suite is the industry’s only core insurance solution that provides flexibility across the entire customer lifecycle and the ability to easily manage different lines of business from a single system.
“The life and annuities landscape is rapidly shifting from a product focus to a people focus,” said Samantha Chow, LAH Markets Lead at EIS. “With customers demanding more efficient, engaging and personalised experiences, and agents and underwriters seeking more digital workflows, life and annuities providers understand that simply retrofitting legacy systems cannot provide a clear path to true digital transformation. In fact, our research shows that 88% of insurance professionals believe that legacy systems are preventing transformation. By providing a cloud-native, API-first coretech suite that is flexible, easy to upgrade, and works across all lines of business and distribution channels, we are giving insurers the ability to reimagine their business, scale quickly, upgrade efficiently and innovate freely, while reducing technical debt.”
EIS has been named a Challenger in Gartner’s recently published report Magic Quadrant for Life Insurance Policy Administration Systems, North America. EIS was also named the “Best-in-Class” life policy administration (PAS) vendor in Aite Group’s most recent L&A comparison report, AIM Evaluation: Life PAS Vendors’ External Third-Party Data Integration Capabilities.
The EIS Suite simplifies and integrates all phases of the life insurance lifecycle:
· Product Development: Featuring an architecture that enables growth and can be configured to meet insurers individual needs, the EIS Suite leverages automated, reusable rules, making traditional product libraries a thing of the past. Insurers can test and learn quickly, getting to market with new products ahead of the competition – in a matter of weeks rather than months.
· Marketing and Distribution: The EIS platform can help transform marketing and sales, by giving agents, through the EIS Agent App, an intuitive interface to organise and simplify sales activities with data-driven insights and have more meaningful and personalised engagement with customers throughout the entire application-to-claim lifecycle.
· Purchase and Underwriting: Leveraging rapid data collection from hundreds of sources and advanced predictive modeling, insurers can replace expensive manual product underwriting with logic and automation, leaving the underwriter to focus on what they were hired for, evaluating risk.
· Claims: The EIS Suite helps life and annuities insurers manage complex claims through more effective claims prevention, fraud detection and automated claims handling while keeping the agent notified throughout.
· Ongoing Customer Engagement: With its API-first architecture, the EIS Suite provides easy connectivity to partners and third-party data sources, giving carriers more freedom to offer ancillary services and increase revenue. The ability to manage all lines from one platform also makes bundling, cross-selling, and retaining and renewing customers easier and more seamless.
Using EIS’ CoreVelocity™ delivery methodology, insurers can also avoid costly “big bang” upgrades and deliver new capabilities faster, using speed as a competitive advantage.
“COVID-19 caused life and annuities insurers to reprioritise and accelerate digital initiatives and improve workflows. Their response to pandemic conditions exposed gaps in manual and paper-based processes, leading them to rethink how to improve operations and to better meet customer expectations,” said Tom Benton, Vice President, Research and Consulting at Novarica. “Insurance technology providers like EIS are helping insurers by providing solutions that support the digitally-enabled future of life insurance.”