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EIS Group (San Francisco), a provider of insurance core systems, announced today that it has achieved Amazon Web Services (AWS, Seattle) AWS Financial Services Competency Financial Services Competency status. The AWS Competency Program is designed to highlight AWS Partner Network (APN) members who have demonstrated technical proficiency and proven customer success in specialized solution areas, according to AWS. EIS characterizes the designation as recognizing the vendor for delivery of effective solutions to help insurers manage critical issues pertaining to core systems implementations.
“The AWS certification is a significant development, giving CIOs increased confidence of the platforms ability to effectively operate in this environment,” comments Rob McIssac, SVP of Research and Consulting, Novarica (Boston). “While many applications can and have been made to run in a cloud environment, the certification provides an additional level of confidence as carriers make critical investment decisions. This is not something that is common place yet in this space but it will undoubtedly become more so in the future.”
EIS Group says that the AWS Financial Services Competency differentiates the vendor as an AWS Partner Network (APN) member that has demonstrated relevant technical proficiency and proven customer success, delivering solutions seamlessly in the AWS Cloud environment. To qualify for the designation, APN Partners must possess deep expertise in the AWS platform and undergo an assessment of the security, performance and reliability of their solutions.
“EIS Group is proud to be one of the first APN partners to meet the standards AWS has established with the Financial Services Competency Program,” comments Glenn Lim, SVP Cloud Strategy and Alliances, EIS. “The agility of the AWS Cloud combined with EIS’ core solutions and cloud-based deployment methodology has proved to be a fast path to business value for our customers.”
Lim describes EIS as heavily invested in improving the speed-to-value of core system replacements for insurers. “As an APN Partner we have access to technical expertise that allows us to take advantage of AWS services that accelerate the time to value of our solutions by customers, as evidenced by our recent and rapid go-live of EIS core systems on AWS by Liberty Mutual,” he says.
The AWS designation helps EIS Group differentiate itself from other core systems vendors because not all offerings are created “cloud equal,” according to Lim. “Complexity of the deployment model of some core systems solutions may not be conducive to the cloud deployment model and this presents a market opportunity,” he asserts. “Our AWS Competency status gives our customers, prospects and the industry overall confidence that we can successfully deploy EIS core systems to the most rigorous standards in the cloud with speed and for less cost.”
Insurers’ Early Adoption of Cloud-Based Core
The designation’s strategic significance is also a matter of timing, Lim asserts. “There are two major trends happening today in the insurance industry: the need to modernize core systems and the acceptance of cloud computing,” he explains. “The insurance industry is in the early stages of adopting the public cloud for their core systems in order to deliver them in a cost efficient way and to gain greater business agility. The announcement of the partnership between EIS and AWS will help enable insurers, especially large insurers, to make this transition.”
Novarica affirms what McIsaac calls a definitive trend of carriers looking to move to workloads that are increasingly important to cloud-based offerings. “To get comfortable with the organizational and cultural issues, as well as to confirm that the security is as good as advertised, carriers typically move key applications such as electronic mail, financial systems, and human resources platforms to cloud-based offerings,” he says. “That, of course complements what they have frequent me already done with CRM solutions.
“We increasingly see mission- critical capabilities—including compensation platforms and claims systems—moving to the cloud,” McIsaac adds. “The real question for core policy ministration systems and suites was not if they would be delivered as cloud-based solutions, but when. The move by EIS to deploy the solution on AWS is, in our view, a significant development which expands the set of functional offerings that carrier CIOs can select while moving from Legacy environments to solution sets which are both more flexible and more easily linked with business activity.”