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Following the announcement of Lemonade’s (New York) completion of its acquisition of pay-per-mile pioneer Metromile last week, EIS (San Francisco) a global core technology and digital insurance platform provider, announced that it had acquired from Lemonade Metromile’s vendor business Enterprise Business Solutions (EBS), whose offerings include a SaaS-based claims automation and a fraud detection solution.
EIS says that the acquisition of the EBS assets will greatly expedite its continued acceleration into new markets, bolstering its data science capabilities while offering additional InsurTech solutions to current and future customers. EIS adds that it will continue to build on EBS’ advanced technology and apply the same to additional applications, product verticals, and geographies that EIS serves globally.
The EBS platform offers an end-to-end touchless claims experience that can improve customer satisfaction, limit losses paid to false claims, and streamline back-office operations beyond robotic process automation. EIS asserts that insurers licensing the technology improve their combined ratio by as much as 10 percent.
EIS says that EBS will enable its customers to improve customer satisfaction and experiences while reducing their claims costs. By implementing the automated claims solution, EIS customers will be able to lower their total cost of ownership and Loss Adjustment Expense (LAE) while increasing their speed to market, the vendor says.
EIS describes the major components supplied by EBS as follows:
REPORT: A digital First Notice of Loss platform allowing for automated claims processing;
DETECT: An AI-driven fraud detection and risk scoring platform;
PORTAL: A Digital customer portal for insureds to track claim status; and
STREAMLINE: A self-service, automated end-to-end digital claims experience for insureds, agents, and brokers, including pre-built, ready to serve automations.
“We look forward to welcoming EBS team members and their clients to EIS,” comments Alec Miloslavsky, Founder and CEO, EIS. “Acquiring EBS will greatly enhance our coretech systems. As either a stand-alone or integrated offering, EBS enables our P&C insurance carrier clients to automate their claims operations and successfully bridge the existing gaps in their systems digitally. Most importantly, this is the first step on a roadmap towards building a complementary Data Science (“DS”) line of solutions for our current and future customers. EIS’ coretech platform has always been aimed at streamlining the insurance processes and DS offers new and dramatic ways to increase automation across the board for insurance carriers.”
“EIS’ proven track record in providing highly valued software to insurance companies, coupled with their deep technology expertise, makes them the right partner for EBS’ next chapter,” comments Bill Chval, who will remain General Manager of EBS, according to an EIS statement. “We have felt a strong alignment of values since the beginning and are truly excited about what we’ll be able to achieve together.”