(Image source: EIS homepage.)
EIS, a San Francisco-based digital platform provider for insurers, has announced the expansion of its core EIS Suite to carriers in the life and annuities markets. The vendor describes the suite as cloud-native and customer-centered, allowing insurers to innovate across all lines of business at scale, free from legacy constraints and inefficiencies. The solution 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 vendor asserts.
EIS started its journey in P&C and saw a similar gap and need for digital technology in the group worksite and voluntary sector, according to a company source. In 2013, the vendor began offering A&H products, including term life insurance products, to insurers supporting this sector. Shortly thereafter, EIS entered the individual and group individual sector, providing insurers the same digital, cloud native technology plus ancillary products such as dental and vision. The journey has now taken EIS to the broader Life & Annuities sector with an offering that includes the full raft of life insurance products.
“The life and annuities landscape is rapidly shifting from a product focus to a people focus,” comments Samantha Chow, LAH Markets Lead, EIS. “With customers demanding more efficient, engaging and personalized experiences, and agents and underwriters seeking more digital workflows, life and annuities providers understand that simply retrofitting legacy systems cannot provide a clear path to true digital transformation. In fact, our research shows that 88 percent 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,” Chow adds.
EIS Group describes the EIS Suite as simplifing and integrating all phases of the life insurance lifecycle as follows:
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 organize and simplify sales activities with data-driven insights and have more meaningful and personalized engagement with customers throughout the entire application-to-claim lifecycle.
Purchase and Underwriting: Leveraging rapid data collection from hundreds of sources and advanced predictive modeling, insurers can replace expensive manual product underwriting with logic and automation, leaving the underwriter to focus on what they were hired for, evaluating risk.
Claims: 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 reprioritize and accelerate digital initiatives and improve workflows. Their response to pandemic conditions exposed gaps in manual and paper-based processes, leading them to rethink how to improve operations and to better meet customer expectations,” comments Tom Benton, VP, Research and Consulting, Novarica (Boston). “Insurance technology providers like EIS are helping insurers by providing solutions that support the digitally-enabled future of life insurance.”