(Image from Wellfleet launch. Source: Wellfleet. )
Wellfleet, a Springfield, Mass.-based Berkshire Hathaway (Omaha) insurance company has selected EIS Group (San Francisco) as its partner in building a next-generation insurance administration platform to meet the evolving demands of the employee benefits market.
The insurer seeks to address the characteristic complexity of the voluntary benefits landscape, which commonly require brokers and their clients to work with multiple systems, which in turn must integrate with carriers’ disparate legacy systems. “Whether it’s product sophistication, internal workflow monitoring, enrollment and third-party integration, or communications across multiple modules, carriers struggle to administer plans in a digitally unified way,” says a joint statement from the companies.
Wellfleet Workplace entered the voluntary market last year, with the stated mission of being the digitally enabled carrier of choice. The company says that partnering with EIS Group will help drive its differentiation by jointly creating an open-architecture and cloud-based software system designed to support the full broker and customer lifecycle.
“We’re building a web-based customer-centric platform with a consistent, multi-channel experience,” comments James Ocampo, EVP and head of Wellfleet’s Workplace division.
“At Wellfleet, we have no legacy systems: we’re building our API-driven platform from the ground up, enabling true data integration among apps to power customer-facing processes across multiple channels. Our platform will also improve data agility and operational efficiency, and enhance the overall customer experience—all while enabling the rapid introduction of new products to market,” Ocampo adds.
EIS Group’s cloud-based platform supports broker and customer lifecycles from rating and quoting, policy issuance and administration, to billing and claims management. Users can easily create and manage multi-channel touchpoints through EIS Group’s digital experience platform, according to the vendor.
Customer-First Approach to Solution Design
“Wellfleet and EIS Group are making an investment into the future of workplace benefits. If brokers are to keep pace with digital economy demands and engage their clients how they want to be engaged, they need something different,” comments Anthony Grosso, Head of Marketing, EIS Group. “A customer-first approach to solution design and an open architecture that easily connects to a rapidly changing ecosystem of products, services, exchanges and other channels is critical. Our partnership with Wellfleet will push boundaries and raise expectations.”
PwC (PricewaterhouseCoopers) has assisted Wellfleet in its technology strategy development and is also serving as its primary systems integration partner.
Wellfleet notes that its many years of experience as a third-party health insurance administrator has imparted to its leaders an understanding of the pain points associated with limited-functionality legacy computer systems and challenging tech integrations.
“As a Berkshire Hathaway company, Wellfleet takes a long-term view,” comments Drew DiGiorgio, President and CEO, Wellfleet. “This investment is part of our strategy to diversify and customize our product offerings, while building a business division led by an experienced team of industry leaders. We’re excited to offer the market a customer-centric administration experience, from quote to bind to claim.”