Digital Transformation Arrives for Life Insurers
Persona-based apps, slick customer experiences, and the ability to create and join digital insurance ecosystems are now a reality for L&A insurers, as is the opportunity to offer many lines of business from a single platform.
No one in our industry doubts the events of the past year have changed everything. With humanity forced to move into highly digital environments, the pandemic has fundamentally altered everyone’s expectations. People and corporations now expect and demand that businesses service customers’ needs remotely.
Even before the pandemic, fully 90% of insurers worldwide expected customers would purchase most of their insurance via online or mobile apps by 2023. Additionally, 80% expected virtual assistants would handle customer interactions by that time, according to “Technology in Financial Services, From Hype to Growth,” from Accenture.
For many life and annuity carriers, all of this is creating a truly existential dilemma. How do insurers manage everything from basic burial insurance to upholding their critical societal role of protecting people’s retirement and transferring wealth within families? And how to do that while accelerating the transition from mainframes and paper processes to completely digital operations capable of delivering on significantly elevated customer expectations?
From product-centric to customer-centric insurance
At EIS, we’re helping you answer this call by engineering a feature-rich, cloud-native platform that helps life, pension, and annuities insurers transform from being product-centric to customer-centric. By letting us take the technology risks, we’ll help you embrace digital technology without disrupting how you do business.
We can do this because we’re expanding our successful suite of insurance core systems into a broad platform that is exceptionally configurable and robust to create a modern technology suite suitable for every line of business.
However, this doesn’t mean our EIS SuiteTM is one-size-fits-all. Quite the opposite.
Within our platform, we’ve developed content, processes, and workflows that address the specific needs of L&A insurers. This includes the ability to design segment-specific products, automate underwriting, complete quoting and sales processes, modernize customer communications, handle billing, and process claims. What’s more, your business users gain the tools and flexibility to customize every aspect of our platform to serve your company’s particular requirements without waiting in line for IT.
Further, we support whatever distribution model you choose, from traditional agents and brokers to new direct-to-consumer options.
EIS is dedicated to answering the needs of life, pension, and annuity insurers
To ensure we stay aligned to your segment’s specific needs, I am working closely with industry experts, EIS leadership, and the general manager of life and annuity team. My goal is to help you stay ahead of disruptive forces in the life and annuity segment by continuing to hone our platform as the market evolves. To do that, I’ll be listening intently to your needs to ensure we deliver the capabilities you need today and tomorrow.
Our world-class R&D organization and leading-edge technology architecture enable us to leverage the latest development methodologies, such as design thinking, Agile, and true continuous integration/continuous delivery (EIS CI/CD). This provides your platform with easily digestible upgrades every three weeks.
No one else offering core systems can iterate as quickly while simultaneously supplying a highly scalable, feature-rich platform built to serve every segment of our industry: L&A, P&C, and A&H.
Coretech: The best of insurtech and core systems
In other words, our team provides the benefits of the most advanced insurtechs, but with a far broader array of insurance capabilities, plus the maturity to manage both scale and complexity. That includes the ability to take all of the information you’ve gathered about your L&A policyholders and pivot to offering them products and services from partners and other lines of business using the same technology platform.
We call it coretech because we’ve combined the insurtech approach with best practices from traditional core systems solutions. Coretech removes the historic technology-enforced barriers by supplying you with a single platform that allows for innovating quickly while delivering great experiences for customers.
Overall, you gain the most critical competitive advantage in today’s marketplace: speed. Speed reduces costs; speed enables differentiation; and speed ensures you can anticipate market challenges and seize opportunities faster.
We aim to provide you with the industry’s best end-to-end software solution in North America and internationally. That’s the EIS mission and my goal. You, as a valued customer, can hold us accountable for delivering just that.