EIS Group, a global provider of insurance core systems, today announced that a large U.S. insurer has selected and is implementing the company’s policy administration, billing, claims and customer management solutions to support market expansion in the voluntary insurance segment. EIS Core Insurance Suite™ software enables the management of the full policy lifecycle for group, voluntary and worksite benefits on a single modern, open IT platform.
The insurer’s goals for its new core system implementation include:
- Accelerated speed to market;
- Growth in new markets;
- Greater automation and efficiency;
- Extended broker and customer self-service;
- Enhanced customer experience; and
- Improved risk selection.
The EIS digital-ready insurance platform was chosen for its unique ability to generate a speed-to-market advantage and to support the automated, streamlined processes required by the insurer. The market expansion also calls for the addition of six new, and more simplified, product versions by the insurer which will be created and deployed through EIS Product Factory—the configuration-based product development and deployment toolkit—to fulfill the insurer’s speed-to-market objectives.
“We have seen tremendous interest from large and mid-sized carriers seeking to unshackle themselves from their traditional infrastructure in favor of more agile solutions that can provide speed-to-market advantages,” said Anthony Grosso, vice president, product marketing and industry strategy of EIS Group. “Implementing EIS Suite™ frees our client of the legacy system constraints impeding their growth objectives; and the modular nature of the software helps them address their most pressing priorities first, while being forward compatible as they expand to the full suite of capabilities.”
The implementation will be delivered in phases to allow the insurer to realize business value faster. Aligning with the insurer’s objective to get the new products to market in 2016, EIS Group will first deliver capabilities for underwriting, quoting and enrollment. Subsequent 2016 releases will include functionality to process billing, claims and renewals as the policies enter their effective dates.