EIS Group, a core and digital platform provider for insurers, was named the “Best-in-Class” life policy administration (PAS) vendor in Aite Group’s new report AIM Evaluation: Life PAS Vendors’ External Third-Party Data Integration Capabilities.
The report explores how well PAS vendors can deliver on policyholder expectations and process efficiency by integrating external data and leveraging APIs to enhance core operational functions, such as underwriting and claim processing, and improve customers’ digital experiences. The report evaluates the overall competitive position of each PAS vendor, focusing on vendor stability, client strength, product features, and client services.
EIS Group emerged as the leader in the best-in-class category and achieved the highest score in vendor stability, where Aite Group cited EIS Group’s financial strength, high growth rate, substantial investment into R&D, and perfect 5.0 score on client references. EIS Group was also rated as a best-in-class offering in product features.
“EIS Group, a young vendor in comparison to the players in this industry, came out strong in this forward-looking comparison of life insurance policy administration vendors, which focuses on integration, API development, micro-services, and the ability to integrate and use external third-party data. EIS Group is clearly prepared to support the advancement of the life insurance industry with digital transformation, integration of external third-party data throughout the policy lifecycle, the development of the best insurance ecosystem, and a roadmap to becoming 100% micro-services based,” said Samantha Chow, senior analyst at Aite Group and author of the report.
Some capabilities highlighted by Aite Group are:
- Over 10,000 APIs are built into the technology, and any PAS functionality is available through API
- Advanced workflow tools can integrate data that triggers additional rules-based workflow, including decision-making or recommendations.
- EIS DXP™ (digital experience platform) integrates with chatbots and enables social media feeds on a policy-by-policy basis
- A persona-based API platform that provides a bridge from legacy to new systems, allowing parallel operation during integrations
“As insurance B2B and B2C ecosystems grow, open solutions that are data friendly and able to leverage data broadly in core operations are essential,” said Rowshi Pejooh, executive vice president, Product Management, EIS Group. “We are proud that Aite Group has recognized our efforts to provide the future-focused PAS solution for life and benefits insurers.”
For more information, view the full EIS Group excerpt from the Aite Group report at bit.ly/New-Aite-Report.