EIS, a global core and digital platform provider for insurers, today announced that it has been named a Challenger in Gartner’s recently published report “Magic Quadrant for Life Insurance Policy Administration Systems, North America*.” The report evaluated EIS for Completeness of Vision and Ability to Execute. EIS has been recognized for the second consecutive year in the report and has improved its positioning on the Ability to Execute axis and is now positioned as a Challenger.
The report evaluated EIS Suite™, a cloud-based platform for insurance carriers that provides core, data, and digital capabilities across multiple lines of business, including life, worksite and individual benefits, and property and casualty.
“To be recognized as a Challenger this year is exciting and gratifying,” says Samantha Chow, LAH marketing lead at EIS. “In our opinion, it tells us we are meeting the market need and on the right track. We expect continued momentum for EIS Suite in the current and post-COVID environment as insurers assess the strengths and weaknesses of their current systems, and plan for a future that supports fully digital operations and business models and adapts to disruption. A modern tech stack designed to rapidly create new frictionless workflows, digitally-enabled products, and fast delivery of new capabilities will be critical.”
“As the COVID-19 pandemic has clearly demonstrated, business operating conditions can change dramatically overnight, and life insurance PASs and the infrastructure on which they operate must be scalable, secure, and adaptable to change,” wrote Richard Natale and Rajesh Narayan analysts, at Gartner, in this report. The report also mentions, “Life insurance CIOs must assure that core insurance processes remain operationally resilient to changing conditions that a crisis brings to the forefront.” It further says, “Life insurance CIOs should be evaluating their PASs now to determine the degree to which they enable, or are a barrier to, this type of resiliency in the face of disruption.”
The EIS Suite for life and annuity carriers challenges the status quo. It provides an insurance market, heavily burdened with product-centric legacy technology, a path to digital transformation. The core platform offers the L&A industry a customer-centric framework and enables carriers to grow through product development, market expansion, data-driven decisions, and customizable ecosystems without boundaries. It leverages a digital and mobile-first approach, is cloud-native, and built on open APIs and microservices to foster a wholly modern and scalable tech environment―enabling the carriers to react like an insurtech: fast, simple, agile. The platform provides end-to-end capabilities out of the box yet is entirely flexible to integrate with both modern tech solutions and legacy, acting as the hub for ecosystem development. It delivers continuous software updates that are seamless and keep carriers modern. It is a coretech platform that will take life insurers from 2020 to the 2030s and beyond.
* Gartner, Inc. “Magic Quadrant for Life Insurance Policy Administration Systems, North America” August 3, 2020.
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