EIS, a core and digital platform provider for insurers, was named among the “Best-in-Class” P&C Core Systems providers Overall and in Vendor Stability in Aite Group’s new report “Aite Matrix: 2020 U.S. P&C Core Systems Evaluation.”
The report explores some of the key trends within the core systems market for P&C carriers and discusses the ways in which technology is evolving to address new market needs and challenges.
“EIS has focused on building a coretech platform that enables insurers to more easily create an ecosystem of services, data, and partners, and to build and distribute customer-centered insurance products in new and emerging B2B and B2C business models,” says Tony Grosso, Global Head of Marketing, EIS. “We are proud that Aite Group—and our customers—have recognized our leadership in providing the industry the most open, ecosystem-friendly core and digital platform.”
EIS stood out against much larger and publicly-traded competitors in the overall scoring of Aite’s AM Components, which include Vendor Stability, Client Strength, Client Services, and Product Features. EIS achieved best-in-class scores in three categories, including a tie top score of 96% for Product Features and a shared second place at 93% for Client Services, based on customer feedback.
“P&C insurance carriers worldwide are being asked to provide more customized and personalized experiences for their policyholders, such as quicker and more accurate underwriting decisions or a facilitated claims process. To make this happen, carriers increasingly rely on third-party data and on a core system that can integrate this data into various workflows,” said Jay Sarzen, senior analyst with Aite Group’s P&C Insurance practice. “EIS responded to the market need with an open platform that can meet the evolving needs of a wide range of carrier clients. Any carrier looking for a flexible and highly capable platform that can deliver a digitally focused experience would be well-served by EIS Suite.”
According to the report, the best way for carriers to meet evolving customer and prospect expectations is to employ a more digital experience, the foundation of which is data. This means that a core system’s ability to seamlessly integrate copious amounts of existing and emerging data into carrier workflows is critical for digital evolution. The report cited several EIS Suite best-in-class strengths to that end:
- Data Integration: EIS is one of a small handful of vendors that can integrate all of the data types asked about in the survey without any customization and fully support integrating data into every key component.
- Product Features: The driver of the EIS Suite’s high score was overall depth and breadth of product features, client favorability of these features, and the platform’s user interface and functionality.
- Client Services: Factors that drove EIS Suite’s high score were client perceptions of overall cost value, the ability to deliver on promises, a vendor’s range of deployment options, and the breadth of support offered to clients.
“Customer-centered transformation is the most pressing need for P&C insurers to succeed as the industry evolves,” said Rowshi Pejooh, Executive Vice President, Product Management, EIS. “The high scores earned by the EIS Suite in this report validate our promise of enabling insurers to act more like tech companies so they can innovate quickly in response to changing customer demands across multiple business lines and distribution channels.”
For more information, view the market analysis and full EIS excerpt from the Aite Group report.