EIS, a core and digital platform provider for leading insurers, commemorated the one-year anniversary of the expansion of its core EIS Suite™ to carriers in the life and annuities markets by announcing a slate of new life insurance products with a host of industry-leading features, two United States national insurers already implementing the products and additional insurers in APAC, UK and EMEA in proof-of-concept or other buying cycle stages.
Since announcing its life and annuities launch in February of 2021, EIS’ fast-track development methodology drove a rollout of new capabilities covering major product segments, including Group Universal Life, Group Whole Life, and Group Term Life.
The EIS Suite of life offerings provides carriers with a broad range of innovative microservice features, a high degree of agent, service, and customer usability through dedicated persona-based applications, out-of-the-box templates, reusable content, and flexible low code/no code tools. Innovative features include:
- Illustrations: Built-in graphical illustrations that demonstrate policy performance over time, as well as strong analytics and modeling capabilities, which enable policy administrators, agents/brokers, and consumers to visualize how financial decisions and life events can impact future performance.
- Tax Testing: Testing of policies in real-time to make sure they meet the definition of life insurance under regulation 7702 and ensure consumer tax efficiency.
- Cash Value Management: A cash flow management microservice tool that provides real-time cash value calculations and loan access through self-service portals for policyholders, agents/brokers, and customer service.
- Associated Riders: Eight of the most popular and commonly requested life insurance riders are available out-of-the-box.
- Coverage Summary Screen: A robust, persona-based agent workspace that provides a singular view of rates, renewals, changes, and loan terms for all market types, driven by analytics, with the ability to quote any product from a single page.
“Timing is everything and the extremely positive market response to our entry and offering is all about addressing today’s needs,” says Samantha Chow, Global Market Lead for LA&H at EIS. “To attract and retain top talent, in the great resignation era, employers are turning to workplace benefits insurers to help them create more competitive packages. It is a huge challenge for insurers to add new products and product types they don’t currently have in their coverage libraries. Insurance providers today may offer individual life, but want to enter the growing market of group and are unable due to legacy constraints.”
“With our expertise in the workplace benefits market, we are well-positioned with a market-ready, scalable solution that solves carriers’ challenges entering this new market or creating products they wouldn’t have offered in the past,” concluded Samantha Chow.
Robert McIsaac, head of Life, Annuities and Benefits at analyst firm Aite-Novarica Group commented: “Carriers in the life, annuities and benefits lines of business generally find that strong support for cash accumulation products is a critical component on their modernization journey toward supporting future state business models. Capabilities such as what EIS is adding now provide an expanded set of options for carriers to consider as they make potentially once-in-a-generation investment decisions for supporting long liability tail businesses.”
Throughout 2021, analyst firms globally have recognized the growth and strength of EIS’ coretech solution for the life and annuities industry within their reports.
EIS was named:
- A “Leader” in the 2021 Gartner® Magic Quadrant™ for Life Insurance Policy Administration Systems, North America*.
- A “Contender” in the Novarica Market Navigator for Life/Health Claims.
- A “Technology Standout” in Celent’s Policy Administration Systems for Life Insurance, EMEA Edition.
- A “Technology Standout” in Celent’s North American Policy Administration Systems, Individual Life Insurance Edition, which stated: “While PolicyCore for Life & Annuity is still young in terms of individual life capabilities, this cloud-native solution offers a solid set of policy administration capabilities and strong configuration tools to build additional functionality as needed—augmented by the DXP digital platform as well as other solutions in the EIS Suite. We expect to see it gain clients over the next few years.”
In the last year, EIS has more than doubled its product and R&D teams dedicated to life. That investment is already paying dividends with two new national account carriers in the US currently implementing EIS’ universal life and whole life solutions.
“As we embark on 2022,” added Chow, “we are looking forward to building on our life capabilities, including individual life products and annuities, and introducing the unique value of our high-velocity platform to additional forward-looking life insurance companies.”
*Gartner, Magic Quadrant for Life Insurance Policy Administration Systems, North America, 10 August 2021, By Richard Natale, Rajesh Narayan
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