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Protection
Protection’s biggest opportunity is now
Modernize your core system to meet regulatory compliance and customer demands for better insurance experiences.
With increasing consumer-focused regulations and growing demand for better employee packages, the pressure is on to provide above-and-beyond protection packages. Protection insurers who can keep pace and take advantage of these opportunities will come out on top — but they need the right technology to get them there.
See how insurers are winning with EIS
%
AIG Canada decreased its time to issue policies by 95% and its time required to introduce new products by 75%
7 months
A major North American mutual insurance company delivered six new products in under 7 months compared to the industry average of one product in 18 months
11 months
Wellfleet deployed a single platform for four different products in under 11 months
A major North American life insurance company experienced a 40-point jump in their Net Promoter Score and a two- to three-month reduction in the time to make regulatory changes live across all systems
The biggest opportunities in
protection insurance technology
Dual System Operations
Most core systems for protection aren’t built to handle both individual and group policies. You’re either forced to choose one policy type, or deal with two separate platforms, doubling the operating cost. Dual system operations, on the other hand, opens up more business opportunities.
Future-Proof Agility
With multiple modern legacy core systems reaching end-of-life and fundamental technology advancements happening, older core systems are a ticking time bomb. A future-focused and agile architecture eliminates this problem and makes migration easier.
Lower Cost Per Policy & Unique Value Propositions
Despite the market’s race-to-the-bottom pricing, EIS lets you combine competitive (but not the lowest) prices with unique value propositions. When you can seamlessly integrate with HR systems and other parts of the protection ecosystem, customers will gladly partner with you over cheaper providers.
The coretech needs of protection insurers
Event-Driven Architecture
With policy-centric, siloed setups, modern legacy platforms can’t provide a cohesive, timely customer experience. Conversely, the event-driven nature of EIS allows for personalised, timely interactions based on life events that may require more coverage, maximising customer satisfaction.
Individual & Group Policies on a Single Platform
Outdated, monolithic architectures can either handle group records or individual records — not both. These setups hinder employers’ needs to expand group protection packages to include things like fully employee-paid products.
Agility to Handle Speed of Change
Legacy platforms lack the tooling and deployability for insurers to react quickly and sustainably to market changes. Our low-code/no-code tooling lets you make and deploy changes without creating a coding headache, and while keeping strong product governance.
Our microservices setup and open APIs let you integrate with HR administration software, payroll, absence management platforms, and more.
Harnessing microservices, APIs, a cloud native setup, and “headless” technology, the MACH architecture of EIS OneSuite™ helps ambitious insurers quickly adapt to market changes and become truly future-proof.
Technology is rapidly transforming all of our lines of business. This was an opportunity to collaborate with some of the industry leaders in technology, along with our business partners, to bring a winning set of capabilities to market rapidly and effectively.”
CIO, Major North American Insurance Company
How does your core system stack up?
Score Your Protection Insurance Tech Stack for Innovation & Future-Proof Operations
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Want to see real-world digital insurance results?
See how EIS OneSuite gave these top insurers amazing success stories
