As insurance technology rapidly evolves, companies stuck in legacy processes risk falling behind, making it crucial for CEOs to understand their CIO’s strategy. This document highlights key questions CEOs should ask to ensure operational readiness, scalability, and future growth in a complex, regulated industry.
Product Innovation
Supercharge insurance product innovation
New products deployed via EIS connect effortlessly to the core platform via open APIs (we have over 11,000!), eliminating incompatibilities and enabling streamlined digital customer experiences.
Dodging 3 major product innovation barriers
- Data fluidity: Data from all relevant sources (customer records, claims processing, policy administration, and third-party sources, etc.) must flow freely through your tech stack. This is critical for many reasons, including customer confidence. For example, when insureds access their portals to check if they’ve met their deductibles, they want to be certain the info is real-time and accurate.
- Modularity: Customers expect insurers to deliver one integrated experience for products that span multiple business lines, and a modular design approach is key to achieving this goal. (It’s ideal for offering coverage bundles, which many customers have come to expect as table stakes.)
- Scalability: Insurers are making a long-term investment in any core platform they choose, and can’t afford to adopt any solution that doesn’t scale and can’t adapt to meet future needs.
The integration shortcomings of modern legacy systems make it all but impossible for carriers to deploy innovative, competitive products without development costs going through the roof. Launching a new offering with a digital front end on top of outdated core technology will appear sophisticated, but may offer a clunky experience and lack real-time information on policy changes, claims status, and other critical information. The resulting failure to meet customer expectations could be disastrous.
EIS Suite = the fast lane to enable product innovation
New products deployed via EIS connect effortlessly to the core platform via our 11,000+ open APIs, eliminate incompatibilities, and enable streamlined digital customer experiences.
How EIS Paves the Way for Easier, Faster, Sustainable Product Innovation
EIS Suite™ is cloud-native SaaS — scalable and flexible by nature. Carriers can easily upscale, reconfigure, and improve product offers.
The cloud environment allows carriers to get out of the business of infrastructure and application management so they can focus on insurance innovation.
Seamless integration means EIS Suite core solutions, new products, and third-party systems operate as a vibrant digital ecosystem, driven by freely flowing (yet secure) data.
The platform’s open API framework supports effective omnichannel product distribution and makes it easier for carriers to embrace vendor partnership opportunities.
Ready to Innovate?
Developing truly innovative products isn’t always easy, but insurers shouldn’t make it harder for themselves by sticking to outdated core systems. Talk to us today to learn about how EIS can support successful, continual product innovation.