EIS Group: Automating Legacy Insurance Systems

., EIS GroupAlec Miloslavsky, Chairman and CEO
Insurers around the globe are looking to improve business processes and bring more value to every customer interaction in order to drive retention and growth,” says Alec Miloslavsky, Chairman and CEO, EIS Group. Targeting and transforming the insurance industry into a customercentered, multi-line core insurance system, EIS Group developed EIS Core Insurance Suite, a paperless solution that is intrinsically flexible, highly scalable, future-proof, and engineered for the most demanding enterprise environments. Policy administration systems are changing as insurance industry faces new challenges. Using the suite, insurers can be free from outmoded technologies and process inefficiencies by harnessing the full potential of their business to innovate and compete, that can stand in the way.

As technology anchors all industrial domains, customers are now information centric and willing to manage all services through smart applications. The EIS Suite authorizes the unique ability to infuse customer focus into all insurance tasks and activities throughout an organization, leveraging a 360° view across policy administration, underwriting, claims, billing, and all customer engagements. The integrated EIS database ensures a single version of the truth in every interaction. “A key benefit with EIS Suite is that integration is part of the package. You’re not left with a huge integration effort to try and make the spare parts of the system come together to deliver the business capability,” says Kevin Angland, CIO of IAG, an insurance company based in New Zealand. The suite enables the full policy lifecycle on a single modern and open IT platform.

PolicyCore, an integral part of the suite is an extremely powerful, highly configurable, and simpleto-use policy administration and underwriting system that enables insurers of any size to gain

Insurers around the globe are looking to improve business processes and bring more value to every customer interaction in order to drive retention and growth

the market speed, responsiveness, customer focus, and operational excellence that today’s intensely competitive insurance market demands. Available as a stand-alone product that integrates with third-party systems and comprehensive feature sets for insurers, PolicyCore gives insurers the unique ability to manage the entire insurance lifecycle across multiple products from a single platform.

EIS PolicyCore offers the present industry’s most modern and modular end-to-end policy administration for on-premise or as SaaS implementation. Its components include EIS rating, product factory, automated underwriting, and dynamic analytics. AIG Canada, an insurance provider, needed to automate manual processes and improve compliance outcomes as they felt handcuffed by inefficient and manual processes that would not scale, hence unable to grow their business. A key implementation outcome requested by the insurer was improved mechanisms for automated rating. A flexible product-pricing tool—part of EIS PolicyCore—consolidated and simplified complex pricing models and provided a transparent and traceable process. It supplied them with the necessary agility to rapidly respond to market pricing conditions positively impacting customer experience.

Comprehensive business rules and workflow have also allowed them to enhance business controls. “We strive to provide better insurance experience to companies and their customers,” affirms Miloslavsky.

EIS has created many success stories and helped clients to become more responsive to varying business needs. Being one of the early birds to adopt cloud technology, the company keeps up with the latest technological and market trends, focused on incorporating them in the offerings to enhance the product experience. The company creates a win-win situation for insurers as well as the customers to build agile practices and better business environment.

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Top 10 Policy Administration Solution Companies - 2021

EIS Group

San Francisco, CA

Alec Miloslavsky, Chairman and CEO

EIS Software is a company that enables many of the world’s leading insurers to innovate and operate like a tech company: fast, simple, agile