EIS marks anniversary of life insurance and annuity expansion with the signing of two leading group insurers and the launch of new products

SAN FRANCISCO, February 09, 2022 (GLOBE NEWSWIRE) — EISa core and digital platform provider for leading insurers, commemorated the first anniversary of the expansion of its core EIS Suite™ to insurers in the life insurance and annuity markets by announcing a list of new products life insurance 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 at other stages of the buying cycle.

Since announcing the launch of its life insurance and annuities in February 2021, EIS’ accelerated development methodology has resulted in the deployment of new capabilities covering key product segments including group universal life, group whole and group term life insurance.

The EIS suite of life offerings provides operators with a wide range of innovative microservices functionality, a high degree of usability for agents, services and customers through dedicated custom applications, out-of-the-box templates, reusable content and low flexibility. code/no-code tools. Innovative features include:

  • artwork: Built-in graphical illustrations that demonstrate policy performance over time, as well as strong analytics and modeling capabilities, which allow policy administrators, agents/brokers and consumers to visualize the impact of financial decisions and life events on future performance.
  • Tax test: Testing policies in real time to ensure they meet the definition of life insurance under Regulation 7702 and to ensure tax efficiency for consumers.
  • Cash value management: A cash flow management microservice tool that provides real-time cash value calculations and access to loans through self-service portals for policyholders, agents/brokers, and customer service.
  • Associate riders: Eight of the most popular and requested life insurance riders are available out of the box.
  • Coverage Summary Screen: A robust, personalized agent workspace that provides a single view of rates, renewals, amendments, and loan terms for all market types, driven by analytics, with the ability to quote any which product from a single page.

“Timing is everything and the overwhelmingly positive market response to our entry and offering is geared towards meeting today’s needs,” says Samantha Chow, Global Market Manager for LA&H at EIS. “To attract and retain the best talents, in the era of major resignations, employers are turning to occupational pension insurers to help them create more competitive packages. It’s a huge challenge for insurers to add new products and product types that they currently don’t have in their coverage libraries. Today, insurers can offer individual life insurance, but want to enter the growing group market and are unable to do so due to constraints inherited from the past. »

“With our expertise in the workplace benefits market, we are well positioned with a scalable, market-ready solution that solves the challenges of operators entering this new market or creating products they would otherwise not have. not offered in the past”, concluded Samantha Chow.

Advertising

Robert McIsaacLife, Annuities and Benefits manager at analyst firm Aite-Novarica Group commented, “Insurers in the life, annuity and benefits industries typically find strong support for cash-building products to be a critical part of their modernization journey to support future business models. Capabilities like what EIS adds now provide an expanded set of options that carriers can consider when making potentially once-in-a-generation investment decisions to support long-liability businesses.

Throughout 2021, analyst firms around the world recognized the growth and strength of EIS’ coretech solution for the life insurance and annuity industry in their reports.

EIS has been named:

  • A “leader” in the 2021 Gartner® Magic Quadrant™ for Life Insurance Policy Administration Systems, North America*.
  • A “competitor” in the Novarica Market Navigator for Life/Health Claims.
  • A “standout technology” at Celent Life Insurance Policy Administration Systems, EMEA Edition.
  • A “standout technology” at Celent North American Policy Administration Systems, Individual Life Edition, who said, “While PolicyCore for Life & Annuity is still young in terms of individual life insurance capabilities, this cloud-native solution offers a robust set of policy administration capabilities and powerful configuration tools to create additional functionality as needed, complemented by the DXP digital platform as well as other EIS suite solutions, and we expect it to gain customers over the next few years.

Over the past year, EIS has more than doubled its dedicated life product and R&D teams. This investment is already paying dividends with two new national carriers in the United States currently implementing EIS’ universal life and whole life insurance solutions.

“As we enter 2022,” Chow added, “we look forward to expanding our life insurance capabilities, including individual life insurance products and annuities, and showcasing the unique value of our platform to great speed to other forward-looking life insurance companies.”

*Gartner, Magic Quadrant for Life Insurance Policy Administration Systems, North America, August 10, 2021Through Richard Natale, Rajesh Narayan
GARTNER and Magic Quadrant are registered trademarks and service marks of Gartner, Inc. and/or its affiliates. we and internationally and are used herein with permission. All rights reserved.
Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, express or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.

About EIS
EIS is an insurance software company that enables leading insurers to innovate and operate like a technology company: fast, simple, agile. Founded in 2008, EIS provides a platform for high-speed insurance. This open and flexible space central and digital solutions platform frees insurers to accelerate innovation, launch products faster, deliver new revenue channels and create insurance experiences the world will love. And with thousands of APIs, the platform gives insurers the freedom to connect to a vast ecosystem of insurtech and emerging technologies. Based at San Francisco, EIS drives premium growth for insurers in all lines of business worldwide. For more information on how EIS helps insurers become unbeatable at everything they do, visit EISGroup.com.

Media Contact:Matt ConroyRP Stanton
[email protected]
+1.203.610.1421


main logo

Source: ISE Group

Comments are closed.