EIS and PwC launch Intelligent Insurance Ecosystem Initiative
- 22.04.2020 10:47 am
EIS Group announced the launch of an intelligent digital insurance ecosystem initiative in collaboration with PwC. The new ecosystem will combine agility with insights to enable market differentiation and deliver best-in-class customer experience. This will allow insurance companies taking a greenfield approach to get closer to their customers and better understand their needs as people, rather than policy numbers.
In recent years, insurers have struggled to adapt to the changing demands of consumers. Their ability to make the move from analogue to digital is being held back by their legacy estates that are slow to change, difficult to integrate, complex to draw insight from, and lack the agility to deliver innovative services. This is why 75% of insurers are now proactively taking steps to move legacy technology landscapes to more dynamic and flexible ‘as a service’ models.
The intelligent digital ecosystem will allow insurers to take a more radical approach to transformation, offering a greenfield platform for transitioning away from legacy technology. This new ecosystem will serve as an accelerator asset that shows insurers that moving away from legacy is much quicker, cheaper and more sustainable than ever before. It will demonstrate a fast and low-cost stand-up of core platform and architecture, the ability to leverage new partners and insurtech innovation in a plug and play model, and the ability to adopt more customer-centric business models such as episodic insurance.
The ecosystem will bring together a new technology collective to deliver data-driven solutions that understand insurance customer needs and meet their expectations. Solution providers will connect with EIS Group’s core insurance hub and leverage cloud-native technologies and open APIs to create speedy and scalable solutions for insurers. In addition, because it is architected as an open ecosystem, rather than as a pre-defined vendor marketplace, insurers can connect new partners without difficulty.
Insurers will be able to choose partners and solutions in the ecosystem to advance key initiatives, including:
● Rapid release of modern technology solutions that are fully digital and cloud- and API-based
● Plug and play integration with a series of insurtechs
● Modular approach to IT, providing the ability to incrementally ‘rip and replace’ key components
● Scalable platform to consume data and provide intelligent analytical capabilities
● Consolidated data hub that uses an industry standard data model
● Quickly launch new customer-centric products, such as parametric or on-demand coverages
● Meaningful digital experiences built for connected customers
● Prepackaged data-driven risk mitigations to enable market differentiation
Tony Grosso, Head of Coretech Marketing at EIS, said: “The insurance sector is undergoing immense change as it tries to future proof itself from further disruption. The ecosystem will allow insurers using a greenfield approach to
break into the platform economy and develop new products and value-added services, fit for the customer of tomorrow. What’s more, it will provide insurers with an opportunity to differentiate themselves from their competitors with a connected platform that allows them to understand the customers and their needs. The launch of the intelligent ecosystem initiative signifies a new milestone in our relationship with PwC.
Glynn Austen-Brown, Insurtech Partner at PwC, said: “This new ecosystem will be an accelerator asset that provides insurers with an understanding of how they can achieve unrivaled agility, insight and differentiation in the market. The ecosystem will provide the insurer with the tools needed to deliver services of the future. We’re proud to be launching the ecosystem initiative alongside our long-standing partners at EIS Group who share our commitment to ecosystem insurance and innovative approaches to transformation. PwC already has a dedicated EIS Group delivery practice, which utilises more than 100 consultants to deploy and support EIS’ solutions across the globe. We look forward to growing this productive relationship.”