We can talk all day about the future-forward capabilities of EIS Suite, but it doesn’t mean anything without real-world results.
While the theories behind our technology and MACH-based architecture sound fantastic, the proof isn’t rooted in theory — it’s rooted in the implementation, execution, and results.
Here are what four fellow protection carriers have accomplished with EIS solutions:
By using EIS Suite to upgrade their group benefits platform, AIG Canada has experienced some major wins.
For starters, the insurer saw a 95% decrease in time to issue policies while slashing time to review policies by 90%. Internally, these time-saving results lead to more bandwidth for teams to focus on mission-critical tasks. Externally, customers spend less time waiting for answers, boosting their overall experience.
Full platform implementation can take years, but with EIS Suite, AIG Canada only needed 11 months. Better yet, the implementation cost 20% less than the budget they’d set.
On top of all of that, AIG Canada launched 27 new products across four product lines, with a 75% reduction in the time required to introduce new products. These quick moves have given the insurer a nimble edge that few competitors can keep up with.
Next up is a major mutual insurance company in North America that partnered with EIS to launch new products in record time.
This carrier delivered six new products in under seven months. They also launched critical illness and accident products for individual sale in just six months. When you compare these timelines to the industry average of one product launch every 18 months, you see just how much of an accelerator the core system can be.
Their CIO said it best: “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.”
Seeking to provide a consistent, multi-channel experience for their policyholders, Wellfleet approached EIS to build a customer-centric platform.
This partnership enabled Wellfleet to process all of their fourth-quarter business for new cases and major re-enrollments to satisfy a January 1 effective date. The insurer also cut their data validation process from weeks to just days or hours. By saving time, Wellfleet has improved its customer experience and given its internal teams more bandwidth for other tasks.
The carrier also deployed a single platform in under 11 months for four different products. Once again, comparing this deployment timeline and product volume to the industry average shows the incredible agility EIS Suite provides.
To enhance customer experiences further, they launched the ability to generate customised plan designs with a smooth flow of accurate, case-specific information from quote to claim. This capability gives customers the personalised, enhanced experiences Wellfleet initially sought.
The company’s Executive Vice President, Workplace Benefits James Ocampo said, “Many carriers use a patchwork of legacy systems, creating barriers for producers and implementation shipwrecks for employers. Working with EIS, we were able to build a customer-centric platform with a consistent, multichannel experience.”
A major life insurance company partnered with EIS to expand their reach to independent and part-time workers who don’t have access to employer-sponsored protection plans.
They achieved 80% digital engagement with their members, and a two-to-three-month reduction in the time to make regulatory changes live across all systems. Together, these achievements have minimised the company’s use of manual processes and increased their team’s bandwidth for other priorities.
Further, working with EIS has also boosted this insurance company’s Net Promoter Score — the ultimate measure of customer loyalty and satisfaction — by 40 points.
Not only did this insurer tap into the individual market, they also provided stellar customer experiences to those they interacted with.
If you’re anything like the insurers above, finding the right technology partner may be the one thing standing between you and your ambitious goals.
We built EIS Suite to have time-saving, customer-centric features so you can gain a competitive edge in the marketplace. Get in touch if you’d like to see more detail on what EIS Suite can do for you.
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The post 4 Protection Insurers Slashing Costs & Saving Time With EIS Suite appeared first on EIS.
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