With patchwork legacy solutions for different business units or specific product lines, operational efficiency is easier said than done. But the fact is, outdated core systems cause inefficiencies and process delays, even if there are up-to-date insurtech tools on the top layer to make the murky underbelly look sleek.
Instead, hyperefficient technology like EIS coretech gives you everything you need to become more efficient.
It’s not uncommon for insurers’ core systems to date back 10, 20, or even 30 years. This old technology requires manual processes (not to mention skill sets) that slow everything down — from time-to-market on new products to policy issuance and claims processing, meaning higher costs and resource usage.
Similar issues arise when carriers use different systems for a single function. For example, numerous insurers have multiple claims management solutions across separate insurance lines of business. This fragmentation makes it cumbersome to view all claims data across an organization — or to improve on inefficiencies the claims data shows once it’s all aggregated.
Adopting EIS Suite™ opens up a clear path to operational efficiency through open APIs and event-driven architecture. Break down silos, enable data fluidity, and accelerate processes including automated workflow creation, policy administration, claimant payouts, and more to save valuable time and internal resources.
Carriers can cast aside their patchworked core systems and unify claims, policy, and billing operations in EIS Suite with ClaimCore®, PolicyCore®, and BillingCore®.
All of these, plus the central EIS Platform™ and CustomerCore™, operate in perfect sync, and open APIs allow seamless integration to critical third-party systems.
The automation capabilities and event-driven architecture of EIS Suite support workflows that speed up essential but repetitive processes and free up your staff to focus on improving business outcomes. For Tower, EIS Suite adoption enabled digital completion of over 50% of tasks and transactions.
With EIS portal creation abilities, insurers (like Tower and esure) create self-service portals for customers, brokers and insureds, making it easier and more efficient for all parties to handle their part of the insurance lifecycle.
Using our reporting functions, carriers have access to comprehensive operational data for real-time visibility into efficiency improvements.
EIS helps ambitious insurers find their roadmap to operational efficiency and execute on it. Get in touch with us today to learn how our SaaS can significantly reduce your operational load, and give you better business results.
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