Open, MACH-based architecture makes all the difference for ambitious insurers who want to be on top & ahead of the benefits market.
With modern legacy’s technical limitations, many benefits insurers fail to reach their full potential. Forward-thinking carriers who implement an open and agile core system will win the loyalty of customers, brokers, and HR teams alike.
A major North American life insurance company achieved 80% digital engagement with their members and experienced a 40-point jump in their Net Promoter Score
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AIG Canada decreased their time to issue policies by 95% and their time to review policies by 90%
A major North American mutual insurance company delivered six new products in under seven months, compared to the industry average of one product in 18 months
Wellfleet processed all of their 4th quarter business for new cases and major re-enrollments for a January 1 effective date. They also cut their data validation process from weeks to just hours or days
Organizing enrollment and employee data in a customer-centric way helps you keep up with eligibility status changes and improve user experience. Employees can choose what they’re eligible for, and insurers can keep up with eligibility-impacting life events with automated communications and offers that account for things like moves, promotions, and leaves.
In brokers’ eyes, insurers who use future-focused coretech are forward-thinking and capable of deploying up-to-date employee benefits technology… So much so that they prefer to sell those insurers’ policies over ones that use legacy, monolithic technology.
Many freelancers and contract workers choose to forgo insurance coverage like disability, life insurance, or hospital indemnity. Historically, these products have been heavily employer-centric and not easy for self-employed people to access. Coretech like EIS Suite™ helps insurers reach this untapped market through its ability to store individual customer records outside of group records. This creates portability that also helps benefits insurers keep customers who leave their jobs or get laid off.
When your core system can automatically pick up and act on individual and group-based data, account administration becomes much easier, and record-keeping is more accurate because there’s less room for manual error. For example, if an employee gets injured during a weekend kayaking trip, the initial emergency room claim can trigger her hospital indemnity, FMLA, and short-term disability benefits — all with consistent data.
Wellfleet deeply understands the importance of timely and accurate data processing, having served as a third-party administrator (TPA) for 25 years before becoming an insurer. This experience and our history of working with multiple clients and systems made EIS the clear choice when we sought a partner to build better technology. EIS has helped us stay true to our mission of delivering customer-centric insurance solutions with quality service. This partnership enables us to provide superior support to our clients and partners, setting us apart in the market.”
Erik Gray, Digital Integrations Practice Leader, Wellfleet
Launching new products or making changes to existing ones in a legacy system takes lots of IT bandwidth to write custom code. The new code could also cause a hitch by “breaking” something else in the monolithic technology, which would require even more time to fix.
EIS Suite™, on the other hand, supports agile, timely launches, and its microservices architecture is easily customizable without affecting your overall system.
Legacy systems’ siloed structure forces agents, brokers, and customer service reps to spend a lot of time toggling through windows just to find the data they need.
EIS Suite centers data on the customer record (through CustomerCore™) and integrates with third-party data providers, giving you a single view of a customer’s data.
With AI and machine learning tools raising customer service (and internal process) standards, every benefits insurer needs ease of integration to remain competitive. The issue is, systems that lack API-first design principles make it difficult to integrate with ecosystem network partners, tools, and third-party software.
The no-code and low-code capabilities of EIS help you pursue ecosystem opportunities with agility — something that’s virtually impossible with the manual coding old, monolithic systems require.
The non-cloud-native architectures of legacy systems prevent them from scaling nimbly for events like enrollment surges. Insurers with old systems must scale their entire platform, rather than only where scalability is required.
Our cloud-native and microservices architecture enables automatic scaling when an enrollment surge occurs. When the surge is over, the system scales back down — likewise for claims, underwriting, or any other microservice. The big win here is you don’t need to physically provision or deploy servers, and you don’t have to pay for a lot of bandwidth when you don’t need it.
Technology theory that looks good on paper is meaningless if it can’t be reliably deployed in the real world. EIS has a strong track record in group benefits, so you can be certain that implementation isn’t something that’ll hold you back.
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.”
CIO, Major North American Insurance Company
Unique Opportunities for Ambitious Insurers
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Wellfleet Insurance Case Study
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