Get a SaaS life insurance core platform that powers you to achieve future-proof agility, elevate customer experiences, and more.
With sluggish platforms that slow down product launches, hinder revenue, and sabotage your competitive edge, life insurers need a digital transformation option that both supports future-focused innovation, and maintains data integrity of all past records and policies sold.
Guardian Direct to Consumer achieved:
%
80% digital engagement with new members and +40 point jump in Net Promoter Score
%
45% increase in policies issued
Deployed 4 products in only 12 months
%
70% increase in YOY sales
50% YOY premium revenue growth
20% reduction in delivery costs
To this day, 74% of life insurance buyers still work with an agent, so giving agents an exceptional quote-to-claim experience helps them to sell to more modern buyers. Putting tools at their fingertips and helping them improve customer connectivity helps them manage their book of business, majorly increasing their loyalty to your company.
Product upgrades and maintenance, like customizable coverage options or IoT integrations for things like dynamic risk assessment require the kind of product agility that legacy systems just can’t support. The nimble capabilities, decoupled microservices, and easy-to-use tooling found in EIS Suite™, on the other hand, give you advanced product agility to meet the market’s evolving needs.
The average insurer uses four policy administration systems. These duplicative, high-maintenance setups come with limited customer insights, higher costs, complex and manual processing, and poor user experiences. Consolidating your tech stack onto a single, agile life insurance platform helps you dodge these side effects, giving all users a seamless experience.
Today’s life and annuity insurers must meet the needs of multiple generations, including their expectations of convenience, simplicity, and relevance. These different audiences also expect a seamless-to-them buying and claims experience, powered by a simple product structure and easy-to-deploy engagement capabilities.
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.”
James Ocampo, EVP, Workplace Benefits, Wellfleet
Slow, invasive underwriting programs have long questionnaires, medical examinations, and manual risk assessment. They’re a big issue for life insurers, and lead to poor relationships with their brokers and customers. Insurers need more data-driven, automated underwriting programs to enhance customer experiences and to save time and money at policy issuance. Continuous underwriting — which collects and analyzes data in real time, extracts predictive insights, and powers dynamic pricing models — can solve this problem and make underwriting an easier experience for everyone.
Integrated experiences are a prerequisite to personalization, and modern customers have come to expect digital experiences that integrate aspects of their lives all together. These integrations — with IoT devices, for instance — can help users track their health and motivate them to prioritize it. Integrating with third-party tools also provides event-driven customer campaigns and can streamline processes like underwriting. Ultimately, integrations boost users’ satisfaction with their policy and their loyalty to the insurer.
Legacy systems don’t have the tooling or deployability to respond quickly to the market, introduce new products, or make policy changes. The low-code/no-code tooling in EIS Suite lets you develop and deploy changes without creating a coding headache, and while maintaining strong product governance.
We were able to introduce a consumer-friendly product platform on a remarkably short timeline. This project was unique in its large scale, and a critical accelerator was an effective Agile process managed by EIS that leveraged the rapid provisioning and scalable qualities of the cloud. EIS software and solution delivery, and their commitment to our goal were key to delivering the totally digital platform with state-of-the-art architecture that we wanted for our customers.”
John Furlong, Platform CIO, Guardian Life Insurance Company of America
Legacy systems’ policy-centric nature holds them back from creating digital experiences around the needs of agents, brokers, employers, and policyholders. The disjointed, siloed data and separate platforms for group and individual policies means individual customers feel more like a number in the system than an individual person. With a customer-centric architecture, insurers can change this by delivering automated, personalized touchpoints.
Microservices and customer-centric architecture are the dynamic duo that power life insurers who use EIS. Together, these platform capabilities help carriers become future-proof by achieving platform consolidation, product simplification, customer engagement, agility, and more.
Business Goals and the Underlying Functionality Required
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