The safety net of credit protection insurance (CPI) is invaluable for both customers and institutions offering loans for large purchases.
Because of its value, though, it’s become a commodity, and insurers selling it via manual processes and outdated core systems will get ditched in favor of insurers with products easily accessible via digital means. Business want this insurance to seamlessly embed into their points of sale, and if yours doesn’t, your customers will go elsewhere for this coverage.
Insurers like you are under pressure to differentiate your credit protection offerings. Partners want bespoke CPI products that suit their exact needs and brand identities so they can stand out in crowded markets — passing this pressure along to you. They also want to enable easy, click-of-a-button purchasing, so more of these policies get sold.
This is easier said than done for carriers running on modern legacy systems: Creating a separate CPI product for each partner is complex, time-consuming, expensive, and hard to manage. It’s also difficult to scale credit protection offerings that aren’t digitally distributable, making them less appealing to partners (and, ultimately, to end customers too).
Robust APIs that facilitate the free flow of data between insurer and partner systems make digital CPI distribution a straightforward process.
The cloud-native EIS Suite™ gives insurers access to thousands of sophisticated, seamless APIs. This seamless integration is rarely possible with modern legacy core systems, which lack open API compatibility and require complicated hard coding to create the integrations needed to offer scalable, modern credit protection products.
With EIS, insurers can create intuitive digital portals for their CPI partners: These help vendors establish optimal distribution to customers’ preferred channels and allow them to showcase the benefits (and sell more) of their CPI products.
EIS Suite core solutions — ClaimCore®, PolicyCore®, and BillingCore® — provide complete transparency into all claim, policy, and billing processes.
EIS solutions include many out-of-the-box features, like policy-building tools and workflow setup, that allow insurers to create unique credit protection offers quickly, and scale them easily.
The platform’s flexibility and scalability sets insurers up to scale CPI products alongside their business and enter new markets with support for various languages, currencies, and regulatory differences.
A multinational insurer doing business in more than 30 countries almost lost its biggest CPI partner (an international automaker) when the partner effectively said, “Set up digital distribution for our credit protection or we walk.” EIS allowed the insurer to do just that, keeping a valued customer and setting itself up to pursue new business with similarly-minded companies.
Carriers using EIS to support their CPI product development can automate countless processes within the insurance lifecycle: pre-sales, policy management, claims management, and other back-office operations. This boosts operational efficiency for insurers and partners alike.
Every party in the CPI equation — insurers, partners, and end customers — can access essential functions through mobile and web portals. These portals provide intuitive experiences, and meet each group’s usage needs.
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