Because differentiation is critical to survive in competitive insurance markets, insurers everywhere are looking for unique, ambitious ways to claim their market share.
But sweeping technology changes can feel like a lot, especially when they involve an overhaul of core systems. But with a greenfield strategy using EIS, insurers can differentiate themselves without committing to a full-scale core system transformation.
For a long time, there was a dangerous misconception that insurers could only update their product catalogs or improve their technological capabilities incrementally — like turning around a supertanker ship amid choppy seas.
Now, however, most industry professionals understand the incremental approach doesn’t work on old technology. It’s not fast enough to meet customers’ evolving demands for more comprehensive coverage or improved customer experiences. Combine that with the limitations of “modern legacy” core systems, and you’ve got a recipe for digital transformation at the speed of a snail.
Greenfield projects can vary greatly, but they all usually have the same underlying theme: to meet modern customer demands most other insurers can’t handle yet, due to outdated technology.
These projects are valuable opportunities the competition isn’t leveraging yet, and it’s easy — in fact, it’s recommended in many cases — to start a greenfield project as a small initiative that’s outside the scope of current operations. Doing so gives insurers an environment to brainstorm (and prove) potential innovations without putting their primary business model at risk.
Outside-the-box thinking and concepts like Agile principles are critical to a greenfield’s success, but insurers also need the right technology to enable it.
Modern legacy core systems computerized traditional, paperwork-based insurance processes, but they weren’t designed to accommodate new processes that could truly harness digital technology. They’re unable to boost the speed, efficiency, or customizability of various phases in the insurance lifecycle.
By contrast, a greenfield project based on a born-in-the-cloud tech architecture like EIS means insurers can build automation, data fluidity, and real-time responsiveness into new products from the start. With modern legacy, they’d be forced to hard-code “modern” functionalities on top of existing offerings — a clunky, resource-intensive process and one that’s not guaranteed to operate consistently and correctly.
Just why is EIS Suite™ so well-suited for greenfield projects? – It’s all in how we built our technology, from the ground up:
CustomerCore™ and EIS Platform™ — the heart of EIS Suite — provide insurers with comprehensive customer data (to gain actionable insights into their unmet needs) and a cloud-based environment to build and test new product modules, user interfaces, automated workflows for critical operations, and more.
CustomerCore and EIS Platform integrate seamlessly with the rest of EIS Suite, and through thousands of APIs, to existing internal systems, and third-party tools as needed.
The inherent flexibility of cloud-based EIS coretech supports any greenfield direction carriers want to take, whether it’s an update to the entire insurance product catalog, or a new distribution approach.
Insurers can embrace the customer-centric nature of EIS to create intuitive user portals that grant easy access to new products and self-service capabilities.
In the long run, greenfield initiatives driven by EIS Suite help insurers lower development costs and time-to-market while increasing operational efficiency.
By partnering with EIS, Wellfleet developed and deployed a new group benefits administration platform for four different products in just 11 months. This solution helped them process all new and returning Q4 enrollments on time, while reducing data validation times to days or even hours. Just as notably, the new platform offered a consistently customer-centric user experience across multiple distribution channels, a need Wellfleet had wanted to meet for a long time.
A regional insurer deployed a unique greenfield project using EIS Suite and unconventional partnerships. This carrier’s partners (in the outdoor retail sector) began offering warranty-style, temporary personal accident insurance. When the product caught on, it empowered the insurer with valuable data for CustomerCore, informing new product offers and identifying cross-sell opportunities.
A national life insurer created a new startup division to address its target market: millennial and Gen-Z workers. The carrier used EIS to build an end-to-end administration platform and manage an ecosystem of vendor partnerships in health, wellness, and financial advisory services. This made it easy to cross-sell insurance with other products based on comprehensive customer data profiles. Ultimately, customer engagement increased alongside life insurance sales.
We support and stand by Ukraine in its fight for freedom. 