San Francisco-based insurtech EIS, operator of a platform that allows insurers to rapidly create and deploy new and innovative products and services via open APIs, has launched in the UK market.
The insurtech has launched its coretech platform in the UK to help domestic insurers offer a new generation of insurance products and services in response to changing consumer habits and an evolving regulatory landscape.
“For the insurance company of the future, providing the right cover and good service to policyholders are table stakes,” explained Tony Grosso, head of marketing at EIS. “The real winners will be those who can move beyond protection and operate in an ecosystem of value with other, non-insurance providers.”
A recent EIS poll of UK insurance providers and insurtechs showed that one in three respondents identified “moving beyond protection to deliver more value to customers” as the most important objective for the insurer of the future.
In response to the wave of innovation in the UK insurance sector, 75% of insurers are leaving legacy technology behind in favour of more dynamic and flexible ‘as a service’ models.
With this feedback in mind, EIS aims to help UK carriers with the introduction of its coretech platform, which, unlike modern legacy technology, allows insurers to rapidly create and deploy new and innovative products and services via open APIs.
The platform allows insurance companies to operate seamlessly with insurtechs and other providers, according to EIS, to deliver lifestyle solutions beyond protection to consumers.
Grosso said: “The agility and flexibility of the platform will be invaluable to UK insurers as they look to adapt to and sync regulatory changes post-Brexit and the demands of the market.”
EIS is already working with insurance businesses in Europe, the Middle East and Africa (EMEA), North America, and the Asia Pacific and China.
Its customers include AIG Private Client Group and AIG Canada, Liberty Mutual, CSAA Insurance Group, AMI Insurance, Industrial Alliance Auto and Home Insurance, and Narragansett Bay Insurance Company.
“As we enter the UK market, we see a high demand for innovative approaches to insurance. More so than other markets,” said Olivier Vayesse, senior vice president for the EMEA at EIS.
“EIS has been resourceful in responding to this demand. One example is a local initiative where we are developing an intelligent digital ecosystem to enable insurers to take a more radical approach to transformation, offering a greenfield platform for transitioning away from legacy technology.”
“EIS is committed to expansion in the UK market, creating jobs and revenue opportunities, in conjunction with our partner programme.”