SAN FRANCISCO, Oct. 22, 2019 (GLOBE NEWSWIRE) -- EIS Group, a global core and digital platform provider for insurers, today announced that it received the highest score in two of five use cases that Gartner, the world’s leading research and advisory firm, analyzed in the Critical Capabilities for Life Insurance Policy Administration Systems, North America report (report available to Gartner subscribers).1 In its first year of recognition in the report, EIS Group was assessed as one of 12 vendors and received two of the highest use case scores, one second-highest score, and a third-highest score.
According to the report, EIS Group achieved the following scores:
- Highest in New Product Development/Launch Use Case, scoring 3.89 (out of 5)
- Highest in Policy/Contract Change Use Case, scoring 3.86 (out of 5)
- Second Highest in Digital User Support Use Case, scoring 3.74 (out of 5)
- Third Highest in Group/Worksite Enrollment, Claims and Billing Use Case, scoring 4.37 (out of 5)
"To compete effectively, life insurers need a new level of agility that gives them quicker time to market for products and a vastly improved digital experience that compares favorably with what consumers experience elsewhere they shop," said Rowshi Pejooh, senior vice president, product management, EIS Group. "That's why we believe a PAS solution choice is so critical. EIS Group has invested in building and maintaining a world-class product development and management capability that can be delivered with industry-leading speed to market. It also supports a deeper level of customer engagement via the industry’s largest library of open APIs. We believe our two highest use case scores in Gartner's Critical Capabilities for Life Insurance Policy Administration Systems, North America report are a testament to how well EIS Group's platform enables insurers to adapt to change and drive growth.”
In the report, Gartner states: “Life insurance CIOs need to assess that their policy administration system (PAS) has technical and architectural characteristics that support adaptability and change. Fifty-nine percent of client references surveyed in 2019 for the Magic Quadrant for Life Insurance Policy Administration Systems, North America tagged inflexible legacy systems as a reason for initiating a PAS replacement. They also indicated that the ability to support changing business conditions and improved business outcomes, such as better operational efficiencies as well as improved time to market, were key drivers for replacing a PAS.”
Gartner notes that CIOs should be striving for PAS that “Support and continually improve integration with an API framework to interact with customer engagement hubs and ecosystem partners dynamically, including an API workbench that facilitates configuration, customization, testing and deployment of APIs.”
EIS Group’s recognition in Gartner's Critical Capabilities for Life Insurance Policy Administration Systems, North America report follows publication of Gartner's companion report Magic Quadrant for Insurance Life Policy Administration Systems, North America.2 EIS Group was named a Visionary in the latter report assessing vendor ability to execute and completeness of vision.
1 Gartner, Inc., Critical Capabilities for Life Insurance Policy Administration Systems, North America, Richard Natale, September 9, 2019.
2 Gartner, Inc., Magic Quadrant for Insurance Life Policy Administration Systems, North America, Richard Natale, August 5, 2019.
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About EIS Group
EIS Group moves insurance carriers closer to their customers. Leading insurers use the EIS® digital insurance platform to build and deliver fast, simple, engaging experiences across the entire insurance lifecycle — quoting, policy administration, billing, claims and service. The cloud-enabled platform of core, experience and insight solutions empowers insurers to innovate faster, reduce costs, and create competitive advantages. Headquartered in San Francisco, EIS Group powers digital insurance for property/casualty and benefits insurers of all sizes, worldwide. For more information, visit EISGroup.com or follow @EISGroupLtd on Twitter.
Kevin Haydon, EIS Group, 1.845.7972976, khaydon@eisgroup.com