EIS Group announced EIS Suite, the company's family of insurance software solutions, has been selected as the new core systems platform for State Insurance (State), a leading New Zealand general insurance provider.
The modernization initiative includes core system replacements for policy administration, billing and claims, as well as the addition of new omni-channel capabilities.
State will deploy EIS Suite applications, PolicyCore, BillingCore, ClaimCore and CustomerCore as a new digital insurance platform for improved customer servicing and greater operational efficiency. State currently manages over a million policies for more than 460,000 customers.
State is undergoing a transformation from a distribution model that currently includes walk-in branches to an all-direct customer model for its personal and commercial lines of business. The company needed a solution to replace legacy software and manual processes, and one that removed barriers to customers adopting digital channels.
EIS Suite will provide State several business benefits, including:
An integrated, real-time view of customer information that improves customer service response and effectiveness;
Seamless handoff between channels — such as online, mobile and call center — for all types of interactions;
Automated underwriting capabilities that streamline new business and policy servicing processes;
Business process management (BPM) that reduces process cycle-times and transaction costs;
Optimized claims handling to speed claims settlement and decrease loss costs;
Business intelligence (BI) and reporting that supports continuous business performance improvement; and
Easy integration with real-time and predictive analytics capabilities to improve risk selection and pricing.
"We are honored to be the core systems provider behind State’s business transformation initiative," said Alec Miloslavsky, CEO and executive chairman for EIS Group.