EIS Group announced the Version 6.2 of the EIS Suite which introduces Pre-Configured Solution Packages for commercial auto, property and general liability, complete with out-of-the-box functionality for speed-to-market and a lower total cost of ownership (TCO) for insurers looking to replace critical core systems.
"One of the primary drivers of core policy administration replacement for P&C insurers is the need to improve speed to market," said Matthew Josefowicz, president and CEO of Novarica, a research and advisory firm focused on insurance technology strategy.
"Systems with out-of-the-box content can be a key factor in delivering insurers a market advantage."
EIS Suite, a modern core administration solution for policy administration, billing, claims and customer engagement, is designed to reduce the risk of a core system replacement by providing insurers out-of-the-box insurance processing capabilities with complete lifecycle transactional management.
Via Pre-Configured Solution Packages, EIS Suite further leverages pre-assembled insurance products and modifiable, product definitions, related processes and interfaces to achieve rapid, efficient product deployments, improved operational efficiency through pre-built automation, greater ease of use, and simplified future software upgrades.
EIS Suite Version 6.2 features additional enhancements to improve processing accuracy and productivity, including, optimized user experience, greater configurability of billing rules, improved single event/multiple claim management and enhanced commission strategy and plan management.
With this release, EIS Group also introduces plug-and-play reinsurance integrations. In Version 6.2, a new configurable interface allows reinsurance to be integrated directly into the underwriting process by supporting all the workflows required for open integration to external reinsurance software solutions.
"Today’s insurers are faced with unprecedented levels of competition and customer expectations," said Anthony Grosso, vice president of product marketing for EIS Group.