eINS.tech
Taking Insurance Companies 100% Online

While insurance companies are concentrating more on the technical side of insurance, they forget the most important thing — offering service. Insurer provides a service, which is usually associated with times of stress and distress, so they need to be able to work empathetically with clients. To carry out effective customer services in today’s technology-driven world, insurance companies can make use of the internet to liberate all information, data, and processes by optimizing them and transferring the ecosystem onto an open platform. Such an approach enables all players of the industry including experts and intermediaries to collaborate and interact with each other to deliver a high level of service and the best experience to customers. It means all key processes, procedures, and data in insurance organizations go online so that they are free for people to access, while insurance companies can control the security and access permissions. Having this truly open concept provides flexibility and scalability, which offers exemplary services where innovative products play a key role. As an ace at creating information systems for the insurance industry, eINS.tech is leading the way in taking insurance 100% online. For this, the company has developed a comprehensive, fully web-based platform that takes each step of the insurance process from the perspectives of all players such as staff members, agents, brokers, and customers, and deploys it on the cloud. Only by putting all aspects of the insurance business online - from product configuration, policy administration to claims management and everything in between and making it accessible to all participants on one online platform, can it be secured the end customers receive a 100% online insurance process. Buying a policy, creating a mid-term adjustment, claims management are all viewed as different aspects of the customer journey, which are connected and available in the customer’s profile.

"We enable eruptive vision which is the best way to deal with the disruptive marketplace"

New Approach to Insurance Processes

The traditional approach where insurance companies have core systems and modules focused on certain processes or business lines has become obsolete. To counter this challenge, eINS.tech has taken a platform approach to insurance. “This is actually the way to offer 100% online process, where one platform takes care of every aspect like product configuration, policy administration, management of claims, and everything in-between,” says Borislava Palanchova, Head of Communications at eINS.tech. The common challenge that traditional companies face is that some of their solutions are not online-ready, so often end customers receive a limited and fragmented online process due to the limitations of the various backend system functionalities. eINS.tech bridges this gap by helping insurers introduce their products online and switch to the 100% online approach.

“The easiest way to describe it is if any insurance company with specific sets or all products from any business line, in any language or currency wants to go online, they can easily do so on our platform,” extols Timothy Ward, CEO at eINS.tech.

eINS.tech is a complete solution for big insurance companies as well as newcomers in all business lines— property and casualty, life, and health. Scalability, flexibility, security speed and efficiency are all platform characteristics.

"We are radically different in terms of the financial, commercial elements of how we charge for licenses and the speed of implementation," says Ward. "Our focus is on enabling insurance companies to offer a better experience to their end customer," adds Palanchova. In order to be able to do so the company has designed its platform in a unique way, taking into account that most insurers have existing IT infrastructures.

“We understand the complexities associated with a major business transformation, so our platform is designed with those in mind and can be introduced in both companies with existing set of systems and such that start from scratch.” The way eINS.tech achieves this promise is by deploying the system either as a standalone solution, which takes care of all insurance related aspects of the business, or by placing it as the end-to-end customer facing online insurance platform, responsible for the 100% online insurance process of the company. As the platform provides all necessary capabilities for the online business, the second approach provides incubants an optimal path to digitalization without the need to change their existing infrastructure, while still having the option to use functionalities that are already in place.

The easiest way to describe it is if any insurance company with specific sets or all products from any business line, in any language or currency wants to go online, they can easily do so on our platform

eINS.tech operates in alliance with implementation partners that gives the company the geographical reach as well as the knowledge on what the insurer requirements are. Insurers are supported both in the business analysis and project management, but also in the change management quest by experienced partners, who together with the insurers figure out the requirements according to which eINS.tech is then configured.

“In essence, our platform provides optimum flexibility and scalability for the insurance companies, where our implementation partners simply draw the picture of what the customer wants, and we can deliver those needs effectively,” says Ward. Unlike the status quo, in which technology often dictates the strategy, as there are various limitations that need to be taken into account, eINS.tech enables insurers to embrace a new concept - that they are free to focus on their business, which is fully supported by a cutting edge technology platform.

Delivering Flexibility, Driving Innovation

Further, eINS.tech’s platform delivers maximum flexibility to the insurer’s approach. In the context of a fully web-based, modern platform, insurers are free to choose and connect cutting-edge technologies such as IoT, AI, blockchain and others and seamlessly apply them in every step of the insurance process. Rather than departmentalizing these innovations, insurers can use them directly, integrated in a native way, where they identify opportunities to optimize something existing or offer something new based on them. Trying to introduce topics such as AI and IoT can prove a challenge when they need to be connected to various backend systems, not so if there is already a modern, end-to-end online platform in place. "What we pride ourselves on is our ability to offer almost a magic velcro wall against which anything coming in the future can be thrown,” adds Ward.

As a first necessary step though, insurers are enabled to offer everything their end customers expect online: quotes, purchasing, management, claims, cross-selling in one place - the customer’s profile. End customers expect to have a choice as to what channel they want to communicate to their insurer through. That is precisely what a platform approach delivers - whether it is their online account, social media or indeed brokers when they need additional support, end customers decide which one is most convenient to them. Throughout their journey, the insurer always retains a 360-degree view of their customers. "This is very important as insurers continue to have a very siloed view on their processes thus they face a challenge in providing a coherent service,” mentions Ward.

eINS.tech empowers insurers to be truly innovative in terms of their products, market strategy, and delivery as the service aspect is taken care of by the company’s platform. Insurers can really be more ambitious and eruptive in their strategic vision. "We enable eruptive vision which is the best way to deal with the disruptive marketplace," says Ward.

Staying true to their core mandate of flexibility and scalability, the company is focusing on a continual development of technology to remain a step ahead of their competitors. Ward says that unlike them, they do not have a fixed roadmap as no one knows what technological advancements the future holds. With great flexibility in regards to how the system is deployed in each company, Ward looks to conquer the global frontier at the earliest. Additionally, Ward also looks to extend their service offerings to a multi-financial service line group.