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EY has announced a new alliance with EIS, a global digital insurance platform provider, to help clients implement and integrate EIS’ cloud-native, digital insurance platform to address challenges and future needs in the insurance industry.
The partnership is currently active with EY US and EY UK, but the Big Four firm said there were plans to expand its geographic footprint over time.
Following a “significant” surge in activity across the group insurance software marketplace, the EY–EIS Alliance will reportedly help clients implement detailed services that reduce time to market and enable new business.
It will support underwriting, servicing and policy administration capabilities across multiple lines of business, including group benefits, life, annuity, healthcare, property and casualty, dental and disability products.
EIS said it is expanding to become a full value chain solution while “continuously strengthening” its core administration platform.
It added that in addition to bringing consulting and technology experience, EY will complement EIS’ capabilities by integrating the EY Nexus platform, which facilitates faster deployment of services for clients.
Ted Epps, Life Technology and Group Alliance leader, Ernst and Young LLP, said: “Through the alliance with EIS, EY teams are looking forward to expanding their technology footprint, thought leadership and brand recognition in the insurance industry.
“This Alliance also allows EY teams to explore opportunities to strengthen their ecosystem by developing a comprehensive core platform strategy for EY Nexus, which is offered as a digital transformation solution.”
Chris Payne, EY EMEIA Insurance Technology leader, added: “The alliance with EIS is an exciting proposition with much potential. There is so much dynamic innovation still to be found within the insurance market.
“Having worked together on leading-class insurance business and technology transformation programs centred around the customer and digital enablement, I have faith that this Alliance can bring significant and innovative digital progress to insurers.”
Jim Caruso, EIS EVP of Customer and Partner Success, concluded: “As the needs of consumers continue to evolve, ambitious insurers are searching for cloud-native, open, flexible and interconnected technologies that enable them to respond unimpeded and power their next phase of growth.
“The collaboration with EY teams represents a significant milestone in addressing this need. We are excited about the numerous transformational opportunities that will arise from combining EIS technology with EY teams’ consulting knowledge, and we look forward to sharing these benefits with even more leading insurance organisations.”
