EIS acquires claims automation, fraud detection business from Lemonade
EIS, a global core system and digital insurance platform provider, has acquired Metromile’s Enterprise Business Solutions (EBS), a SaaS-based claims automation and fraud detection solution, from Lemonade.
The acquisition of the EBS assets will bolster EIS’ data science capabilities and enable expansion into new markets. EIS plans to continue to build on EBS' advanced technology and apply the same to additional applications, product verticals, and geographies that it serves globally.
The EBS platform offers an end-to-end touchless claims experience to improve customer satisfaction, limit losses paid to false claims, and streamline back-office operations beyond robotic process automation. It claims that insurers licensing the technology can improve their combined ratio by as much as 10%, as well as lower their total cost of ownership and Loss Adjustment Expense (LAE) while increasing their speed to market.
Alec Miloslavsky, founder and chief executive officer of EIS, said: “We look forward to welcoming EBS team members and their clients to EIS. Acquiring EBS will greatly enhance our coretech systems. As either a stand-alone or integrated offering, EBS enables our P&C insurance carrier clients to automate their claims operations and successfully bridge the existing gaps in their systems digitally. Most importantly, this is the first step on a roadmap towards building a complementary Data Science (“DS”) line of solutions for our current and future customers. EIS’ coretech platform has always been aimed at streamlining the insurance processes and DS offers new and dramatic ways to increase automation across the board for insurance carriers.”
Bill Chval, general manager of EBS, said: “EIS’ proven track record in providing highly valued software to insurance companies, coupled with their deep technology expertise, makes them the right partner for EBS’ next chapter. We have felt a strong alignment of values since the beginning and are truly excited about what we’ll be able to achieve together.”
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