Insurtech EIS enters UK market citing 'high demand' for innovative insurance

EIS, a digital insurance platform, has entered the UK market to offer a "new generation of insurance products and services", in response to changing consumer habits and an evolving regulatory landscape post-Brexit.

The San Francisco-based insurtech has launched its coretech platform in the UK to expand its global footprint.

EIS said that its latest survey revealed that 75 percent of insurers are leaving legacy technology behind in favour of more dynamic and flexible ‘as a service’ models.

EIS aims to help UK carriers with the introduction of its coretech platform, which allows insurers to create and deploy new and innovative products and services via open APIs. The flexible platform allows insurance companies to operate seamlessly with insurtechs and other providers to deliver lifestyle solutions beyond protection to consumers.

“For the Insurance company of the future, providing the right cover and good service to policyholders are table stakes. The real winners will be those who can move beyond protection and operate in an ecosystem of value with other, non-insurance providers,” said Tony Grosso, head of marketing at EIS.

Grosso added: “The agility and flexibility of the platform will be invaluable to UK insurers as they look to adapt to and sync regulatory changes post-Brexit and the demands of the market. EIS is already helping forward-thinking insurance businesses in EMEA, North America and APAC.

Olivier Vayesse, senior vice president, EMEA at EIS: “As we enter the UK market we see high demand for innovative approaches to insurance. More so than other markets, in fact. EIS has been resourceful in responding to this demand. One example is a local initiative where we are developing an intelligent digital ecosystem to enable insurers to take a more radical approach to transformation, offering a greenfield platform for transitioning away from legacy technology.”

“EIS is committed to expansion in the UK market, creating jobs and revenue opportunities, in conjunction with our partner program,” he added.