US-based insurtech firm EIS has launched its coretech platform and entered into the UK market with new insurance products for domestic insurers.
The San Francisco-based company, which delivers core and digital platform to insurers, expanded its footprint in the UK in response to the changing regulatory requirements and consumer habits.
In its recent survey, EIS found that 28.8% of 156 participating insurers in the country identified ‘moving beyond protection to deliver more value to customers’ as the most important objective.
The coretech platform allows insurers to quickly create and deploy new insurance products and services through open APIs.
This platform allows insurance companies to deliver lifestyle solutions to consumers which go beyond protection covers.
Moreover, using the coretech platform, insurers globally can recognise and engage customers for all their insurance needs, rather than relying on specific policy numbers.
EIS marketing head Tony Grosso said: “The real winners will be those who can move beyond protection and operate in an ecosystem of value with other, non-insurance providers.”
“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 has already forayed into EMEA, North America and APAC region to aid insurance businesses with its offerings.