Berkshire Hathaway insurance company Wellfleet has partnered with insurtech EIS Group to launch an insurance administration platform for the employee benefits market.
The cloud-based software system is designed to support the full broker and customer lifecycle. It will enable carriers to administer plans in a digitally unified way.
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Usually, the brokers and their clients in the voluntary benefits market work with multiple systems, struggling to integrate with carriers’ legacy systems.
Carriers face problems while dealing with product sophistication, internal workflow monitoring, enrolment and third-party integration, or communications across multiple modules.
Wellfleet Workplace forayed into the voluntary market last year with an aim to resolve this issue.
Wellfleet executive vice-president and Workplace division head James Ocampo said: “We’re building a web-based customer-centric platform with a consistent, multi-channel experience.
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By GlobalData“At Wellfleet, we have no legacy systems: we’re building our API-driven platform from the ground up, enabling true data integration among apps to power customer-facing processes across multiple channels.
“Our platform will also improve data agility and operational efficiency, and enhance the overall customer experience—all while enabling the rapid introduction of new products to market.”
EIS Group’s digital experience platform is said to ease the creation and management of multi-channel touchpoints. It also supports broker and customer lifecycles including rating, quoting, policy issuance, administration, billing and claims management.
EIS group marketing head Tony Grosso said: “Wellfleet and EIS Group are making an investment into the future of workplace benefits. If brokers are to keep pace with digital economy demands and engage their clients how they want to be engaged, they need something different.”
Wellfleet was supported by PricewaterhouseCoopers (PwC) in its technology strategy development. Besides, PwC will be the primary systems integration partner for Wellfleet.
