How does EIS Platform's MACH architecture specifically benefit insurance companies compared to traditional core systems?
The MACH architecture provides microservices for modularity, API-first design for seamless integration, cloud-native deployment for scalability and resilience, and a headless front-end option for flexible user experiences. This allows insurers to rapidly innovate, adapt to market changes, and integrate with new technologies much faster than traditional monolithic systems, which are often rigid and slow to update.
Can EIS Platform integrate with existing legacy coretech solutions or is a full replacement required?
EIS Platform is designed for easy integration with both EIS and third-party coretech solutions. It does not necessarily require a full replacement, allowing insurers to modernize incrementally while leveraging existing investments where appropriate. The API middleware, EIS DXP®, facilitates secure information sharing between frontend applications and backend microservices, including those from other systems.
What specific capabilities does Product Studio offer for configuring new insurance products?
Product Studio provides tools to rapidly configure, deploy, and manage insurance products. Users can create essential policy building blocks such as coverages, deductibles, exclusions, underwriting logic, and rating factors more quickly and easily than with traditional methods, streamlining the product development lifecycle.
How does the platform ensure data security and compliance for sensitive insurance information?
EIS Platform deploys multiple best-in-class data security practices. It includes security and activity monitoring features, and its business activity monitoring tracks all user activity across the suite, providing an invaluable tool for auditing, security, and compliance purposes to ensure nothing bad happens to sensitive data.
What kind of users can leverage the workflow management capabilities, and what is the primary benefit?
Both business and technical users can leverage the workflow management capabilities. It allows them to build and manage event-driven workflows for key business processes using a drag-and-drop interface. The primary benefit is enabling informed decision-making and efficient management and adjustment of processes as business needs evolve.