The insurance industry was once relatively static. Insurers tended to stick to a well-defined set of geographies and products. In today’s insurance market, this is no longer true. In fact, many insurers are aggressively expanding into new spaces. This has transformed and elevated the role of core systems. Core systems in the digital age must be designed with modern technology approaches so that insurers can more easily expand into many lines of business, even spanning across the P and amp;C and Life/Health chasm that often exists in insurance systems. In addition to providing rich functionality to specific lines for quoting, policy administration, billing, and claims, the digital platforms of today must enable insurers to rapidly launch new products; expand into new market segments; support new states, territories, or countries; and even stand up greenfield ventures, such as a new digital brand.
Many insurers are seeking to enter new markets or exploring new ways to grow. In today’s market, speed is of the essence. Thus, it is not just the extensibility and flexibility of the platform, but also the requirement that insurers can move rapidly from strategy to execution and from concept to live products in the market. The use cases profiled in this paper demonstrate the flexibility of the EIS digital platform and its ability to support these requirements.