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Effective URL: https://blog.eisgroup.com/how-event-driven-architecture-benefits-protection-insurers-their-customers/?utm_campaign=ITI%20N...
Submission: On February 08 via api from US — Scanned from DE
Effective URL: https://blog.eisgroup.com/how-event-driven-architecture-benefits-protection-insurers-their-customers/?utm_campaign=ITI%20N...
Submission: On February 08 via api from US — Scanned from DE
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* Categories * A&H Insurance * API * Awards * Billing * Claims * Cloud * Core Systems * Coretech * Customer Experience * Data & Analytics * Design Thinking * Digital * Digital Experience Platform (DXP) * French Language * General Insurance * Greenfield * Health Insurance * Industry Events * Insurtech * Life Insurance * Low Code/No Code * P&C Insurance * Policy Administration * Rating * SaaS * Technology * Transformation * Underwriting * Blog Home * Categories * A&H Insurance * API * Awards * Billing * Claims * Cloud * Core Systems * Coretech * Customer Experience * Data & Analytics * Design Thinking * Digital * Digital Experience Platform (DXP) * French Language * General Insurance * Greenfield * Health Insurance * Industry Events * Insurtech * Life Insurance * Low Code/No Code * P&C Insurance * Policy Administration * Rating * SaaS * Technology * Transformation * Underwriting * Blog Home HOW EVENT-DRIVEN ARCHITECTURE BENEFITS PROTECTION INSURERS & THEIR CUSTOMERS In the world of protection insurance, event-driven architecture is an absolute game-changer. Unlike outdated legacy systems, this architecture helps overcome data silos and pave the way for agile, personalised customer interactions linked to significant life events. In turn, this gives you the power to redefine how you do business, increase customer loyalty, and reduce churn. NOT-SO-MODERN LEGACY SYSTEMS Despite their name, “modern” legacy platforms offer antiquated customer experiences. In these systems’ policy-centric setups, data is stored in silos, making it difficult for data to pass from one silo into another, or to be used across different functional areas. This makes it difficult for customer data collected in one area to improve or personalise customer experience in another area, unless it’s somehow inputted a second time. While modern legacy platforms technically cover insurers’ admin bases for policies and insureds, they’re far from being event-driven, and rarely allow for rich personalisation or agility. EVENT-DRIVEN ARCHITECTURE: A GAME-CHANGING PLATFORM CAPABILITY Monolithic systems may be able to send out annual notices with links to coverage information and premium prices to meet FCA requirements, but they can’t serve up the automations and personalisations consumers need as they go through life changes; or suggest policy upgrades based on data held in the system. But with modern coretech like EIS Suite, the architecture is event-driven and centered around the customer as the main record type. This seemingly simple difference in setup makes for drastic improvements in customer experience. Rather than sending out cold, annual notices, an event-driven platform can act nimbly on data that’s newly entered or picked up by third-party suppliers. For instance, if an income protection customer gets married, has a child, or buys a house, your system can detect that life event and automate a personalised communication with a congratulatory message and a special offer for a higher coverage amount. On the other hand, if a customer doesn’t experience anything life-changing in a given year, you can automate an annual notice thanking them for their trust and reminding them of their product coverage, sums assured, and associated premiums. HIGH TECH = HIGHER CUSTOMER SATISFACTION When it comes to the capability disparity between platforms like EIS Suite and modern legacy platforms, event-driven architecture is just the tip of the iceberg. A core platform like EIS helps you personalise and improve customer experiences, increasing satisfaction and retention. Still exploring your options? Sign up for our bite-size newsletter to learn how to nitpick the best coretech for your business without the influence of biased opinions. * * * EIS CATEGORIES * A&H Insurance (41) * Absence Management (2) * API (35) * Autonomous Vehicles (2) * Awards (7) * Benefits Insurance (7) * Billing (24) * Claims (25) * Cloud (61) * Core Systems (112) * Coretech (92) * Customer Experience (139) * Data & Analytics (66) * Dental Insurance (7) * Design Thinking (1) * Digital (115) * Digital Experience Platform (DXP) (12) * Embedded Insurance (1) * Fraud Detection (1) * French Language (49) * General Insurance (35) * Greenfield (17) * Group & Voluntary Benefits (3) * Health Insurance (20) * HR (1) * Industry Events (22) * Insurtech (109) * Life at EIS (3) * Life Insurance (42) * Low Code/No Code (3) * P&C Insurance (45) * Pet Insurance (1) * Policy Administration (68) * Protection (11) * Rating (14) * SaaS (18) * Technology (129) * Transformation (151) * Underwriting (23) STAY AHEAD WITH THE LATEST INSIGHTS RIGHT IN YOUR INBOX: KEEP READING 4 PROTECTION INSURERS SLASHING COSTS & SAVING TIME WITH EIS SUITE by EIS See what other protection carriers have accomplished with EIS Suite: launching products quickly, decreasing operations time, and improving customer experience. read more WHY COMBINE GROUP & INDIVIDUAL POLICIES ONTO A SINGLE PLATFORM? by EIS By consolidating group and individual policies into one platform, insurers can provide simpler, streamlined user experiences. read more HOW PROTECTION INSURERS CAN OPT OUT OF A PRICE-DRIVEN MARKET & STILL WIN BUSINESS by EIS Though protection insurance is increasingly price-driven, insurers don’t necessarily have to race their competitors to the bottom. read more READY TO ACCELERATE YOUR INSURANCE DIGITAL TRANSFORMATION? 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More information Allow All MANAGE CONSENT PREFERENCES STRICTLY NECESSARY COOKIES Always Active These cookies are necessary for the website to function and cannot be switched off in our systems. They are usually only set in response to actions made by you which amount to a request for services, such as setting your privacy preferences, logging in or filling in forms. You can set your browser to block or alert you about these cookies, but some parts of the site will not then work. These cookies do not store any personally identifiable information. PERFORMANCE COOKIES Performance Cookies These cookies allow us to count visits and traffic sources so we can measure and improve the performance of our site. They help us to know which pages are the most and least popular and see how visitors move around the site. All information these cookies collect is aggregated and therefore anonymous. If you do not allow these cookies we will not know when you have visited our site, and will not be able to monitor its performance. FUNCTIONAL COOKIES Functional Cookies These cookies enable the website to provide enhanced functionality and personalisation. They may be set by us or by third party providers whose services we have added to our pages. If you do not allow these cookies then some or all of these services may not function properly. TARGETING COOKIES Targeting Cookies These cookies may be set through our site by our advertising partners. They may be used by those companies to build a profile of your interests and show you relevant adverts on other sites. They do not store directly personal information, but are based on uniquely identifying your browser and internet device. If you do not allow these cookies, you will experience less targeted advertising. 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