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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Unlike outdated legacy systems, this architecture helps overcome data silos and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.







 

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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


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