In the News:
San Francisco, CA and Newtown, PA
June 10, 2020
EIS Group, a core and digital platform provider for insurers, today announced a partnership with EPAM Systems, Inc. (NYSE: EPAM), a leading global provider of digital platform engineering and software development services, to help insurers accelerate digital transformation initiatives in the UK.
The partnership comes at a time in the insurance industry when adaptive, orchestrated technology eco-systems are becoming more critical, pushing insurers to assess the urgent need for an agile platform, which offers flexibility driven by both the cloud and open APIs.
What’s more, the pandemic has highlighted the fact that insurers can no longer wait to begin transformation initiatives. A recent EIS survey found that 71% of respondents have accelerated initiatives to digitise operations and customer experience as a result of the pandemic. With only 4% of digital initiatives postponed. As the industry looks to create its new normal, insurers will have to look for new ways to adopt new business models and capabilities to support its customers. Doing this on existing on-premise infrastructure, however, will cost both time and much needed financial resources and make it difficult for insurers to compete against more nimble Insurtech upstarts.
“We’re excited to announce our partnership with EPAM in the UK”, said, Olivier Vaysse, Head of EMEA for EIS Group. “EPAM’s wealth of experience in engineering and software implementation and services will be of high value and quality to our mutual customers. This stands alongside exceptional digital design and delivery competencies that will be critical as insurance companies try to adapt to the changing needs of the consumer who is looking for more personalised offers and experiences.”
The collaboration between the two companies will allow insurers to overcome these challenges while allowing them to grow their business for the customer of tomorrow. EIS’ cloud-native coretech platform, for example, uses open APIs to rapidly create and deploy new and innovative products and services. EPAM’s world-class engineering pedigree, proven delivery and implementation methodology and in-depth industry knowledge will allow insurers to respond to the changing demands of the modern customer in an innovative and agile way.
“The insurance sector is currently facing disruption from many angles—changing consumer needs, inflexible legacy IT infrastructures, increasing competition by Insurtech and an evolving regulatory landscape. To ensure they thrive, insurance companies across the UK must continue to evolve their business,” said Balazs Fejes, Co-Head of Global Business at EPAM. “For this reason, we’re excited to partner with EIS Group in delivering digital solutions to help insurers bring new services and products to market quickly, without introducing additional risk, and allow them to stand out from the competition. We look forward to working with them both now and in the future.”
Since 1993, EPAM Systems, Inc. (NYSE: EPAM) has leveraged its software engineering expertise to become a leading global product development, digital platform engineering, and top digital and product design agency. Through its ‘Engineering DNA’ and innovative strategy, consulting, and design capabilities, EPAM works in collaboration with its customers to deliver next-gen solutions that turn complex business challenges into real business outcomes. EPAM’s global teams serve customers in over 25 countries across North America, Europe, Asia and Australia. EPAM is a recognized market leader in multiple categories among top global independent research agencies and was one of only four technology companies to appear on Forbes 25 Fastest Growing Public Tech Companies list every year of publication since 2013.
EIS is an insurance software company that enables leading insurers to innovate and operate like a tech company: fast, simple, agile. Founded in 2008, EIS provides a platform for high-velocity insurance operations. Its open, flexible platform of core and digital solutions liberate insurers to accelerate innovation, launch products faster, deliver new revenue channels, and create insurance experiences the world will love. And with thousands of APIs, the EIS ® platform gives insurers the freedom to connect to a vast ecosystem of insurtech and emerging technologies. Headquartered in San Francisco, EIS powers premium growth for P&C and Life insurance companies worldwide. For more information on how EIS helps insurers become unbeatably fast at everything they do, visit EISGroup.com.