We are pleased to announce that EIS Group received the highest score in two of five use cases in Gartner’s 2019 Critical Capabilities for Life Insurance Policy Administration Systems, North America report.1 In its first year of recognition in the report, EIS Group was assessed as one of 12 vendors, and received two of the highest use case scores, one second highest score and a third highest score.
According to the report, EIS Group achieved the following:
- Highest in New Product Development/Launch Use Case, scoring 3.89 (out of 5)
- Highest in Policy/Contract Change Use Case, scoring 3.86 (out of 5)
- Second Highest in Digital User Support Use Case, scoring 3.74 (out of 5)
- Third Highest in Group/Worksite Enrollment, Claims and Billing Use Case, scoring 4.37 (out of 5)
To us, it is extremely gratifying to achieve these use case scores in our first year in the report. We believe they are a testament to how well EIS Group's platform enables insurers to adapt to change and drive growth, and the results of our customers.
To compete effectively, life insurers need a new level of agility that gives them quicker time to market for products and a vastly improved digital experience that compares favorably with what consumers experience elsewhere they shop. That is why we believe a PAS solution choice is so critical. To this end, EIS Group has invested in building and maintaining a world-class product development and management capability that enables industry-leading speed to market. It also supports a deeper level of customer engagement via the industry’s largest library of open APIs.
In the report, Gartner states: “Life insurance CIOs need to assess that their policy administration system (PAS) has technical and architectural characteristics that support adaptability and change. Fifty-nine percent of client references surveyed in 2019 for the Magic Quadrant for Life Insurance Policy Administration Systems, North America tagged inflexible legacy systems as a reason for initiating a PAS replacement. They also indicated that the ability to support changing business conditions and improved business outcomes, such as better operational efficiencies as well as improved time to market, were key drivers for replacing a PAS.”
Gartner notes that CIOs should be striving for PAS that “Support and continually improve integration with an API framework to interact with customer engagement hubs and ecosystem partners dynamically, including an API workbench that facilitates configuration, customization, testing and deployment of APIs.”
EIS Group’s recognition in Gartner's Critical Capabilities for Life Insurance Policy Administration Systems, North America report (report available to Gartner subscribers) follows publication of Gartner's companion report Magic Quadrant for Life Insurance Policy Administration Systems, North America.2 EIS Group was named a Visionary in the latter report assessing vendor ability to execute and completeness of vision.
According to Gartner, “Critical Capabilities research complements a Gartner Magic Quadrant by allowing deeper insight into the providers’ product or service offerings by identifying which ones best fit various use cases. Magic Quadrants position vendors in a market, while Critical Capabilities provides a deeper dive into providers’ product and service offerings. Magic Quadrants contain a broader analysis of the vendors in a market, while the companion Critical Capabilities directly focuses on the product/service offering. As companion research notes, they offer a market and product/service view that provides powerful insight when making technology decisions.”3
We encourage existing Gartner clients currently evaluating policy administration solutions to utilize this new research.
1 Gartner, Inc., Critical Capabilities for Life Insurance Policy Administration Systems, North America, Richard Natale, September 9, 2019.
2 Gartner, Inc., Magic Quadrant for Life Insurance Policy Administration Systems, North America, Richard Natale, August 5, 2019.
3 Gartner, Inc., Gartner Critical Capabilities, 2019. https://www.gartner.com/en/research/methodologies/research-methodologies-gartner-critical-capabilities
Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner's research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.
Rowshi Pejooh is EVP of Product Management & Strategy at EIS Group.