Kingston, 24th June, 2024: Leading Caribbean general insurance provider, British Caribbean Insurance Company (BCIC) has today announced the launch of its omnichannel insurance ecosystem built on the EIS cloud-native SaaS platform and implemented by EY. The EIS SaaS platform will accelerate speed to market, drive efficiency, and place the customer at the heart of the business.
The multi-phased roll-out begins in Barbados with plans to expand to Jamaica later this year, and then the rest of the Caribbean. The digital ecosystem will increase access to BCIC’s existing products, enable the launch of new products at pace, and ensure that every engagement is tailored to meet the specific needs of the Caribbean’s diverse population.
Initially, BCIC customers will be able to purchase motor insurance, with other types of insurance, such as home and commercial, becoming available soon. At launch, products will be served directly to BCIC customers, which will be closely followed by the integration of BCIC’s extensive broker network.
EIS was selected by BCIC due to the flexibility, agility, and adaptability of its cloud-native SaaS platform, which offers high levels of self-sufficiency, automation, and the ability to leverage the cloud’s array of advanced technologies.
Commenting on the appointment, Peter Levy, Managing Director, BCIC, said: “Our business is complex, serving a diverse population across different territories with distinct needs. We wanted a platform that can provide everything needed to offer a world-class customer-centric experience today but also has the flexibility to adapt as we evolve our offering and expand into new markets.”
“We chose EIS because their platform is modern, digital by design and provides a development environment in which we are the masters of our own destiny. We felt constrained by our legacy technology, but with EIS, we get an open, flexible, platform we control. It gives us a digital technology engine to scale, launch new, relevant products and adapt to our customers’ changing needs, without increasing the cost of doing business.”
The transformation program enables BCIC to deliver a market-leading digital experience for customers and brokers, while dramatically reducing the cost of provision and claims through automation and advanced fraud detection capabilities. Working closely with BCIC, EIS, and EY will deliver a centralized multi-island business model to its broker network, making digitisation, best practice, and self-service available throughout the whole of its operations.
Alec Miloslavsky, EIS CEO, said: “BCIC has executed its transformation program with the right approach and mindset. By avoiding replicating legacy systems, they’ll industrialise the business, taking them to a new level in product sophistication and digital experience that sets the standard for industry best practice in the region.”
“We are incredibly proud to partner with such a progressive and ambitious insurer and look forward to helping them to pioneer new ground in Caribbean insurance provision.”
Leveraging EIS cutting-edge enterprise SaaS platform creates a customer-centric, data and event-driven environment. Its customer-core and multi-line advantage will make sure BCIC can quickly align its products and services with the evolving needs of its customers and innovate without constraint to ensure its products remain relevant and designed for each region.
The launch is a key component of EIS’ strategic plan to broaden its global footprint, following successful expansions into Asia, Europe, and the UK. The move into the Caribbean region signifies the latest step in EIS’ commitment to global growth and innovation.
About BCIC
BCIC is a leading general insurer underwriting major lines of insurance including Property, Motor, Accident, Liability, Marine, and Financial Guarantees since 1962. As a part of its customer-focused approach, the company was the first insurer to offer roadside assistance and loss of use in Jamaica, which are now standard industry practice. BCIC’s balance sheet strength is recognized by internationally recognized credit rating agency AM Best. The company is the only Caribbean insurer to demonstrate its commitment to being clear, open, and customer-focused by earning the WriteMark, a quality mark awarded for a high standard of plain language in communication. BCIC operates in Jamaica, Barbados, and Turks and Caicos. For more information, visit bciconline.com.
About EIS
EIS is a leading SaaS platform provider to the insurance industry and first choice for ambitious insurers building the customer-centric insurance ecosystems of tomorrow.
Our open, API-rich, event-driven architecture enables insurers to break free from inefficient, inflexible legacy systems and siloed organizational design, and enter a world where technology enables organizational excellence and world-class customer service.
Digital by design, EIS delivers the flexibility and agility needed to meet the dynamic demands of today’s modern insurance market, with the built-in adaptivity to orchestrate the transformations of the future.
Our cloud-native platform liberates insurers to enter new markets, develop new products, and build engaging experiences, while eliminating unnecessary costs, boosting retention, and delivering the self-sufficiency to accelerate your path to innovation, automation, and growth.
Headquartered in San Francisco, EIS is at the core of some of today’s most ambitious insurers. For more information, visit www.eisgroup.com.
