Caribbean general insurer, British Caribbean Insurance Company (BCIC) has launched its omnichannel insurance ecosystem built on the San Francisco-domiciled, EIS cloud-native SaaS platform and implemented by EY.
The EIS SaaS platform aims to accelerate speed to market and drive efficiency. 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 launch is a key component of EIS’ commitment to global growth and innovation, and its strategic plan to broaden its global footprint, following successful expansions into Asia, Europe, and the UK.
Peter Levy, Managing Director, BCIC, commented, “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.”
Initially, BCIC customers can purchase motor insurance, with other types of insurance, like home and commercial being launched soon. At launch, products will be served directly to BCIC customers, closely followed by the integration of BCIC’s broker network.
EIS was selected due to the flexibility, agility, and adaptability of its cloud-native SaaS platform offering high levels of self-sufficiency, automation, and the ability to leverage the cloud’s array of advanced technologies, stated the general insurer.
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, Chief Executive Officer, EIS 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.”
