SPRINGFIELD, Mass. and SAN FRANCISCO, April 15, 2020 (GLOBE NEWSWIRE) -- Wellfleet, a Berkshire Hathaway insurance company, and industry technology leader EIS Group are building a next-generation insurance administration platform to meet the evolving demands of the employee benefits market.
In the complex voluntary benefits landscape, brokers and their clients commonly work with multiple systems, fighting to integrate with carriers’ patchworked legacy systems. Whether it’s product sophistication, internal workflow monitoring, enrollment and third-party integration, or communications across multiple modules, carriers struggle to administer plans in a digitally unified way.
Wellfleet Workplace entered the voluntary market last year, on a mission to be the digitally enabled carrier of choice. Partnering with EIS Group helps drive this differentiation by jointly creating an open-architecture and cloud-based software system designed to support the full broker and customer lifecycle.
“We’re building a web-based customer-centric platform with a consistent, multi-channel experience,” said James Ocampo, Executive Vice President and head of Wellfleet’s Workplace division.
“At Wellfleet, we have no legacy systems: we’re building our API-driven platform from the ground up, enabling true data integration among apps to power customer-facing processes across multiple channels. Our platform will also improve data agility and operational efficiency, and enhance the overall customer experience—all while enabling the rapid introduction of new products to market,” said Ocampo.
EIS Group’s leadership is excited about the opportunity to build a cutting-edge software system that will satisfy Wellfleet Workplace’s customer-centric focus and give users a holistic software solution.
The software provider’s cloud-based platform supports broker and customer lifecycles from rating and quoting, policy issuance and administration, to billing and claims management. Multi-channel touchpoints are easily created and managed through EIS Group’s digital experience platform.
“Wellfleet and EIS Group are making an investment into the future of workplace benefits. If brokers are to keep pace with digital economy demands and engage their clients how they want to be engaged, they need something different,” said Tony Grosso, Head of Marketing at EIS Group. “A customer-first approach to solution design and an open architecture that easily connects to a rapidly changing ecosystem of products, services, exchanges, and other channels is critical. Our partnership with Wellfleet will push boundaries and raise expectations.”
PwC (PricewaterhouseCoopers) assisted Wellfleet in its technology strategy development and is also serving as its primary systems integration partner.
With many years’ experience as a leading student health insurance administrator, Wellfleet leaders understood the importance of creating a system free of the pain points found in limited-function legacy computer systems and challenging tech integrations.
“As a Berkshire Hathaway company, Wellfleet takes a long-term view,” said Drew DiGiorgio, Wellfleet President & CEO. “This investment is part of our strategy to diversify and customize our product offerings, while building a business division led by an experienced team of industry leaders. We’re excited to offer the market a customer-centric administration experience—from quote to bind to claim.”
About Wellfleet
Wellfleet is a Berkshire Hathaway company focused on delivering customer-centric insurance solutions through flexible product offerings and quality service. With an A++ financial strength rating from A.M. Best, Wellfleet’s goal is to protect people against risk throughout every stage of life — from grade school to college, the workplace and beyond.
The Wellfleet Workplace division delivers high-quality, customizable benefit solutions through a suite of voluntary products. Designed to complement core benefits plans, while providing employees with financial protection from the unexpected, Wellfleet Workplace products include Accident, Critical Illness and Short-Term Disability Income insurance. For more details, visit WellfleetWorkplace.com.
Wellfleet is the marketing name used to refer to the insurance and administrative operations of Wellfleet Insurance Company, Wellfleet New York Insurance Company, and Wellfleet Group, LLC. All insurance products are administered or managed by Wellfleet Group, LLC. Product availability is based upon business and/or regulatory approval and may differ among companies.
About EIS Group
EIS Group is an insurance software company that enables leading insurers to innovate and operate like a tech company: fast, simple, agile. Founded in 2008, EIS Group provides a platform for high-velocity insurance. This open, flexible platform of core and digital solutions liberates 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 platform gives insurers the freedom to connect to a vast ecosystem of insurtech and emerging technologies. Headquartered in San Francisco, EIS Group powers premium growth for P&C and Life insurance companies worldwide. For more information on how EIS Group helps insurers become unbeatably fast at everything they do, visit EISGroup.com.
Contacts:
Wellfleet: Jennifer Picard
jpicard@wellfleetinsurance.com
413-452-5360
EIS Group: Kevin Haydon
khaydon@eisgroup.com
845-797-2976