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EIS LAUNCHES IN THE UK AS INSURANCE COMPANIES LOOK BEYOND PROTECTION TO DELIVER MORE VALUE TO CONSUMERS

Leading digital insurance platform expands global footprint to meet UK insurance market demands

EIS, a core and digital platform provider for insurers, today announces its entry to the UK market. The San Francisco-based insurtech has launched its coretech platform in the UK to help insurers offer a new generation of insurance products and services, in response to changing consumer habits and an evolving regulatory landscape.

“For the Insurance company of the future, providing the right cover and good service to policyholders are table stakes,” says Tony Grosso, Head of Marketing at EIS, “The real winners will be those who can move beyond protection and operate in an ecosystem of value with other, non-insurance providers.”

In fact, a recent EIS poll of UK insurance providers and insurtechs showed that 1 in 3 respondents identified “moving beyond protection to deliver more value to customers” as the most important objective for the insurer of the future.

In response to the wave of innovation in the UK insurance sector, 75% of insurers are leaving legacy technology behind in favour of more dynamic and flexible ‘as a service’ models. EIS aims to help UK carriers with the introduction of its coretech platform, which unlike modern legacy technology, allows insurers to rapidly create and deploy new and innovative products and services via open APIs. This new, flexible platform allows insurance companies to operate seamlessly with insurtechs and other providers to deliver lifestyle solutions beyond protection to consumers.

With customers at the heart of the EIS platform, insurers globally can now take a personalised approach to their customer experience by recognising and engaging customers as a whole, across all their insurance needs, rather than individual policy numbers.

“The agility and flexibility of the platform will be invaluable to UK insurers as they look to adapt to and sync regulatory changes post-Brexit and the demands of the market,” says Tony. EIS is already helping forward-thinking insurance businesses in EMEA, North America and APAC.

“As we enter the UK market we see high demand for innovative approaches to insurance. More so than other markets, in fact,” said Olivier Vayesse, Senior Vice President, EMEA at EIS. “EIS been resourceful in responding to this demand. One example is a local initiative where we are  developing an intelligent digital ecosystem  to enable insurers  to take a more radical approach to transformation, offering a greenfield platform for transitioning away from legacy technology.”

“EIS is committed to expansion in the UK market, creating jobs and revenue opportunities, in conjunction with our partner program,” Olivier continued.

 

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FINASTRA GLOBAL SURVEY SHOWS APPETITE FOR OPEN BANKING PICKING UP PACE WORLDWIDE

  • 86% of global banks surveyed are looking to use open APIs to enable Open Banking capabilities in the next 12 months
  • Banks believe regulators are stifling innovation: almost half (48%) believe ‘regulation is too tight’ and that there is ‘not enough government or industry support to foster innovation’

Finastra research reveals that 86% of global banks are looking to use open APIs to enable Open Banking capabilities in the next 12 months. In addition, 30% of banks surveyed believe Open Banking is already making a tangible impact in delivering improved overall customer experience. This is against a backdrop where regulation is perceived to be tighter than a year ago and close to half (48%) of those audited believe that regulators are holding back innovation.

The research, which was conducted prior to the Coronavirus outbreak amongst 774 financial institutions and banks across the US, UK, Singapore, France, Germany, Hong Kong and UAE1, shows a maturity of API adoption and calls for the harmonization of regulations between geographies.

Key findings include:

  • Open banking is on the up in 2020 compared to 20192: The percentage of financial institutions looking to leverage open APIs has substantially increased in the US (+23%) and UK (+17%), while Singapore (+1%), France (-1%) and Germany (-4%) are relatively stagnant since our research in 2019.
  • Improvements in the overall customer experience accelerate API adoption: the US (45%), Hong Kong (42%) and France (36%) are leading the way in harvesting this benefit of Open APIs (UAE: 32%; Germany: 20%; Singapore: 20%; UK: 19%). Overall, 41% of global banks say that they are ‘still in the early stages of adoption’, so it’s difficult to measure the impact of Open Banking on their business so far.
  • Regulation is perceived to be tighter than a year ago and industry or government support is required to foster innovation: Almost half of those audited believe that regulations are holding back innovation. 48% state that ‘regulation is too tight’ – 10% more than 2019 – and the same percentage (48%) believe there is ‘not enough government or industry support to foster innovation’, particularly so in Hong Kong (62%), France (50%) and Singapore (49%), compared to 38% in the UK.
  • A call for harmonization: 83% of financial institutions and banks agree that regulations regarding fintech innovation should be harmonized across different geographies.
  • Cost of fintech research and development is of concern in some regions: Cost of R&D in the US, UAE and APAC regions is highlighted, more so than in the UK. (USA: 55%; Hong Kong: 55%; Singapore: 51%; UAE: 46%; France: 43%; Germany: 34%; UK: 33%).

 

Simon Paris, CEO at Finastra said, “It’s encouraging to see Open Banking maturing on a global scale, but it’s still seen by many to be in its teenage years, with scope for creating even greater opportunities. We believe it will be the first step towards Open Finance which will see the next wave of innovation in financial services being created through collaboration on open platforms, like FusionFabric.cloud, using open APIs and open software solutions.

“Currently banks and technology vendors are rightly focused on business continuity and keeping their workforces safe. We’ve also seen many of these firms moving with amazing pace to bring innovative solutions to market, with the help of technology, to support customers in this new environment. As we come through this situation together, we must endeavor to emerge stronger, and it will be interesting to see how Open Banking and collaboration accelerate when this outbreak ends.”

 

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LIBERTY BANK REINFORCES ITS FRAUD STRATEGY TO FURTHER PROTECT ITS CUSTOMERS

Liberty Bank, the third largest bank in the Georgia, has reinforced its fraud strategy to address the rising volume of fraud the industry is currently seeing. The bank has teamed up with long-term partner Compass Plus to launch a new fraud detection and prevention system built on their solutions.

 

Following the completion of the project, which was implemented with technological support from Compass Plus, Liberty Bank can efficiently and effectively monitor and act on suspicious transactions, enabling them to substantially reduce the risk and losses associated with a wide range of fraudulent activities, while protecting their customers.

 

The key drivers for Liberty Bank choosing Compass Plus software were the ability to quickly create their own algorithms to detect and prevent suspicious transactions, the integration of the solution within their existing infrastructure, and the capability to provide services to sponsored banks.

 

“The partnership between Liberty Bank and Compass Plus began in 2005, and the implementation of this project has, once again, demonstrated the flexibility of Compass Plus’ software and its ability to meet the latest industry requirements and trends. With the help of our new fraud detection and prevention system, we are able to combat fraud on a brand new level – not only can we promptly respond to any potential threats, but also prevent suspicious transactions, making our card products convenient and safe for customers,” said Levan Tkhelidze, Deputy Director General  at Liberty Bank.

 

“Our long-term partnership with Liberty Bank is important for us, and for them to choose our software to build their fraud strategy around showcases not only the strength of our relationship, but the reliability and robustness of our solutions. This project has once again confirmed that Compass Plus solutions meet the advanced industry standards and correspond to market conditions, in which the volume of card fraud is constantly growing, and methods used by fraudsters are becoming increasingly complex,” said Dmitry Lenshin, AVP & Regional Business Development Director at Compass Plus

 

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