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.
GALA TECHNOLOGY SELECTS NUAPAY TO ENABLE OPEN BANKING PAYMENTS
Nuapay, powered by Sentenial, today announces it has been chosen by Gala Technology, a payment security solution specialist, to provide Open Banking payments to its partner network and direct merchants across multiple sectors including retail, hospitality, and financial services.
Gala Technology’s multi-award winning SOTpay ‘Pay-by-link’ solution simplifies PCI DSS requirements and protects merchants against the ever-growing risk of fraud by ensuring that the transactions are authenticated, shifting liability and often lowering acquiring processing costs. SOTpay’s integration with Nuapay’s Open Banking platform now enables them to process non-card payments.
Nuapay’s FCA-licenced Open Banking payments service enables Gala Technology’s partners and merchants to accept payments via any sales channel of choice, including telephone, web chat, SMS and social media. It can do this without requesting sensitive card data, which ensures SCA compliance and eliminates fraudulent chargebacks.
“The capabilities of Open Banking have become more apparent in 2020 as merchants have been forced to explore alternative contactless, mobile and ecom-friendly payment methods that can be accessed quickly and are lower in processing costs, due to a need to respond to change brought by Covid-19.” shares Nick Raper, Head of UK at Nuapay. “We’re thrilled to be working with Gala Technology, as we have a shared drive to eradicate payment fraud. This partnership will help to increase widespread adoption of live bank transfer payments as SOTPay gives us an exceptional opportunity to demonstrate Open Banking payments’ usability and benefits to new audiences.”
Nuapay is one of the only PISPs which offers a fully inclusive open banking payment initiation, webhook notification and payment account solution; which quickens checkouts, speed-up access to cash flow, reduces processing costs, and enables full reconciliation and batch settlements of transactions. Gala Technology’s customers now have access to new payment innovation and will be able to perform refunds or make instant payouts.
Steven Jones, Commercial Director at Gala Technology, said: “We chose to work with Nuapay as their complete Account-2-Account payments capabilities and high customer service levels are unparalleled. Looking forward, Nuapay’s presence within the UK and Europe will greatly help us reach new clients and will extend our service offerings to existing clients too. Nuapay’s Open Banking payments solutions help us to provide a better service; in turn, the time, money and resources our customers save will enable them to focus on growing their businesses in a more profitable way.”
Nuapay’s PISP processor has a single connection to all major banks in the UK and a growing number of connections across Europe, ensuring that Gala Technology’s clients’ payments will be supported, no matter where their customers bank.
THE EMBEDDED BENEFITS IN ESEF DIGITAL FINANCIAL REPORTING
The inclusion of a simple link delivers serious gains in transparency, trust and real time verifiability for the whole financial ecosystem. It’s another digital feather in the LEI’s hat, explains Stephan Wolf, CEO, Global LEI Foundation.
In a battle for significance, no other public facing business document can match the annual financial report. It is the document that a public corporation must, by law, publish to describe its operations and financial condition, and to chronicle its activities over the past twelve months. Shareholders, investors and the wider financial ecosystem make innumerable strategic and operational decisions based on its contents.
In today’s digital age, then, it is little surprise that the European Securities and Markets Authority (ESMA) has mandated that annual financial reports published from the start of 2020 follow a consistent digital configuration, known as the European Single Electronic Format (ESEF) and, in them, embed their Legal Entity Identifier (LEI).
On first glance, the ESEF format appears to be designed to drive financial report production into a convenient paperless form factor. While this is both true and highly commendable, an ocean of additional potential is revealed by ESMA’s insistence that corporations embed their LEI. This mandate will heighten transparency, enhance trust, and provide instant and non-repudiable verification that the organisation filing the report is, indeed, who they claim to be. These far-reaching benefits are all enabled by the report linking to the filing entity’s verified LEI reference data held within the Global LEI Index.
The simple process of embedding an organization’s LEI – or, indeed, that of its affiliates, subsidiaries and parent companies – within an ESEF financial report means that regulators, investors, traders and other financial stakeholders, can consolidate and verify information on the filing entity faster and more conveniently than ever before.
LEI reference data includes business card information on an entity, including name and registered address, together with relationship data which confirms if the entity owns, or is owned by, other entities. This increased transparency relative to an entity’s ownership structure means that relationship networks between LEIs can be quickly and automatically established, since the LEIs of the filing entity, its affiliates, subsidiaries and parent companies are all provided in the new machine-readable ESEF format. Usefully, because the reference data is reverified annually by GLEIF accredited LEI issuers, it is always accurate and up-to-date. The net result is a substantially more useful document for end users, which is also verifiably trustworthy, authentic and integral.
ESMA has published the Global LEI Foundation’s 2019 annual report on its website to provide a best practice example of a report published in the ESEF format, which other preparers can reference. The report is published in human and machine-readable Inline XBRL and HTML formats, with LEIs embedded within both the annual report and the digital certificates of the report’s signing executive officers. The combination of these two features provides something completely unprecedented: instantly available, digitally verifiable credentials that confirm both the authenticity of document and the key individuals responsible for its content.1
Beyond the single report, the LEI embedding process creates broader opportunities for the financial ecosystem. Aggregating information on companies from multiple sources is dramatically simplified, making the job of comparing standardized financial information both faster and easier. This can be accomplished either manually, by ‘clicking through’ to view the LEI reference data, or via an automated process, saving yet more time and eliminating the risk of human error. In time, this level of facility will lead to the automated creation of online databases that use the linked LEIs to collate key data assets, to the benefit of, frankly, any person or organization that has interest, globally.
The mandatory embedding of LEIs in financial reports is just one demonstration of this technology’s transformative potential. In broader terms, not only is the LEI shoring up the digital financial ecosystem, it is helping to stabilize the evolution of the world’s digital economy. It is no exaggeration to say that the LEI, together with the Global LEI System, solves the problem of trust for legal entities worldwide. It is the only open, commercially neutral, standardized and regulatory endorsed system capable of establishing digitized trust between all legal entitles, everywhere. It was conceived and designed as a public good, and can be deployed without charge in a wide – and growing – variety of digital use-cases. Put simply, the more it is utilized, the more good it will do.
THE OUTPERFORMER’S APPROACH TO FINANCIAL PROCESS AUTOMATION
By Michelle Trapani, Director of Product Marketing at Kofax Achieving more with less is the mantra of our times....
WHY BANKS NEED TO EMBRACE WELLBEING IN THE DIGITAL EXPERIENCE
Howard Pull, Head of Digital Transformation Strategy at MullenLowe Profero The impact of the COVID-19 crisis on the economy...
SAFEGUARD YOURSELF FROM FINANCIAL STRUGGLE AND UNCERTAINTY IN THE CASE OF DEMENTIA
Despite the rising incidence of dementia globally – The World Health Organization (WHO) estimates one new case every three seconds...
WHY TECHNOLOGY IS KEY TO THE FUTURE OF AUDITING
By Piers Wilson, Head of Product Management at Huntsman Security The Financial Reporting Council (FRC), which is responsible for corporate...
BOOM OR BUST: HOW THE FINANCIAL SERVICES SECTOR IS COPING
by Simon Black, CEO, Awaken Intelligence Covid-19 has had an impact across all industries and businesses are feeling the...
BACK TO SCHOOL – CEOS NEED TO LEARN A NEW LANGUAGE, FAST!
By Simon Axon, Financial Services Industry Consulting practice lead in EMEA, Teradata Chief Executive Officers of banks know all...
REVITALISING THE TOKEN MARKET
By Gavin Smith, CEO at Panxora With interest rates near zero and fears that whipsawing stock markets are set for...
A SLEEPING DIGITAL GIANT WAKES? 4 KEY TRENDS ACCELERATING PAYMENTS TRANSFORMATION IN THE US
Lauren Jones, International Payments Ambassador, Icon Solutions The US payments industry is undoubtedly ripe for change. Before the unprecedented...
CAN ACCOUNTING DEPARTMENTS WIN THE FIGHT AGAINST FRAUD?
Magali Michel, Director, Yooz Despite the implementation of increasingly sophisticated security systems, corporate fraud continues to gain ground: half...
REMOTE INVOICE CAPTURE: ADAPTING TO THE NEW WAY OF WORKING
Author: James Adie, Vice President EMEA Sales at Ephesoft When the government announced a country-wide lockdown on March 23,...
GALA TECHNOLOGY SELECTS NUAPAY TO ENABLE OPEN BANKING PAYMENTS
Nuapay, powered by Sentenial, today announces it has been chosen by Gala Technology, a payment security solution specialist, to provide Open...
THE ROLE OF OPEN SOURCE IN UNCERTAIN TIMES
Kris Sharma, Finance Sector Lead, Canonical Financial services are an important part of the economy and play a wider...
SIMPLIFYING THE RETIREMENT FUND DEATH CLAIMS PROCESS
By Dolana Conco, Regional Executive at Alexander Forbes Losing a loved one is one of the most difficult experiences...
THE EMBEDDED BENEFITS IN ESEF DIGITAL FINANCIAL REPORTING
The inclusion of a simple link delivers serious gains in transparency, trust and real time verifiability for the whole financial...
YAPILY AND OZONE API PARTNERSHIP MARKS TURNING POINT IN OPEN BANKING ADOPTION FOR BANKS
Open banking leader Yapily has today announced a strategic partnership with Ozone API, the leading API standards-based platform, to enable banks and...
PROGRESSIVE SCENARIO PLANNING FOR THE LIBOR TRANSITION
James Gannaway, Head of Financial Services, Board International The Financial Stability Board have announced that disruption to markets caused...
AS DIGITAL TRANSFORMATION ACCELERATES, ENTRUST DATACARD BECOMES “ENTRUST”
Entrust name and identity reflect the critical need for trust at the heart of the digital transformation – and the...
HOW TO TAME YOUR FINANCES TO REGAIN CONTROL OF YOUR MONEY
Credit, combined with bad spending habits, means many South Africans find themselves living from payday to payday, but you can...
HOW DATA VIRTUALISATION CAN HELP THE FS INDUSTRY REGAIN COMPLIANCE CONTROL
Charles Southwood, Regional VP – Northern Europe and MEA at Denodo In recent years, the financial services (FS) sector has witnessed a...
HOW TECHNOLOGY IS CHANGING ACCOUNTING
Mike Whitmire is Co-founder and CEO of FloQast, The fundamentals of accounting have been around for hundreds of years....