TPG, a worldwide alternative asset business specialized in flexible capital solutions for the technology industry, recently revealed a $100 million growth investment in EIS, an insurer’s core and digital platform provider.
The funds will be used to enable the cloud-native multiline Insurtech platform to speed up product development and expand geographically. The fund will allow EIS to continue offering customer-centered solutions that enable powerful customer experiences and assist insurers as they “transition from outdated modern legacy’ systems toward a platform that provides the flexibility, speed, openness, and security that they require,” said Alec Miloslavsky, EIS’s founder and CEO.
Miloslavsky with 30 years of expertise in the IT industry and as an entrepreneur, successfully developed two technological firms, Exigen Services, and Genesys Telecommunications Laboratories, he Established EIS in 2008. EIS was his first Insurtech firm, which began with the development of horizontal technologies and rules engines to improve insurance process efficiencies and swiftly grew into a full-fledged insurance software company.
“It went against the grain of how insurers thought at the time because they believed every line of business was so different and life was so different from P&C and so on.” ‘Insurance processes are similar, and when you contextualize and breakdown to that way, you can build modules and functions that span across any insurance line of business, and then through configuration, you can do a small amount of work to tailor that function for those specific lines of business,’ the EIS team said.
The key goal of all insurers is to improve the customer experience, according to Grosso. No longer is insurance a siloed shopping experience, where customers will go to one insurer or agent when they need an auto policy, and a different insurer when they need life insurance, and so on. Now, insurers are focused on knowing their customer and offering relevant products and services in the moments that matter in their lives. This is where technology can play an important role.