British Caribbean Insurance Company (BCIC) has introduced a new digital insurance platform, beginning in Barbados with plans to expand to Jamaica and other Caribbean regions.
The platform, developed on the EIS cloud-native SaaS technology and implemented by EY, is designed to improve customer service and operational efficiency.
Initially, the platform will offer motor insurance, with home and commercial insurance to follow. The new system’s flexibility and automation will enable BCIC to better meet customer needs and reduce operational costs.
Peter Levy, managing director, BCIC, said: “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 and 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.”
EIS expansion
The launch is a also a crucial part of EIS’s strategy to expand its global presence, building on successful ventures in Asia, Europe, and the UK. Entering the Caribbean market marks the latest phase in EIS’s ongoing commitment to international growth and innovation.
Alec Miloslavsky, CEO at EIS, also commented: “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.”
Working closely with BCIC, EIS and EY will deliver a centralised multi-island business model to its broker network, making digitisation, best practice, and self-service available throughout the whole of its operations.
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