EIS, a global core system and digital insurance platform provider, has announced its acquisition of Metromile’s Enterprise Business Solutions (EBS), a leading SaaS-based claims automation and fraud detection solution, from Lemonade.
The acquisition of the EBS assets will greatly expedite EIS’ continued acceleration into new markets, bolstering its data science capabilities while offering additional insurtech solutions to current and future customers. EIS will continue to build on EBS’ advanced technology and apply the same to additional applications, product verticals, and geographies that EIS serves globally.
The EBS platform offers an end-to-end touchless claims experience that can improve customer satisfaction, limit losses paid to false claims, and streamline back-office operations beyond robotic process automation. Insurers licensing the technology improve their combined ratio by as much as 10%.
At a time when COVID-related claims are skyrocketing due to a resurgence in driving and increasing parts costs, this platform allows EIS customers to improve customer satisfaction and experiences while reducing their claims costs. By implementing this automated claims solution, EIS customers will be able to lower their total cost of ownership and Loss Adjustment Expense (LAE) while increasing their speed to market.
EBS supplies major components to the insurance industry, including the following:
- REPORT – A digital First Notice of Loss platform allowing for automated claims processing
- DETECT – AI-driven fraud detection and risk scoring platform
- PORTAL – Digital customer portal for insureds to track claim status
- STREAMLINE – Self-serve, automated end-to-end digital claims experience for insureds, agents, and brokers. Pre-built, ready-to-serve automations.
“We look forward to welcoming EBS team members and their clients to EIS,” said Alec Miloslavsky, Founder & Chief Executive Officer of EIS. “Acquiring EBS will greatly enhance our coretech systems. As either a stand-alone or integrated offering, EBS enables our P&C insurance carrier clients to automate their claims operations and successfully bridge the existing gaps in their systems digitally. Most importantly, this is the first step on a roadmap towards building a complementary Data Science (“DS”) line of solutions for our current and future customers. EIS’ coretech platform has always been aimed at streamlining the insurance processes and DS offers new and dramatic ways to increase automation across the board for insurance carriers.”
“EIS’ proven track record in providing highly valued software to insurance companies, coupled with their deep technology expertise, makes them the right partner for EBS’ next chapter,” said Bill Chval, who will remain General Manager of EBS. “We have felt a strong alignment of values since the beginning and are truly excited about what we’ll be able to achieve together.”
Lemonade offers renters, homeowners, car, pet, and life insurance. Powered by artificial intelligence and social impact, Lemonade’s full stack insurance carriers in the US and the EU replace brokers and bureaucracy with bots and machine learning, aiming for zero paperwork and instant everything. A Certified B-Corp, Lemonade gives unused premiums to nonprofits selected by its community, during its annual Giveback. Lemonade is currently available in the United States, Germany, the Netherlands, and France, and continues to expand globally.
Follow @lemonade_inc on Twitter for updates.
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