BCIC Unveils Insurance Ecosystem

British Caribbean Insurance Company has launched the Carribbean's first-ever omnichannel insurance ecosystem.

British Caribbean Insurance Company has launched the Caribbean’s first-ever omnichannel insurance ecosystem.

The innovative platform is built on the EIS cloud-native SaaS platform and implemented by EY. This move is set to accelerate BCIC’s speed to market, improve efficiency, and enhance customer focus, according to Insurance Edge.

The primary reason for launching this new product is to increase access to BCIC’s existing products and enable the rapid introduction of new offerings.

The digital ecosystem ensures that each interaction is tailored to meet the specific needs of the diverse Caribbean population.

Initially rolling out in Barbados, the program plans to expand to Jamaica later this year and eventually to the rest of the Caribbean.

British Caribbean Insurance Company offers a variety of general insurance products across the Caribbean. With this new platform, BCIC aims to provide a seamless and efficient customer experience while staying ahead in the competitive insurance market.

The newly launched product will initially allow customers to purchase motor insurance, with home and commercial insurance options to follow soon.

At the outset, products will be directly available to BCIC customers, with integration into BCIC’s extensive broker network set to follow shortly after.

BCIC selected EIS for its platform’s flexibility, agility, and adaptability. The cloud-native SaaS platform offers high levels of self-sufficiency, automation, and advanced technological capabilities.

This selection underscores BCIC’s commitment to leveraging cutting-edge technology to enhance service delivery and operational efficiency.

The transformation program aims to provide a market-leading digital experience for both customers and brokers. It promises to reduce the cost of provision and claims through automation and advanced fraud detection.

The collaboration between BCIC, EIS, and EY will deliver a centralised multi-island business model to BCIC’s broker network, promoting digitisation, best practices, and self-service throughout its operations.

Commenting on the appointment, 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. 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.”

Alec Miloslavsky, EIS CEO, added, “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.”

The launch is a key component of EIS’s strategic plan to expand globally, following successful ventures into Asia, Europe, and the UK. The move into the Caribbean signifies EIS’s ongoing commitment to global growth and innovation.

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