BCIC customers will initially have the option to purchase motor insurance, with the addition of home and commercial insurance products. Credit: Rawpixel.com/Shutterstock.

The British Caribbean Insurance Company (BCIC) has introduced the Caribbean’s first omnichannel insurance ecosystem, leveraging the EIS cloud-native Software-as-a-Service (SaaS) platform.  

This digital ecosystem, which is being implemented by EY, promises increased accessibility to BCIC’s products, rapid deployment of new offerings, as well as personalised customer interactions. 

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It will cater to the diverse demographic of the Caribbean region. 

BCIC plans to undertake a multi-phased launch approach for the new insurance ecosystem, starting with a roll-out in Barbados, with plans to extend to Jamaica and the wider Caribbean later in the year. 

Use of EIS’ SaaS platform is poised to enhance BCIC’s speed to market and operational efficiency, benefiting clients. 

Initially, BCIC customers will have the option to purchase motor insurance, with the addition of home and commercial insurance products anticipated in the near future.  

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The launch phase will see these products offered directly to customers, with subsequent integration of BCIC’s extensive broker network to follow. 

EIS claims that its choice by BCIC was influenced by the platform’s flexibility and the capability to adapt quickly, featuring high levels of automation and self-sufficiency.  

This platform also allows BCIC to utilise advanced cloud technologies to their full potential.  

The transformation programme is expected to deliver a leading digital experience for both customers and brokers, while simultaneously reducing costs associated with provision and claims through automation and fraud detection. 

EIS and EY are collaborating with BCIC to implement a centralised business model across multiple islands, which will enable best practice adoption, digitisation, and self-service across all operations.  

The EIS platform will create a customer-centric, data-driven environment, allowing BCIC to swiftly adjust its products and services to meet evolving customer needs and to innovate freely, ensuring its offerings remain pertinent and specifically tailored to each region. 

This launch marks a significant milestone in EIS’s strategy to expand its global presence, following forays into Asia, Europe, and the UK.  

BCIC managing director Peter Levy said: “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.”