March 8, 2021
Providing Digital Insurance Solutions During a Pandemic: Reflections on a Unique Year in InsurTech
It’s around a year since Covid-19 started to spread and take a firm grip on the world. So, we thought we’d reflect on this strange year and assess how EIP has dealt with providing digital insurance solutions during the pandemic. Let’s look back at the past year in InsurTech, our learnings from the experience and our key successes.
Looking back to the last time the EIP got together
It seems like years, but the last time the entire EIP company was altogether in one place was only 16 months ago! In fact, as a digital insurance business which, even before the Coronavirus, had lots of remote workers with many travelling almost constantly, that was one of the very few times that we managed to herd every single team member together face-to-face at one time.
The venue was Madrid. The purpose; a party to celebrate our company, EIP’s, 15th birthday. Three glorious days of fine dining, Flamenco, wine tasting, cocktails, sightseeing and sun – all done from a home-base of one of the best hotels in the city…
Digital insurance and InsurTech during a pandemic
That was in September 2019. Just six months later, the unthinkable happened and we all found ourselves locked in our homes. When Covid struck we were, as a digital insurance solutions provider, more fortunate than many. The previous year we had invested heavily in working towards certification for ISO 27001 – the international gold standard for information security. Part of this process involved creating a strong and detailed business continuity plan (BCP), in the event that disaster struck.
Well, we got the opportunity to test that plan comprehensively on 16th March when Covid restrictions were announced. We had to close the EIP office and send all our local team home with almost no notice. Our people are spread across a broad area – Isle of Man, Manchester, Birmingham, London, Madrid, Dusseldorf, etc. But under our BCP everyone had already been kitted out for full home working. As a result, the transition was immediate and almost completely seamless.
We are thankful to have infrastructure and processes in place to provide digital insurance and InsurTech solutions effectively during the pandemic.
Reflections on a unique year as a digital insurance provider
So, having a BCP that ensured EIP could operate effectively in this uncertain time for individuals and businesses, we reflect on the past year as a digital insurance provider. We look at our successes in 2020 and how we kept the team engaged and motivated during the lockdowns.
EIP successes in 2020
Somewhat counter-intuitively, we noticed that during lockdown EIP’s productivity increased by almost 15%. And whilst none of us were exactly shy beforehand, the level of communication between the team improved. Luckily, our business focuses on digitising insurance sales and insurance claims journeys. So, our products are not only resilient to Covid but actually complement the accelerated moves by our customers to a digital distribution channel to bypass retail.
We launched our EIP Core and EIP Web platforms in five new countries during the first and second waves of the Coronavirus – all completely remotely. It seems that being an InsurTech company and providing digital insurance solutions has its advantages during a lockdown!
Providing digital insurance solutions during the lockdowns
Here we are, a year later. Covid is still firmly with us and it’s clear that lockdown and homeschooling are taking their mental and physical toll on what is normally a very social bunch at EIP. For this reason, we’re continually investing in creative ways to try to keep the team spirit active and still have some level of social interaction – our bi-weekly trips to our virtual pub, The Donkey & Dolphin, have become highly competitive (and combative) affairs with the introduction of the pub quiz, and our forthcoming ‘Caribbean Cocktail Mixology Masterclass’ evening, alongside a variety of regular ‘Town Halls’, ‘Huddles’ and other get-togethers that keep our people in touch and up to date.
We’ve added more than 15 people to the EIP team in the last 12 months, and all of those new starters haven’t had the chance to meet their new colleagues face-to-face, so we’ve learned not to stifle the small talk at the start of Zoom calls. In fact, we positively promote it now that staff can’t meet at the water cooler or in the kitchen.
So, as you can see, providing digital insurance solutions has become a wholly digital experience for the EIP team. And our InsurTech innovators have become innovators in team-building too!
EIP looking to the future
Reflecting on a unique year in digital insurance during the pandemic, we’re proud of our achievement and our resilience. EIP was also named in the InsurTech100 list for 2020!
Looking to the future, the EIP to-do list for 2021 is already filling up fast. It promises to be another busy and challenging year for EIP. But it should be an exciting one. We weren’t planning to have another big birthday party until our 20th in 2024, but we’re now thinking that 17½ is quite a special birthday too…
As a leading digital insurance solutions provider, EIP is leading the charge for insurance digitalisation. To find out more about EIP and our market-leading InsurTech solutions, head to the About EIP page. Or get more details on the InsurTech100 and why we EIP was recognised in this prestige list.
EIP is a global InsurTech company that delivers innovative digital insurance solutions to Telecoms, Banking and Lifestyle insurance providers. We’re trusted by some of the world’s biggest brands. Get in touch if you’d like to discuss how EIP’s end-to-end insurance software solutions could help you improve your performance.