EIS has acquired Metromile’s Enterprise Business Solutions (EBS) from Lemonade (NYSE: LMND), according to a company statement. The terms of the deal were not immediately available.
The all-cash transaction was completed following the close of Lemonade’s acquisition of Metromile last week.
EIS is a digital insurance platform that is cloud-native, aiming to “future proof” insurance firms.
EBS is a SaaS claims automation and fraud detection service. Lemonade is a fast growing Insurtech that provides a digital solution for consumers to purchase and manage insurance.
EIS states that 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 explains that by implementing an automated claims solution, its customers will be able to lower their total cost of ownership and Loss Adjustment Expense (LAE) while increasing their speed to market.
Alec Miloslavsky, founder and Chief Executive Officer of EIS, said they look forward to welcoming the EBS team and their clients:
“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.”
Bill Chval will remain General Manager of EBS.