Alexander Forbes Group Chooses Sapiens for Digital and Core Transformation

The transaction represents the largest single investment in technology and digital capabilities in the history of the Group, in support of its ambition to become the pan-African leader in financial services.

(The Gautrain runs between O.R. Tambo Airport and Sandton. Credit: Nithin bolar k.)

Alexander Forbes Group Holdings Ltd (Sandton, South Africa), a leading pan-African financial services company has signed a contract with Sapiens International (Holon, Israel) to enhance the delivery of Alexander Forbes’ client experience and solutions. Sapiens reports that it expects to generate significant revenues pursuant to the new agreement in each of 2017, 2018 and 2019.

Andrew A. Darfoor, CEO, Alexander Forbes Group.

Andrew A. Darfoor, CEO, Alexander Forbes Group.

Through the agreement Alexander Forbes will implement Sapiens’ core system software, including Sapiens ALIS for life and pensions, and Sapiens IDIT and Sapiens Reinsurance for short term insurance. The company has also chosen the Sapiens PORTALSapiens INTELLIGENCE and Sapiens DECISION for decision management, to provide what a vendor statement characterizes as end-to-end, integrated digital capabilities across all lines of business. Sapiens will serve as the primary implementation partner.

Goal: to Be Pan-African Financial Services Leader

The transaction with Sapiens is the largest single investment in technology and digital in the history of the Group, notes Andrew A. Darfoor, CEO, Alexander Forbes Group. “This is a critical component of our strategic ambition of becoming the leading pan-African financial services leader by providing our clients with a lifetime of financial well-being solutions through a modern platform with an improved customer experience,” he says.

Under the agreement, Sapiens will provide a wide range of offerings, including key components of the Sapiens Digital Suite, to power Alexander Forbes’ client proposition and enhance its digital capability, the vendor reports.

“We were looking for a strategic partner that could provide us with modern technology and a digital platform in order to deliver innovative and best-in-class solutions to our client base,” Darfoor adds. “Sapiens’ comprehensive, innovative and digitally rich platform and solution portfolio is the right fit for our organization. The company also has a proven ability to deliver complex projects of this size and scope which gives our Board the confidence that we are making the right long-term decision.”

Roni Al-dor, President and CEO, Sapiens.

Roni Al-dor, President and CEO, Sapiens.

One-Stop-Shop for Products, Services and Delivery

Alexander Forbes selected Sapiens based on the vendor’s ability to serve as a one-stop-shop for products, services and delivery, according to Roni Al-Dor, President and CEO, Sapiens. “Sapiens’ portfolio will enable a full modernization and digital transformation, empowering Alexander Forbes to provide a personalized and tailored customer experience and enhanced time to market of new products. Our modern IT platforms will help fuel Alexander Forbes’ growth and provide it with full and automatic regulatory compliance.”

“I would like to thank Alexander Forbes, an important and valued Sapiens partner, for engaging Sapiens for a project of this magnitude,” adds Al-Dor. “This agreement signals our commitment to strengthen our footprint and increase our allocation of resources in the strategic region of South Africa.”

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Anthony R. O’Donnell // Anthony O'Donnell is Executive Editor of Insurance Innovation Reporter. For over a decade he has been an observer and commentator on the use of information technology in the insurance industry, following industry trends and writing about the use of IT across all sectors of the insurance industry. He can be reached at AnthODonnell@IIReporter.com or (503) 936-2803.

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