(Image source: PPM homepage.)
Preferred Physicians Medical Risk Retention Group (PPM), an Overland Park, Kan.-based affiliate of NORCAL Mutual (San Francisco) dedicated to insuring anesthesiologists, has selected the Sapiens (Holon, Israel) North American P&C Platform as its new platform for the company’s professional liability insurance.
PPM’s decision to replace its legacy environment with a modern technology platform was prompted by its plan to grow the business, leverage agent distribution channels, and investigate new products, according to a vendor statement. The insurer specifically sought a cloud-based system that could support its current policy and quote issuance process, as well as the company’s unique medical malpractice claims requirements.
PPM selected the Sapiens’ platform over other market offerings due to its ability to support PPM’s policy, quote and claims needs as well as workflow, reporting, and business intelligence (BI) requirements, the vendor reports. PPM also cited the platform’s flexibility and integrated suite of solutions as contributing factors to the decision.
“The Sapiens solution was attractive due to its availability on the cloud combined with its extensive functionality and flexibility to support our demanding coverage requirements,” comments Deanna Olson, CFO, PPM. “Being able to use the configuration tool to have the system conform to our processes was especially important to us.”
Wade Willard, PPM’s COO adds, “We selected Sapiens because we felt the end-to-end, modern and flexible platform would be able to meet our current needs, but also support and help enable our aggressive growth initiatives.”
PPM anticipates the following benefits from the implementation of the Sapiens solution, by the vendor’s description.:
- Processing of both individual and group medical malpractice;
- Robust and flexible functionality able to support management of PPM’s complex claims process; and
- Full support for policy, billing, workflow, reporting, document creation and customer management.
“Medical malpractice insurance is unique when compared to many professional liability coverages, and PPM’s selection of our P&C platform will showcase the system’s flexibility and configurability to adapt to a wide range of insurance products,” comments John Pettit, head of Sapiens’ North American P&C Insurance Platform business unit. “Like PPM, today’s insurers want systems like our platform that are able to adapt to their needs and processes rather than requiring the company to change to accommodate a system’s limitations.”
“The PPM decision is another P&C win for us in North America, helping us to expand our footprint in this key region and further strengthen our market position,” adds Roni Al-Dor, president and CEO of Sapiens. “Being recognized as a proven solution provider to in the medical malpractice segment of the market, opens up a world of new opportunity for us.”