Aktia Life Transforms Core Life Insurance Systems with Sapiens

Sapiens CoreSuite for Life and Pensions coupled with Sapiens Intelligence, hosted by Sapiens Cloud Services will support Aktia’s ambitions to expand its life insurance business.

(Image credit: Tapio Haaja/Unsplash.)

Aktia Life, one of Finland’s top life insurers with approximately 100,000 customers, has chosen Sapiens International Corporation (Holon, Israel) as its partner to lead its core system transformation via Sapiens CoreSuite for Life and Pensions.

Riikka Luukko, CEO, Aktia Life.

Sapiens says that Aktia Life selected the vendor for its proven experience in complex insurance ecosystem integrations, providing an end-to-end, cloud-first, digitally enhanced platform for individual and group products, across life, wealth and pension insurances. Sapiens reports that Aktia has seen recent rapid changes in customer behavior with digitalization being a critical step towards enhancing efficiency and simultaneously upgrading towards seamless customer service, along with new product offerings.

“Working with Sapiens has already been very rewarding for our company and we are looking forward for the next phase,” comments Riikka Luukko, CEO, Aktia Life. “The partnership with Sapiens supports our strategic growth and renewal goals, including our goal to offer excellent customer and employee experience. With this we are able to optimize both customer and business value and ensure our business continuity.”

Sapiens CoreSuite for Life and Pensions will provide Aktia Life with a wide range of fully embedded data management and analytics capabilities, according to the vendor. The Aktia implementation is underpinned by the market-leading Sapiens Intelligence data and analytics module that pools the insurer’s data to provide actionable insights, improving underwriting risk selection and reducing claims expense ratios, Sapiens says. The vendor says that Sapiens Cloud Services lets companies to focus on core business objectives, eliminating IT bottlenecks, with support and maintenance services providing proactive management.

Roni Al-Dor, President and CEO, Sapiens.

The Aktia implementation will make use of Sapiens’ “One-Hand-to-Shake model,” whereby Sapiens provides, implementation, support and maintenance services, as well as Cloud hosting and services via its SaaS model.

“We are proud to partner with Aktia Life to help them achieve their digitalization goals,” comments Roni Al-Dor, President & CEO, Sapiens. “Aktia Life informed us that its new life business model target is to implement a modern PAS platform to reduce technology debt in order to be fully compliant with statutory requirements and legislations.”

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Anthony R. O’Donnell // Anthony O'Donnell is Executive Editor of Insurance Innovation Reporter. For nearly two decades, 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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