(Image source: Pixabay.)
American Farmers & Ranchers (AFR; Oklahoma City), a general farm organization with 60,000 members, has announced an agreement with Sapiens Americas (Raleigh, N.C.), a wholly owned subsidiary of Sapiens International Corporation (Holon, Israel), to modernize its current insurance platforms with an integrated, multi-line solution with Sapiens Digital CoreSuite for Property & Casualty as well as Sapiens ReinsurancePro.
“Sapiens’ solution enables AFR to replace their legacy systems with a nimble and dynamic platform that supports their multiple lines of businesses and helps them bring products to the marketplace quickly. Sapiens’ solution will also automate AFR’s reinsurance administration, which until now had been handled manually,” a Sapiens statement says.
AFR is the oldest, and one of the largest, general farm and rural organizations in Oklahoma. The organization is a single state writer of personal lines and farm owner insurance products.
“When we needed to replace our legacy systems with a flexible solution to support all our lines of businesses, we were drawn to Sapiens’ impeccable industry reputation as well as our previous experiences with other Sapiens’ solutions. The functionality of the CoreSuite components met our extensive requirements,” comments Jon Srna, President and CEO, AFR.
Digital Transformation via Single Platform
“We are very pleased to enable AFR in their digital transformation by migrating to a single digital platform,” comments Roni Al-Dor, president and CEO, Sapiens. “Empowering insurers in their quest to be more agile and adapt to ever-changing market requirements is at the core of Sapiens’ mission.”
Sapiens describes its CoreSuite for Property & Casualty as composed of three fully integrated, yet standalone, components—policy, billing and claims. Purpose-built for the P&C market, carriers can choose to harness Sapiens’ end-to-end, cloud-based P&C insurance software with digital capabilities, or select from individual modular components to meet their needs today, the vendor says.
Sapiens ReinsurancePro manages the entire range of reinsurance contracts and activities for all lines of business, according to the vendor. Built-in automation of contracts, calculations and processes provide flexible and full financial control of the reinsurance processes, including auditing requirements and statutory compliance, Sapiens says.