(Image credit: Sasin Tipchai.)
Bangkok Insurance (BKI, Bangkok), one of Thailand’s leading non-life insurers has selected Sapiens International Corporation (Holon, Israel) for its large-scale digital core transformation. Sapiens says its end-to-end solutions for non-life (general) insurance will transform the insurer’s 30-year-old legacy core through the implementation of Sapiens IDITSuite, Sapiens ReinsuranceMaster, Sapiens Intelligence and Sapiens DigitalSuite’s API layer.
Sapiens says that its modern, open solutions will ensure that the insurer stay ahead of the curve with straight-through processing and automation capabilities that will enable the reduction of operational costs and allow for better underwriting and claims decisions. Moreover, the solution will accelerate product development and enable the launch of innovative products with speed through Sapiens unique product configuration engine, the vendor says. The solution will also enable the insurer to increase revenues by ramping up its partner ecosystem and opening new digital channels through the API layer, according to Sapiens. Sapiens Intelligence completes what the vendor calls a comprehensive package by enabling quicker, more accurate data-based decision making.
“We are delighted to partner on this ambitious endeavor that will enable the insurer to achieve significant competitive advantage,” comments Roni Al-Dor, president and CEO, Sapiens. “They will be able to meet business goals quicker, enhance their customer experience and be ready for what the future holds. Our collaboration is further testament to our commitment in the region, to use local resources and meet local regulatory requirements – in Thailand and across Asia.
Described by Sapiens as an end-to-end commercial and personal lines solution, IDITSuite supports all core operations and processes for personal, commercial and specialty lines of business. Sapiens describes its ReinsuranceMaster offering is a comprehensive business and accounting solution designed to support the entire range of reinsurance contracts and activities for all lines of business. Sapiens Intelligence is an out-of-the-box solution with a full industry standard data management model, according to the vendor. Sapiens describes its DigitalSuite as a flexible, component-based platform that allows insurers to simply achieve their goals and tailor their digital solutions to their needs, no matter where they are in their digital transformation process.