(Nyhavn waterfront in Copenhagen, home to LB Group. Photo credit: GuoJunjun.)
LB Group, a member-owned insurance company based in Copenhagen, Denmark with approximately 950,000 policies and more than 375,000 members, has selected the Sapiens IDIT Insurance Suite as the company’s new core insurance system for its general lines of business.The multi-million Euro agreement covers the launch of 26 products over the next two years and implementation for four LB Group brands, according to a Sapiens statement.
LB sought a replacement for its legacy insurance system, which was unable to fully assort what Sapiens characterizes as an ambition future vision, including improved product speed-to-market, greater operational efficiency, optimized customer experience and business development. The insurer concluded that the digital and automation capabilities necessary to support that vision could only be supported by a modern software suite.
Sapiens was a natural candidate for the search, as LB Group was already a client of the vendor, having successfully implemented Sapiens Reinsurance to manage its reinsurance programs and navigate compliance with European regulations.
Innovative Digital Technology
“The insurance market is moving fast and LB Group must be able to quickly adapt to changing demands,” comments Anne Mette Toftegaard, CEO, LB Group. “We chose Sapiens IDIT for its ability to support a fast time to market for new products and efficient maintenance and enhancement of existing products. The suite will also enable our members to interact with LB Group through innovative digital technology and will support growth from new customer groups and lines of business, while sustaining our position as the insurance company with the lowest costs in Denmark.”
“Sapiens is a trusted partner with an in-depth knowledge of both our business and future vision, which along with the superior technology Sapiens offers, was one of the deciding factors in our selection,” adds Matthias Svane, program manager, LB Group.
The Sapiens statement on LB Group’s selection of IDIT emphasizes that the software is designed to promote growth, with extensive multi-company, multi-branding, multi-currency and multi-lingual capabilities.
“Existing and prospective customers are increasingly engaging Sapiens in conversations about how to future-proof in relation to technology, architecture and strategy, to evolve with the business,” comments Raj Ghuman, VP, sales and operations, Sapiens Europe. “We are pleased that LB Group’s trust in Sapiens led to an expansion of our relationship and our footprint in the important Nordic region.”