(Kykkos Monastery Gardens in Nicosia. Image courtesy of the Monastery.)

EuroLife has chosen the Sapiens ALIS (Holon, Israel) core insurance suite to replace an inflexible legacy environment unable to meet the Nicosia, Cyprus-based insurer’s new product and speed-to-market needs, according to a vendor statement. Sapiens ALIS will support all of EuroLife’s life, investment and health lines of business.

EuroLife chose the Sapiens suite for its modern technology, depth of functionality, flexibility and ability to support the insurer’s diverse product portfolio, according to Sapiens. Sapiens’ “unique” implementation approach was also a key factor in selection, offering EuroLife a clear path to self-sufficiency through a combination of a joint implementation effort, consultation/training and Sapiens’ knowledge and skills transfer, the vendor reports.

“We selected Sapiens because of the rich business functionality of its software and the professionalism and quality of the personnel,” comments Savvas Sideras, Operations Manager, EuroLife. “We see a tremendous amount of value in Sapiens’ domain expertise and understanding of our business needs, as well as the cultural alignment between our organizations and the partnership spirit created.”

(Related: Tennessee Farmers Life to Modernize on Sapiens ALIS Policy Administration System)

Benefits that EuroLife anticipates from the Sapiens ALIS implementation include the following, according to the vendor: Once in production, anticipated benefits from the new system include:

• Improved product speed-to-market for new products
• Reduced IT costs associated with the support and maintenance of the legacy environment
• A holistic view of the client in an omni-channel environment
• The ability to leverage data to better serve and interface with customers

“We look forward to working closely with EuroLife to help them meet their goals of delivering the highest quality customer experience, while continuing to reduce costs and increase efficiencies,” comment Henry Ainouze, VP, Regional Business and Operations, Sapiens.

Sapiens describes ALIS as designed to enable insurance carriers to quickly and efficiently address the challenges of a highly regulated and increasingly competitive marketplace. The solution is an end-to-end, core solution suite that supports the complete policy lifecycle across a wide variety of products in the life, pension, annuity and medical segments, the vendor adds.