(Image from Altshuler Shaham’s homepage.)
Altshuler Shaham, a Tel Aviv-based asset management firm, has deployed Sapiens ALIS to support a greenfield life insurance operation made possible by a favorable regulatory environment. The company is offering investment and risk products, with end-to-end life insurance processing, from the initial sale through ongoing administration and account maintenance.
Altshuler Shaham’s choice of Sapiens as its partner was based on the vendor’s deep knowledge of the insurance market, its proven solution and wealth of experience managing long-term investment products, according to a vendor statement.
“Entering as a new player to the life insurance market, it was important for us to team with a proven partner that would act as a trusted advisor, offer best practices and guidance, and equip us with the most modern technology,” comments Yair Lowenstein, CEO of the new Altshuler Shaham Insurance Company Ltd. “Sapiens’ expertise and experience enabled us to go-live within 11 months.”
Among the factors that contributed to a launch of the new operation within 11 months were the ALIS system’s being in full compliance with local regulations and legislation, and the collaboration between Sapiens and Altshuler Shaham personnel on the definition of workflows and procedures, according to Sapiens. Sapiens provided interfaces for internal and external systems in order to enable Altshuler Shaham to merge ALIS with existing systems, the vendor reports.
Direct Online Sales Channel
Altshuler Shaham now benefits from a direct online digital sales channel, which Sapiens claims is unique in the industry and has expedited the firm’s sales process.
“Altshuler Shaham’s vote of confidence in Sapiens’ ALIS and [its] people is appreciated, and we look forward to playing a key role in helping the investment firm continue its rapid growth trajectory,” says Roni Al-Dor, president and CEO, Sapiens. “We are always pleased to introduce our clients to new verticals, so they can obtain new customers and increase their revenue streams.”