(Birmingham’s iconic Colmore Row district, location of Wesleyan Assurance Society, first insurer to use the Sapiens Closed Books solution. Photo credit: Gavin Warrins.)
Sapiens (Holon, Israel) has announced the general availability of the Sapiens Closed Books solution for the European life and pensions insurance market. The new offering, already in production at Wesleyan Assurance Society, is designed to provide a modern and cost-efficient platform for the administration of insurers’ legacy portfolios. The Sapiens Closed Book solution can be chosen as part of an “Old-Co/New-Co” strategy or as an Old-Co consolidation platform, according to the vendor.
“Our Closed Book offering comes at a time when legacy portfolio management is becoming more and more expensive for insurers,” comments Henry Ainouze, VP, sales and operations, Sapiens Europe. “The impact of portfolio attrition and the ongoing need to support legislative requirements continue to drive up the unit costs per policy. Consolidation of legacy platforms on our Closed Books solutions enables insurers to reduce these costs and realize significant reserve release through de-commissioning of out-of-date, inefficient and increasingly expensive legacy environments.”
Among the benefits that insurers can enjoy from the Sapiens Closed Books solutions, according to the vendor, are significant cost reductions through legacy decommissioning and increased in-force policy to FTE ratios; improved operational and reporting consistency across all products; a single view of the customer, along with a consistent and quality customer experience; and significantly reduced reliance on a rapidly retiring legacy system skill-set. Sapiens offers a variety of deployment and pricing options to match insurer’s specific needs, budgets and preferences.
“When looking to make processing our legacy portfolio much more efficient, we turned to Sapiens and the Closed Books solution,” comments Liz McKenzie, Group Corporate Services director, Wesleyan Assurance Society. “Not only is the system a complete and modern solution to manage our closed books of business, but the expertise of the Sapiens team and the commitment to work with us through our closed books implementation demonstrated a true partnership between our organizations.”
The following are among the principal features of the Sapiens Closed Book solution, as detailed by the vendor:
- Full support for post-new business functionality;
- A product-agnostic approach supporting over 400 products across the insurance business;
- Support for multi-jurisdiction and legislation;
- Company layers, enabling multiple books of business to be logically split, or simply branded individually; and
- A migration capability that deals with dirty data, minimizing the need for an expensive and time-consuming data clean-up effort.