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Sapiens International Corporation, (Holon, Israel), a provider of software solutions for the insurance industry has announced that it will begin offering group, worksite and individual coverage to life and annuities carriers in Q1 2017.
Sapiens reports that it already has a large portfolio of group policies in production and is leveraging its past experience in this space to re-architect Sapiens ALIS. The vendor’s aim is to provide a new, unified proposition based on innovative technology and business architecture that incorporates Sapiens’ production and business experience, and best practices.
“The Affordable Care Act has helped create a dramatic shift in the U.S. market from employer-paid benefits to employers and employees sharing the financial burden,” comments Alex Zukerman, VP of product marketing and strategy for Sapiens’ life, pension and retirement division. “Many multi-line carriers must now support group, worksite and voluntary insurance, and wish to do so via a single system to remain efficient and provide a seamless customer experience. To meet market demand, Sapiens has invested in re-architecting Sapiens ALIS, so that multi-line carriers will be able to leverage a common platform in the near future.”
Sapiens reports having engaged with several leading industry analysts and firms during the re-design process to ensure readiness for both current and future group, worksite and individual challenges.
One-Stop-Shop for Insurance and Financial Services
“One of Sapiens’ guiding principles is to serve as a one-stop-shop for our insurance and financial services customers,” comments Roni Al-Dor, Sapiens president and CEO. “By leveraging our individual functionalities for life and combining them with true group and worksite capabilities, Sapiens will offer coverage for the entire life, annuities and health/medical spectrum via a unified, state-of-the-art platform.”