(Image source: VPay website.)
Sapiens International Corporation, (Holon Israel), a global provider of software solutions for the insurance industry, hasannounced a partnership with VPay, a provider of e-payments solutions to the insurance industry, that will extend VPay’s digital payment services to workers’ compensation insurers.
Through the partnership, insurers will also have access to Sapiens GO for Workers’ Compensation, which the vendor describes as a comprehensive suite for administering workers’ compensation policies and claims. The joint offering will provide insurers a complete digital payment platform that will streamline operational costs, improve customer interactions, and meet the demand for fast, safe and reliable B2B and B2C claims payment processing, according to a Sapiens statement.
“Streamlining claim processes is central to achieving economies of scale across the workers’ compensation insurance sector, and digital payment is an important component of this strategy,” comments Jeff Brown, President, VPay. “We are pleased to partner with a forward-looking company like Sapiens and extend greater value to their clients through VPay’s total payment solution.”
To date, VPay reports that its solution has enabled workers’ compensation insurers to digitize 40-55 percent of all service provider payments, yielding up to $1 million in savings on print, mail and treasury fees. Among insurers using VPay to make payments to injured workers, 60-75 percent of those payments have gone electronic, the company says.
Need for Speed
Sapiens characterizes the partnership with VPay as comig amid a paradigm shift in the insurance industry, with the rise of InsurTechs and advances in artificial intelligence and Big Data making digital transformation a competitive imperative for insurers. As payers vie to meet customer expectations for claims payments at unprecedented speeds, integrating digital payments has helped insurers meet the need for speed, which has only intensified amid the COVID-19 pandemic, the vendor says.
“With insurers facing a new competitive landscape, digital innovation is more important than ever,” comments Michael Desrochers, VP Product Strategy and Alliances, Sapiens. “In joining forces, VPay and Sapiens have forged a synergistic partnership that will equip insurers with the next-generation solutions they need to flourish.”