(Photo credit: Sini-Meri Iivari.)
Folksamgruppen (Folksam Group), a Stockholm-based mutual insurance company with over four million customers, has selected the Sapiens (Holon, Israel) IDITSuite for Property & Casualty as its new digital core solution. The Folksam Group is one of the largest insurance companies in Sweden and currently insures half of all family homes and people, as well as every fifth car, in the country.
The vendor describes Sapiens IDITSuite as a component-based software solution suite that enables insurance carriers to meet critical and long-term business goals, with extensive multi-company, multi-branding, multi-currency and multi-lingual capabilities. Folksam Group expects the new suite to deliver an improved customer experience, including a more responsive service, better claims experience for Folksam customers and an enhanced broker experience that allows the insurer to respond faster to its brokers, according to a Sapiens statement.
“The Folksam Group has a clear vision of contributing to a long-term, sustainable society where its customers feel secure,” comments Johan Rudén, CIO, Folksam Group. “Delivering this security cost-effectively will result in more customers placing their trust in Folksam across a broader range of products for longer periods of time.”
After a successful consolidation and modernization phase, Folksam Group will enter a period of focus on optimized customer engagement supported by efficiency improvements, according to Rudén. “These improvements will lead to lower premiums and better terms and conditions for our customers and owners,” he says.
Supporting Ambitious Digitalization and Automation Initiatives
“The implementation of the Sapiens P&C suite will play a key part in delivering these benefits, by enabling the ambitious digitalization and automation initiatives intended to transform Folksam into an even more modern and effective insurer,” Rudén adds. “Support for The Internet of Things and self-driving cars, a sharing economy, automated claims handling and robot advice are concrete examples of the intended consequences of digitalization and automation.”
“This partnership is the latest demonstration of our ability to help launch critical digital insurance initiatives,” said Roni Al-Dor, Sapiens president and CEO. “We continue to make progress in the Nordic market and welcome Folksam to our growing list of clients.”