(Image credit: Shutterstock.)
Sapiens International Corporation (Holon, Israel), a global provider of software solutions for the insurance industry, has announced that one of South Africa’s top five financial institutions with nearly 10 million customers, has chosen Sapiens as its transformation partner. The financial institution will implement Sapiens’ cloud-hosted, IDITSuite for short-term insurance and Sapiens Intelligence, with the help of Sapiens Managed Services.
Subsequent to successfully launching its fully digital insurance product for individuals to purchase cover for motor vehicle, household contents, all-risk and building cover, the financial institution decided to rethink its legacy core system, Sapiens reports. To bring the company up to date in terms of capabilities, a refresh was required, but the financial institution had some concerns regarding data migration and implementation, the vendor relates. Specifically, the wanted to ensure a fast time to market, and agreed to work with Sapiens on reviewing and rearchitecting some of their internal processes.
Sapiens says that its industry experience, together with its range of insurance products for the bancassurance sector, will empower the client to align with the latest, market-leading trends. Sapiens says it will migrate the customer’s systems and data to the cloud, and Sapiens implementation experience will ensure the complex integration into the client’s extensive banking ecosystem. “Highly configurable systems will ensure their self-sufficiency and ability to effect change and generate significant, ongoing value,” the vendor statement on the engagement says.
Accelerating Growth in the Bancassurance Sector
“Sapiens is pleased to foster great partnerships and to demonstrate our strong commitment to accelerating growth in the bancassurance sector. We are honored to be a partner in our customer’s journey as they expand their leading position in today’s dynamic bancassurance marketplace,” comments Roni Al-Dor, Sapiens’ president and CEO. “Our advanced solutions and deep understanding of the changes reshaping bancassurance have earned Sapiens a stronghold as a leading vendor in this industry.”
Sapiens IDITSuite is a component-based, core software solution comprised of policy, billing and claims solutions, according to the vendor’s description. Sapiens adds that IDITSuite supports end-to-end core operations and processes for the short-term/non-life (general) insurance from inception to renewal and claims. The fully cloud-enabled suite is pre-integrated, fully digital suite offers customer and agent portals, business intelligence, as well as a suite of tools for testing new lines of business, products and services, the vendor says.