(Birmingham Botanical Gardens in the city where Wesleyan is headquartered. Photo credit: Annette Randle.)
Wesleyan (Birmingham, England), a provider of financial product and services for physicians and other professionals, has gone into production with Sapiens’ (Holon, Israel) Closed Books solution. The successful project involved the decommissioning of the first four legacy systems at Wesleyan, which is using Sapiens’ ALIS platform for new financial products and administration of open books of business.
“When looking for a vendor to help us manage the complexities of our multi-phase, closed books project, finding a partner who is committed to our success was just as important as the solution they offered and the proven implementation journey that went with it,” comments Liz McKenzie, Group Corporate Services director, Wesleyan. “Sapiens has proved to be a worthy partner, working closely with our team every step of the way – sharing knowledge and best practices, and completing the first phase of the project on budget and on time.”
Sapiens’ Closed Books solution was designed by the vendor to provide a modern and cost-efficient platform for the administration of insurers’ closed books of business. Sapiens describes the life and pensions industry offering as an end-to-end, legacy portfolio system that is capable of handling missing data, old legislation and a wide range of product types. It can also process top-ups or incremental new business, according to a Sapiens statement.
“Old Co-New Co” Services Approach
Sapiens’ Insurance Practice team led the implementation using its “Old Co-New Co” services approach, which the vendor says is designed to enable insurers to meet the challenges of their new business needs, while continuing to efficiently meet closed book obligations with high quality and cost-effective services.
Completion of the first phase of the initiative, involving legacy migration and consolidation, has resulted in early cost-savings benefits from the decommissioning of the first legacy system and improved operational efficiencies, Sapiens reports. Subsequent phases are expected to deliver proportional benefits.
“Wesleyan has recently achieved two important milestones with Sapiens–the go-live of Sapiens ALIS 6.5 and the completion of the first phase of the closed books project,” notes Raj Ghuman, VP, Sales and Operations, Sapiens Europe. “We look forward to continuing to work closely with Wesleyan to help them meet their goals of delivering the highest quality customer experience, while continuing to reduce costs and increase efficiencies.”