HOLON, Israel, April 1, 2015 /PRNewswire/ --
Sapiens International Corporation, (NASDAQ and TASE: SPNS), a
leading global provider of software solutions for the insurance
industry, with an emerging focus on the broader financial services
sector, today announced the official launch and general
availability of its Sapiens Closed Books solution for the European
life and pension (L&P) insurance market.
(Logo:
http://photos.prnewswire.com/prnh/20120508/531104 )
Already successfully in production at Wesleyan Assurance Society
in the UK, the Closed Books offering from Sapiens is now generally
available across Europe. Sapiens
Closed Books is a unique solution for L&P insurers that is
designed to provide a modern and cost-efficient platform for the
administration of insurers' legacy portfolios. Whether the platform
is chosen as part of an "Old-Co/New-Co" strategy or as an Old-Co
consolidation platform, Sapiens Closed Books is ideal for
addressing the administration of legacy portfolio challenges shared
by most insurers.
Insurer benefits following the implementation of Sapiens Closed
Books include significant cost reductions through legacy
decommissioning and increased in-force policy to FTE ratios;
improved operational and reporting consistency across all products;
a single view of the customer, along with a consistent and quality
customer experience; and significantly reduced reliance on a
rapidly retiring legacy system skill-set. A variety of deployment
and pricing options are available, offering flexibility to meet
each insurer's specific needs, budgets and preferences.
"When looking to make processing our legacy portfolio much more
efficient, we turned to Sapiens and the Closed Books solution,"
commented Liz McKenzie, Wesleyan's
Group Corporate Services director. "Not only is the system a
complete and modern solution to manage our closed books of
business, but the expertise of the Sapiens team and the commitment
to work with us through our closed books implementation
demonstrated a true partnership between our organizations."
Highlights of the Sapiens Closed Book solution's capabilities
include:
- Full support for post-new business functionality
- A product-agnostic approach supporting over 400 products across
the insurance business
- Support for multi-jurisdiction and legislation
- Company layers, enabling multiple books of business to be
logically split, or simply branded individually
- A unique, sophisticated and proven migration capability that
deals with dirty data, minimizing the need for an expensive and
time-consuming data clean-up effort
"Our Closed Book offering comes at a time when legacy portfolio
management is becoming more and more expensive for insurers," said
Henry Ainouze, vice president of sales and operations, Sapiens
Europe. "The impact of portfolio attrition and the ongoing
need to support legislative requirements continue to drive up the
unit costs per policy. Consolidation of legacy platforms on our
Closed Books solutions enables insurers to reduce these costs and
realize significant reserve release through de-commissioning of
out-of-date, inefficient and increasingly expensive legacy
environments."
About Sapiens
Sapiens International Corporation (NASDAQ and TASE: SPNS) is a
leading global provider of software solutions for the insurance
industry, with an emerging focus on the broader financial services
sector. Sapiens offers core, end-to-end solutions to the global
general insurance, property and casualty, life, pension and
annuities, reinsurance and retirement markets, as well as business
decision management software. The company has a track record of
over 30 years in delivering superior software solutions to more
than 130 financial services organizations. The Sapiens team of over
1,000 professionals operates through our fully-owned subsidiaries
in North America, the United Kingdom, EMEA and Asia Pacific. For more information:
http://www.sapiens.com.
Investors and Media Contact
Yaffa Cohen-Ifrah
Chief Marketing Officer and Head of Corporate Communications
Sapiens International
Mobile: +1-201-250-9414
Phone: +972-3-790-2026
Email: Yaffa.cohen-ifrah@sapiens.com
SOURCE Sapiens International Corporation