HOLON, Israel and DENVER, June 27,
2017 /PRNewswire/ --
COUNTRY Financial recognized for
business impact of its underwriting automation initiative
Sapiens International Corporation, (NASDAQ and TASE: SPNS), a
leading global provider of software solutions for the insurance
industry, with a growing presence in the financial services sector,
announced today that its fully owned subsidiary StoneRiver, Inc.
congratulates its client COUNTRY Financial on being selected a
Novarica Impact Award winner for the company's core system
initiative which included the upgrade of StoneRiver's
LifeSuite® Automated Underwriting System.
(Logo:
http://photos.prnewswire.com/prnh/20160803/395300LOGO )
Now in its 6th year, the Novarica Research Council
Impact Awards is the industry's largest peer-juried award and
provides an opportunity for insurer CIOs and their teams to be
recognized for delivering business impact.
The COUNTRY Financial core system initiative recognized was the
automation of the company's underwriting process for term and whole
life applications. With the new underwriting process in place
COUNTRY Financial is able to approve 85% of applications with an
average response time of 2.5 minutes from the time of
submission.
Completed in approximately 18 months, the project included the
upgrade of StoneRiver's LifeSuite® Automated
Underwriting System, the use of StoneRiver's integration toolset
and a reinsurance black box engine, and integration to third party
providers, including underwriting experience.
"COUNTRY's initiative was recognized by the CIO members of the
Novarica Research Council for its effective use of technology to
create tangible, positive business impact," said Matthew Josefowicz, CEO of Novarica, the
research and advisory firm that manages the Council. "As customer
expectations for speed and responsiveness continue to evolve,
insurers' capabilities must evolve with them."
"The StoneRiver Life team offers its sincere congratulations to
COUNTRY Financial on the success of the underwriting automation
project and this well-deserved recognition," said Roni Al-Dor, Sapiens' president and CEO. "The
business impact of this has been significant and solidifies COUNTRY
Financial's position as a leader in providing the speed and quality
service that today's insurance customers expect."
About COUNTRY Financial
The COUNTRY Financial® group
(http://www.countryfinancial.com)serves about one million
households and businesses throughout the United States. It offers a wide range of
financial products and services from auto, home, business and life
insurance to retirement planning services, investment management
and annuities.
About StoneRiver, Inc.
StoneRiver delivers the industry's widest range of
value-oriented technology solutions and services to insurance
carriers, agents and broker-dealers. This versatile product group
encompasses front-office, policy, claims, rating, underwriting,
billing and reinsurance automation for all major business lines.
Hundreds of companies of all sizes rely on StoneRiver software and
processing solutions to achieve a competitive edge. Customer
satisfaction and client success are the continuing goal, and are in
large part achieved by maintaining and valuing strong, long-term
customer relationships.
About Sapiens
Sapiens International Corporation (NASDAQ and TASE: SPNS) is a
leading global provider of software solutions for the insurance
industry, with a growing presence in the 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 400
financial services organizations. The Sapiens team of over 2,500
professionals operates through our fully-owned subsidiaries in
North America, the United Kingdom, EMEA and Asia Pacific. For more information:
http://www.sapiens.com.
Investor 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