HOLON, Israel and DENVER, December 11,
2017 /PRNewswire/ --
Sapiens International Corporation, (NASDAQ: SPNS 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.'s client, the Ohio Bureau of Workers' Compensation
(OBWC), has just completed its first year using StoneRiver's
PowerSuite® Enterprise workers' compensation solution. OBWC
provides insurance to approximately two-thirds of Ohio's work force, so the implementation dealt
with processing complexity, high volume and multiple
integrations.
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The StoneRiver enterprise solution deployed includes the
PowerSuite Policy and PowerSuite Claims offerings to provide BWC
with improved automation and efficiencies for its workers'
compensation policy administration, billing and claims
management.
Commenting on the project with StoneRiver, Shadya Yazback, BWC's chief of enterprise
services, noted, "PowerSuite is our primary claims and policy
management system, helping us handle millions of transactions
annually."
During its first year operating under the PowerSuite® system,
OBWC created 122,000 claims, and processed 2.8 million medical
invoices, 6.4 million policy transactions and made 1.1 million
indemnity payments totaling $935
million.
"The Ohio Bureau of Workers' Compensation was a significant
implementation for us given the size, number of locations and
users, and the multiple integrations involved. We couldn't be more
pleased with the results and look forward to continuing to partner
with the bureau," said Gary
Anderson, head of P&C North America for Sapiens.
About the Ohio Bureau of Workers'
Compensation
Since its founding in 1912, the Ohio Bureau of Workers'
Compensation (OBWC or BWC) has provided medical and compensation
benefits for work-related injuries, diseases and deaths. BWC is
headquartered in Columbus, Ohio,
but operates claims offices in 12 locations around the state. BWC
provides insurance to about two-thirds of Ohio's work force. The remaining workers
receive coverage through a self-insurance program for large,
financially stable employers who retain the financial risk for
their companies' workers' compensation claims. BWC employs
approximately 1,800 people.
About Sapiens and StoneRiver, Inc.
StoneRiver, Inc., a fully owned subsidiary of Sapiens
International Corporation (NASDAQ and TASE: SPNS), delivers a range
of value-oriented technology solutions and services to insurance
carriers, agents and broker-dealers. These include front-office,
policy, claims, rating, underwriting, billing and reinsurance
automation for all major business lines.
Sapiens is a leading global provider of software solutions for
the insurance industry, with a growing presence in the financial
services sector. We offer integrated core software solutions and
business services, and a full digital suite for the property and
casualty/general insurance; life, pension and annuities; and
reinsurance markets. Sapiens also services the workers'
compensation and financial and compliance markets. Our portfolio
includes policy administration, billing and claims; underwriting,
illustration and electronic application; reinsurance and decision
management software. Sapiens' digital platform features customer
and agent portals, and a business intelligence platform. With a
30-year track record of delivering to more than 400 organizations,
Sapiens' team of over 2,500 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
SOURCE Sapiens International Corporation