HOLON, Israel and DENVER, January 9,
2018 /PRNewswire/ --
LifeSuite to provide modern platform
for insurer's underwriting transformation with
process automation and faster quality decision making
Sapiens International Corporation, (NASDAQ: SPNS) (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 Equitable Life of
Canada (Equitable Life) has
selected LifeSuite®, an award-winning, web-based automated
insurance underwriting and new business case management system from
Sapiens' fully owned subsidiary StoneRiver, Inc.
(Logo:
http://mma.prnewswire.com/media/585787/Sapiens_Logo.jpg )
Equitable Life's goal is to transform its underwriting process
with enhanced automation, improving their ability to make fast,
consistent, and high-quality decisions. Key to the insurer's
selection of StoneRiver was LifeSuite's combination of an
underwriters' workbench and a highly flexible underwriting rules
engine. StoneRiver's experience enabling automated underwriting,
especially in the Canadian insurance market, was also a
contributing factor.
Karen Mason, Senior Vice
President of Individual with Equitable Life said, "We need a system
that is able to provide the automation and quality decision making
required to streamline our underwriting process. Our underwriters
are an invaluable asset and maximizing the value of their time and
expertise is critical. Leveraging this technology to streamline the
process will allow our underwriting team to focus their efforts and
talent on more complex cases and decision making."
Capabilities and anticipated business benefits from Equitable
Life's deployment of LifeSuite will include:
- Straight-through processing for eligible cases
- Reduced policy acquisition costs
- Enhanced case management with real-time updates
- Automated requirements processing
- Elimination of unnecessary or duplicate evidence orders
- Rapid deployment of new products and system changes
- Auditable results
"This is a great win for us and further solidifies our already
strong position with automated underwriting," said David Pidgeon, Sapiens StoneRiver North America
head of Life. "More and more insurers are making underwriting
transformation a priority - enabling better decisions, significant
time and cost savings, and optimal application of the highly valued
expertise of underwriters. The StoneRiver and Equitable Life
joint implementation team is already hard at work to deliver the
project with production use scheduled for next year."
About Equitable Life of Canada
Canadians have turned to Equitable Life since 1920 to protect what
matters most. The company works with independent advisors across
Canada to offer individual
insurance, savings and retirement, and group benefits solutions to
meet its customers' needs. But Equitable Life is not the typical
financial services company. The company has the knowledge,
experience and ability to find solutions that work for its
customers. Equitable Life is friendly, caring and interested in
helping. And the company is owned by its participating
policyholders, not shareholders. So it can focus on its customers'
interests and provide them with personalized service, security and
wellbeing. For additional information visit
http://www.equitable.ca.
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: SPNS) (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