HOLON, Israel and DENVER, May 31,
2018 /PRNewswire/ -- Sapiens International Corporation,
(NASDAQ: SPNS) (TASE: SPNS), a leading global provider of
software solutions for the insurance industry, announced today that
the Georgia Farm Bureau Mutual Insurance Company, the largest
domestic Property & Casualty insurer in Georgia with over 490 million in direct
written premium, has selected the Sapiens Property and Casualty
Insurance Platform for North
America and signed a five-year agreement for continuous
implementation and support of the platform for all of its product
lines. The Georgia Farm Bureau Mutual Insurance Company is a
subsidiary of The Georgia Farm Bureau Federation, Georgia's largest voluntary agricultural
organization with almost 300,000 member-families.
"The Sapiens Property and Casualty Insurance Platform is a
modern P&C digital insurance platform that includes policy,
billing and claims. With the ability to deploy its offerings as a
complete platform, or as standalone modules, Sapiens can address
all the needs of North American P&C carriers, across all their
lines of business and distribution channels," said John Pettit, head of the North American P&C
Insurance Platform business unit. "Sapiens' platform is highly
configurable and is aimed at allowing IT and business users to
introduce new products and changes to processes at unprecedented
speeds."
"We are focused on improving the ease of doing business for
insureds and agents and speeding time to market," said Geri Powell, Georgia Farm Bureau's executive
director of business and strategic development. "Sapiens' has
proven to be a great partner and its new P&C Insurance Software
Platform will enable us to be ready to grow by streamlining
business process flows throughout the organization."
Georgia Farm Bureau originally partnered with StoneRiver (now a
fully-owned Sapiens' subsidiary) in 2008 to implement an enterprise
insurance suite containing an integrated claims, policy and billing
system based on their J-Product suite. Sapiens acquired StoneRiver
in early 2017 and continues to strengthen the strategic and
long-term partnership with Georgia Farm Bureau.
Georgia Farm Bureau's experience with StoneRiver and Sapiens'
proven products and personnel led to the decision to implement
Sapiens' next-generation P&C Insurance Software
Platform. The "Umbrella" phase of the project, which is
comprised of personal, farm and commercial Policy and Billing
implementation, is already underway and is based on newly acquired
Adaptik products. In parallel, the modern Stream Claims product,
which includes homeowners, personal and business auto – will go
live later this year.
"The Georgia Farm Bureau-Sapiens partnership continues to
strengthen and we look forward to continuing to leverage Sapiens'
products and services to drive greater differentiation in the
market," added Powell. "We are confident that together we can
improve Georgia Farm Bureau's member services via modern and
efficient business systems."
The Sapiens Property and Casualty Insurance Platform is
comprised of fully integrated, yet standalone, components: Policy,
Billing and Claims (those components are based on the former
Adaptik, StoneRiver Stream products, respectively, but have been
integrated into a unified platform).
The mature platform is cloud and API-based, and features a
strong core, advanced analytics and data enablement capabilities,
plus full digital engagement capabilities.
Sapiens is also integrating its Sapiens Reinsurance solution
into the platform.
About Georgia Farm Bureau
Formed in 1937
by 50 farmers, the Georgia Farm Bureau Federation is Georgia's largest voluntary agricultural
organization, with almost 300,000 member-families. It is an
independent, non-governmental organization with a strong grassroots
network of 159 county offices throughout the state. Since its
inception, the primary, ongoing goal of Farm Bureau is to be a
united voice in the legislative arena, to promote farm markets and
to provide leadership to Georgia's
agricultural community. Farm Bureau is local, state, national and
international in scope and influence.
The Federation organized the Georgia Farm Bureau Mutual
Insurance Company in 1959 as a "multi-line" property and casualty
insurance company to provide needed insurance services that would
be available to members only. Throughout its history, the primary
focus of the Company has been to provide the best possible coverage
to members and to help build and maintain the Georgia Farm Bureau
as an organization. As a mutual insurance company, The Company is
owned by its policyholders, who are required to be members of
Georgia Farm Bureau. For more information:
http://www.gfbinsurance.com.
About Sapiens
Sapiens International Corporation is a
leading and global software provider for the insurance industry,
with a 30-year track record of delivering to more than 400
organizations. The company offers software platforms, solutions and
services, including a full digital suite, to satisfy the needs of
property and casualty/general insurers, and life, pension and
annuity providers. Sapiens also services the reinsurance, workers'
compensation, financial and compliance, and decision management
markets.
The company's portfolio includes policy administration, billing
and claims, underwriting, illustration and electronic application.
The digital suite features customer and agent portals, and a
business intelligence platform. For more
information: 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
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SOURCE Sapiens International Corporation