Rapid implementation enables quick time to value with improved
efficiencies and quality of applications
HOLON, Israel, Oct. 3, 2018 /PRNewswire/ -- Sapiens
International Corporation, (NASDAQ: SPNS) (TASE: SPNS), a
leading global provider of software solutions for the insurance
industry, announced today that Catholic Life Insurance (Catholic
Life), one of the top 10 fraternal benefit societies in the nation,
has successfully expanded its Sapiens environment for life and
annuity lines of business.
Already a production user of the StoneRiver ID3® policy
administration life system, the insurer is now live with LifeApply®
supporting the company's e-application and submission
processes. The implementation project began in April 2017 with Catholic Life going into
production in June 2018. All Catholic
Life lines of business are supported, including: term life, whole
life, universal life, and annuities.
With the LifeApply e-application now live, Catholic Life is
experiencing early benefits, including the completion and
submission of applications in a paperless environment, an improved
rate of applications in good order, the ability to easily gather
additional underwriting information, and the capabilities to better
attract the newest generation of insurance producers.
As part of the implementation, LifeApply was integrated with
four Catholic Life systems: the agent/member portal, the
illustration system, the Sapiens ID3 policy administration system,
and the insurer's content management system for electronic
workflow. Sapiens' ACORD Transaction Service® (ATS) was also
deployed to enable web services between the ID3 system and any
system that utilizes ACORD standards.
"The implementation was quick, training was easy and well
received, and we couldn't be happier with the adoption rate of the
paperless application environment by our agents," commented J.
Michael Belz, president and CEO of
Catholic Life. "Our long partnership with Sapiens has been very
successful, making us extremely comfortable with the Sapiens team,
services, and products."
Scott Brant, Catholic Life's
senior vice president, IT, added, "We are well on our way to
meeting our goal to have 50% of our agents using LifeApply within
the first 24 months of production use, and will continue to grow
that percentage each year. We are looking at other Sapiens
offerings to see what else might benefit us as we continue our
efforts to modernize and automate our processes as much as
possible."
Highlights of additional benefits Catholic Life Insurance is
experiencing with the in-production LifeApply environment
include:
- Significant decrease in applications submitted "not in good
order", leading to higher placement rate;
- Reduced time to issue a certificate;
- Easy to use e-application dashboards;
- Able to capture additional field underwriting information with
the use of reflexive questions, resulting in improved time to
process and service;
- Automatic generation of all required forms for certificates;
and
- Overall reduced operating expenses with new efficiencies.
"We have had a long and successful relationship with Catholic
Life and appreciate their continued confidence in our solutions and
our people," said Roni Al-Dor,
Sapiens' president and CEO. "We congratulate the Catholic
Life team on this successful implementation and look forward to
investigating how our other solution options can assist in meeting
their automation and transformation goals."
ID3, LifeApply and ACORD Transaction Server are components of
StoneRiver's portfolio of insurance software solutions. StoneRiver,
Inc. is a fully owned subsidiary of Sapiens.
About Catholic Life Insurance
Catholic Life
Insurance is among the top 10 largest fraternal benefit
societies in the nation. More than 84,000 families
rely on Catholic Life for protection and security. Its assets
exceed $1 billion
and insurance-in-force surpasses $2
billion. The company offers life insurance, IRAs, annuities
and fraternal benefits to individuals and families throughout
Texas, Arizona, Florida, Louisiana, Oklahoma, Mississippi and New
Mexico. The company also offers volunteer opportunities
that enhance its members' lives and benefit the communities in
which they live. Although the common bond for most members is
the Catholic faith, Catholic Life is independent of any Catholic
institution and welcome people of all beliefs and religions. For
additional information visit www.cliu.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