Platform's configurability and insurer's ability to achieve
self-sufficiency key to decision
HOLON, Israel and BETHLEHEM, Pennsylvania, Oct. 8, 2018 /PRNewswire/ --
Sapiens International Corporation, (NASDAQ: SPNS) and (TASE:
SPNS), a leading global provider of software solutions for the
insurance industry, announced today that another North American
insurer, Maryland-based Harford
Mutual Insurance Company, has selected the Sapiens North American
Property and Casualty Insurance Platform. The Sapiens system's
configurability and Harford Mutual's ability to achieve
self-sufficiency were cited as key to the decision.
The Sapiens' platform components that Harford Mutual will be
implementing include: Policy, Rating, Work Manager, Product
Designer, and Authority.
A key step in the evaluation and a contributing factor to
Harford Mutual's selection of Sapiens was an extensive proof of
concept (POC) designed to address the insurer's most difficult
challenges, serving to fully test the flexibility and
configurability of the Sapiens offering.
With Harford Mutual's goal of selecting a robust policy
administration system that its staff could learn to both maintain
existing products and develop new ones, the Harford team worked side-by-side during the
POC with the Sapien's team to implement key deliverables of its
Business Owners Policy product. Efforts included configuration of
over 20 web pages and 12 different transactions, including: new
business, endorsements, renewal, out of sequence processing,
verification of rating algorithms, specific interfaces like address
validation, geocoding, etc. The proof of concept proved to be a
tremendous success with the decision made to complete work on the
BOP product and to continue the rollout of all of Harford Mutual's
lines of business onto the Sapiens platform.
Commenting on the success of the POC and the choice to implement
Sapiens, Tim Baum, CIO with Harford
Mutual, said, "After the proof of concept effort, we are extremely
confident in the capabilities of the Sapiens platform and are
especially impressed with the configurability of the product suite.
Sapiens really stood out in the market when we realized that with
the Sapien's product, our business analysts can configure nearly
every aspect of our products without reliance on our internal
developers or the Sapiens' staff. That's the true definition of
configurable."
Steve Linkous, Harford Mutual
President and CEO, added, "We anticipate the Sapiens' system will
not only provide us with the operational efficiencies and
self-sufficiency for our current business, but will also afford us
a platform to support our planned growth with the ease of
developing new products and quickly expanding our business to new
states."
"The proof of concept gave us the opportunity to help Harford
Mutual fully understand the capabilities and flexibility of our
platform, while also getting a head start on the knowledge transfer
that is so critical to Harford
meeting its self-sufficiency goals," said John Pettit, head of Sapiens' North American
P&C Insurance Platform business unit. "Like so many
forward-thinking insurers looking to enhance the operation with the
effective application of new technology, Harford Mutual understood
the importance of selecting a system that could adapt to their
business needs rather than having to conform their operation to
function within the confines of an inflexible system's
capabilities."
A sampling of the power of the configuration capabilities and
flexibility of the Sapiens platform include:
- A configuration exercise that required five clicks and 45
seconds to complete by a Harford Mutual staff member would have
required approximately four hours of work on the Company's existing
legacy system.
- After just one hour of training, Harford Mutual staff were
entering rating algorithms in product-ready formulas with
to-the-penny accurate results compared to its legacy system.
- 90% of policy data from the legacy system was successfully
converted in approximately seven days with minimized
work-hours.
About Harford Mutual Insurance Company
Harford Mutual Insurance Company was founded in 1842 in
Harford County, Maryland. It
provides property and casualty insurance products and services to a
regional market. Harford Mutuals efforts allow policyholders to
conduct their business by utilizing the Company's commercial
insurance products with the knowledge that they are protected by a
financially-strong and established insurer. The company strives for
profitable growth through a commitment to individualized customer
service and by providing the independent agent with a stable market
for quality insurance products. For more information:
www.harfordmutual.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