Sapiens' to provide system to support unique needs for
medical malpractice insurance to enable PPM to meet its efficiency
and growth goals
HOLON, Israel, Nov. 5, 2018 /PRNewswire/ -- Sapiens
International Corporation, (NASDAQ 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 Preferred Physicians Medical Risk Retention Group (PPM),
an affiliate of NORCAL Mutual that is dedicated to insuring
anesthesiologists, has selected the Sapiens North American
P&C Platform, as its new platform for the company's
professional liability insurance.
PPM's plan to grow the business, leverage agent distribution
channels, and investigate new products, prompted the need for a
modern technology platform to replace the legacy environment. The
insurer specifically wanted a Cloud-based system that could support
its current policy and quote issuance process, as well as the
company's unique medical malpractice claims requirements.
After evaluating available solutions, PPM selected the Sapiens'
platform due to its ability to support PPM's policy, quote and
claims needs as well as workflow, reporting, and business
intelligence (BI) requirements. PPM also cited the platform's
flexibility and integrated suite of solutions as contributing
factors to the decision.
Commenting on the selection of Sapiens' P&C Platform,
Deanna Olson, CFO with PPM, said,
"The Sapiens solution was attractive due to its availability on the
Cloud combined with its extensive functionality and flexibility to
support our demanding coverage requirements. Being able to use the
configuration tool to have the system conform to our processes was
especially important to us."
Wade Willard, PPM's COO added,
"We selected Sapiens because we felt the end-to-end, modern and
flexible platform would be able to meet our current needs, but also
support and help enable our aggressive growth initiatives."
Anticipated benefits from the implementation of the Sapiens
solution include:
- Processing of both individual and group medical
malpractice
- Robust and flexible functionality able to support management of
PPM's complex claims process
- Also, full support for policy, billing, workflow, reporting,
document creation and customer management
…all on the Cloud.
"Medical malpractice insurance is unique when compared to many
professional liability coverages, and PPM's selection of our
P&C platform will showcase the system's flexibility and
configurability to adapt to a wide range of insurance products,"
said John Pettit, head of Sapiens'
North American P&C Insurance Platform business unit. "Like PPM,
today's insurers want systems like our platform that are able to
adapt to their needs and processes rather than requiring the
company to change to accommodate a system's limitations."
"The PPM decision is another P&C win for us in North America, helping us to expand our
footprint in this key region and further strengthen our market
position," said Roni Al-Dor,
president and CEO of Sapiens. "Being recognized as a proven
solution provider to in the medical malpractice segment of the
market, opens up a world of new opportunity for us."
About Preferred Physicians Medical
Established in 1987, Preferred Physicians Medical (PPM)
pioneered the concept of a specialty-specific insurance company.
PPM is owned entirely by its policyholder/members. In 2017, PPM
entered a new strategic partnership with NORCAL Mutual (NORCAL).
NORCAL serves as PPM's exclusive reinsurance provider. In addition,
PPM's former holding company, PPM Services, Inc., was acquired by
NORCAL and through this process will provide PPM with additional
administrative, management and insurance resources. PPM is national
in scope, insuring anesthesia practices in over 40 states with
premiums approaching $40
million. For more information: www.ppmrrg.com.
About Sapiens
Sapiens International Corporation is a leading global provider
of software solutions for the insurance industry, with a 35-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