HOLON, Israel, Dec. 5, 2019 /PRNewswire/ -- Sapiens
International Corporation, (NASDAQ: SPNS) (TASE: SPNS), a
leading global provider of software solutions for the insurance
industry, announced today that Patriot Life Insurance
Company (Patriot Life Insurance), a North American life
insurance provider with an extensive network of independent agents,
upgraded to Sapiens UnderwritingPro for Life &
Annuities version 10.
UnderwritingPro has been a powerful vehicle to accelerate
Patriot Life Insurance's growth. Version 10 enables Patriot Life
Insurance to utilize Milliman IntelliScript's Irix® –
Risk Score. Sapiens closely partnered with Milliman IntelliScript
for a seamless third-party vendor integration. Irix – Risk Score is
a prescription-based predictive model that simplifies the
decision-making process by quantifying the relative mortality risk
of life insurance applicants. It accelerates the underwriting
process, enabling insurers to make a quicker policy decision. Risk
Score delivers a better customer experience and a more
cost-effective underwriting process for the insurer.
This upgrade combines underwriting excellence with an enhanced
user experience, including easier and faster access to information
via intuitive graphical user interfaces. Patriot Life Insurance
will benefit from straight-through-processing capabilities and the
move to advanced HTML5 web technologies (from Adobe Flash).
"Sapiens is pleased to see Patriot Life Insurance in production
with Sapiens UnderwritingPro version 10," said David Pidgeon, head of Sapiens Life &
Annuity business unit for North
America. "The shift to advanced HTML5 web technologies
greatly improved Sapiens UnderwritingPro for Life & Annuities'
user interface and experience, and ensures a long-term strategic
operational platform. We now have a proven version of
UnderwritingPro that is available to all clients."
This project was completed within seven months, including the
third-party vendor integration.
"Patriot Life Insurance views Sapiens as a long-term and
strategic partner," said Martin
Dinehart, executive vice president and chief operation
officer, Patriot Life Insurance. "They intimately understand the
North American life market and offer innovative underwriting
technology. This latest version of UnderwritingPro offers
tremendous ease of use and I was impressed with the level of
teamwork exhibited by Patriot Life Insurance and Sapiens personnel.
The integration with IntelliScript's Irix® – Risk Score is seamless
and the UnderwritingPro rules engine works well with the new data.
The project proceeded smoothly and we successfully met an ambitious
timeline."
Patriot Life Insurance is in the planning stages of expanding
its use of Sapiens UnderwritingPro rules to provide real-time
decisions for select products and customers.
Sapiens UnderwritingPro for Life & Annuities (formerly
called StoneRiver LifeSuite) is a web-based solution for automated
underwriting and new business case management that is part of
Sapiens CoreSuite for Life & Annuities (formerly
called Sapiens ALIS). It speeds new business processes for
insurance carriers and their channels, offering an intuitive user
interface with critical updates and task assignments provided on a
real-time dashboard. Sapiens UnderwritingPro enables underwriters
and case managers to work on multiple cases simultaneously.
About Patriot Insurance
Patriot Life Insurance Company is a life insurance subsidiary of
Frankenmuth Insurance located in Michigan. It operates in many states in the
Midwest, Southeast, and Northeast regions of the United States where Patriot Life is
licensed.
The life insurance products marketed by Patriot Life Insurance
Company are sold through a network of over 1,500 independent
insurance agents. Our network of agents is dedicated to serving
policyholders with the most appropriate coverage for their
individual needs. To learn more (including states where life
insurance policies are available), visit us at
www.fmins.com/life.
About Sapiens
Sapiens International Corporation empowers insurers to succeed
in an evolving industry. The company offers digital software
platforms, solutions and services for the property and casualty,
life, pension and annuity, reinsurance, financial and
compliance, workers' compensation and financial markets. With
more than 35 years of experience delivering to over 450
organizations globally, Sapiens has a proven ability to satisfy
customers' core, data and digital requirements. 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