HOLON, Israel, Feb. 17, 2021 /PRNewswire/ -- Sapiens
International Corporation (NASDAQ: SPNS) (TASE: SPNS), a
leading global provider of software solutions for the insurance
industry, and VPay, an insurance industry leader in fast and secure
e-payments, announced today a partnership that will extend VPay's
digital payment services to workers' compensation insurers.
Insurers will also have access to Sapiens GO for Workers'
Compensation, a comprehensive suite for administering workers'
compensation policies and claims. The joint offering will provide
insurers a complete digital payment platform that will streamline
operational costs, improve customer interactions, and meet the
demand for fast, safe and reliable B2B and B2C claims payment
processing.
"Streamlining claim processes is central to achieving economies
of scale across the workers' compensation insurance sector, and
digital payment is an important component of this strategy," said
Jeff Brown, President of VPay. "We
are pleased to partner with a forward-looking company like Sapiens
and extend greater value to their clients through VPay's total
payment solution."
To date, VPay's solution has enabled workers' compensation
insurers to digitize 40-55% of all service provider payments,
yielding up to $1 million in savings
on print, mail and treasury fees. Among insurers using VPay to make
payments to injured workers, 60-75% of those payments have gone
electronic.
The partnership comes amid a paradigm shift in the insurance
industry, with the rise of insurtechs and advances in artificial
intelligence and Big Data making digital transformation a
competitive imperative for insurers. As payers vie to meet customer
expectations for claims payments at the "speed of light,"
integrating digital payments has helped insurers meet the need for
speed, which has only intensified amid the COVID-19 pandemic.
A recent Lightico-Sapiens survey of workers' compensation
professionals found that the pandemic has led to a rise in digital
customer interactions, including the digitization of paperwork,
forms and signatures – further cementing customer expectations for
seamless, efficient and secure digital experiences in
insurance.
"With insurers facing a new competitive landscape, digital
innovation is more important than ever," said Michael Desrochers, VP Product Strategy and
Alliances at Sapiens. "In joining forces, VPay and Sapiens have
forged a synergistic partnership that will equip insurers with the
next-generation solutions they need to flourish."
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 & casualty,
life, pension & annuity, reinsurance, financial &
compliance, workers' compensation and financial markets. With
more than 35 years of experience delivering to over 550
organizations globally, Sapiens has a proven ability to satisfy
customers' core, data and digital requirements. For more
information: www.sapiens.com.
Media Contact
Alex
Zukerman
CMO and Chief of Strategy, Sapiens
+972 546 724 910
alex.zukerman@sapiens.com
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SOURCE Sapiens International Corporation