HOLON, Israel, May 26, 2021 /PRNewswire/ -- Sapiens Americas, a
fully owned subsidiary of Sapiens International Corporation,
(NASDAQ: SPNS) and (TASE: SPNS), a leading global provider of
software solutions for the insurance industry, announced today that
Beneva, Canada's largest mutual
insurance provider, has successfully upgraded to Sapiens
UnderwritingPro Version 11.
Beneva was created in 2020 through the coming together of La
Capitale and SSQ Insurance to become the largest insurance mutual
in Canada with more than 3.5
million members and customers. As part of their digital
transformation program, Beneva undertook a global, enterprise-wide
life underwriting initiative to automate their many manual
processes and rules with a modern technology stack, where digital
tools can be leveraged for speed and flexibility.
The goal was to increase utilization of third-party data sources
to support ordering of requirements evidence. Beneva's desired end
state was a modern, accelerated underwriting environment that
required minimal underwriting intervention and minimized the need
for medical exams. Beneva also aimed to increase the
individual life business and profitability, expand its geographical
footprint cross-borders and enhance the overall customer
experience.
"Underwriting is mission-critical to Beneva in achieving its
revenue growth and expense reduction goals. Sapiens' digital user
experience, greater configurability and security advances were all
important for Beneva in making the decision to upgrade to Version
11," said Sébastien Nadeau, Director, Individual Insurance
Solutions Optimization. "The upgrade was completed on time and on
budget, thanks to strong planning, communication and testing
activities delivered by both Beneva and Sapiens."
"For 35 years, Sapiens has consistently utilized new
technologies and provided state-of-the-art solutions for its
customer base. We are delighted to add value to our strategic
partner Beneva and to support them in their accelerated
underwriting journey through our technology and ecosystem," said
Roni Al-Dor, Sapiens president and
CEO.
With UnderwritingPro Version 11, Beneva can improve turnaround
time of receiving external data sources in the underwriting
process, growing the business without adding underwriting staff and
increasing efficiency for underwriters by freeing them up for more
complex underwriting exception submissions.
Moreover, UnderwritingPro v11 was designed to provide the most
advanced software features on the market, including a new
reinsurance interface to facilitate data transmission to Beneva's
reinsurers, enhanced underwriter notes and various workflow
improvements to provide a straight-through processing environment
required by the underwriters.
Sapiens UnderwritingPro is a web-based, new business, automated
underwriting solution that drives straight-through processing,
elevating both the internal and external customer
experience. Using traditional data and evolving, alternative
data sources, UnderwritingPro provides innovative and accelerated
risk analysis and a full-featured underwriting workbench to support
the wide spectrum of new business cases, from application receipt
to coverage decision.
About Beneva
Beneva was created through the coming together of La Capitale
and SSQ Insurance to become the largest insurance mutual in
Canada with more than 3.5 million
members and customers. Beneva employs over 5,000 dedicated
employees. With over $20 billion in
assets under management, Beneva positions itself as a major player
in the insurance and financial services industry. Its head office
is located in Quebec City.
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 600 organizations
globally, Sapiens has a proven ability to satisfy customers' core,
data and digital requirements. For more
information: http://www.sapiens.com/.
Media Contact
Alex Zukerman
Chief of Strategy, Sapiens
+972 546 724 910
alex.zukerman@sapiens.com
Investors Contact
Daphna Golden
Vice President,
Head of Investor Relations, Sapiens
ir@sapiens.com
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SOURCE Sapiens International Corporation