HOLON, Israel and DENVER, December 4,
2017 /PRNewswire/ --
Sapiens International Corporation, (NASDAQ: SPNS) (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 its fully owned subsidiary StoneRiver, Inc.
has expanded the relationship with its client Catholic Life
Insurance (Catholic Life), one of the top 10 fraternal benefit
societies in the nation.
(Logo:
http://mma.prnewswire.com/media/585787/Sapiens_Logo.jpg )
Already an in-production user of StoneRiver's ID3® policy
administration system for life, health and annuity lines of
business, Catholic Life has recently expanded its portfolio of
StoneRiver solutions with the addition of LifeApply® to enhance the
application and submission process, and ID3 ACORD Transaction
Server (ATS) to best support ACORD standard transactions.
"We have been extremely pleased with our StoneRiver system, and
it was time to take the next step as we are always looking for ways
to further increase efficiencies and enhance services to our
members," said Catholic Life President Michael Belz. "Focusing on the future and
leveraging the latest that technology has to offer are key to
staying ahead and meeting our business goals. With the addition of
LifeApply and ATS we will be able to streamline our application
process and ensure that applications are in good order. We
anticipate these improvements will add to a higher volume of
business and a greater level of automation, speed, and
efficiency."
Additional benefits Catholic Life anticipates from the expanded
StoneRiver environment include:
- Reduced time to issue a certificate of insurance;
- Automated generation of required forms for agents;
- Ability to process commission payments more quickly;
- Enhanced and simplified workflow from submission to navigation
to illustrations; and
- Overall reduction in operational expenses due to new
efficiencies.
All Catholic Life lines of business will be supported,
including: term life, whole life, universal life, annuities, final
expense, and its 'Just for Kids' product. The implementation will
include integration with Catholic Life's agent portal, illustration
and other third party software.
"We worked very closely with Catholic Life on the project to
carefully define the timeline and success measurement criteria,"
said David Pidgeon, North America head of Life for StoneRiver and
Sapiens. "At this point, the project is well underway and we are on
track to meet Catholic Life's target in-production date with full
roll-out planned for early 2018."
About Catholic Life Insurance
Catholic Life Insurance is among the top 10 largest fraternal
benefit societies in the nation. More than 84,000 families rely on
Catholic Life for protection and security. Its assets exceed
$1 billion and insurance-in-force
surpasses $2 billion. The company
offers life insurance, IRAs, annuities and fraternal benefits to
individuals and families throughout Texas, Arizona, Florida, Louisiana, Oklahoma, Mississippi and New
Mexico. The company also offers volunteer opportunities that
enhance its members' lives and benefit the communities in which
they live. Although the common bond for most members is the
Catholic faith, Catholic Life is independent of any Catholic
institution and welcome people of all beliefs and religions. For
additional information visit http://www.cliu.com .
About Sapiens and StoneRiver, Inc.
StoneRiver, Inc., a fully owned subsidiary of Sapiens
International Corporation (NASDAQ and TASE: SPNS), delivers a range
of value-oriented technology solutions and services to insurance
carriers, agents and broker-dealers. These include front-office,
policy, claims, rating, underwriting, billing and reinsurance
automation for all major business lines.
Sapiens is a leading global provider of software solutions for
the insurance industry, with a growing presence in the financial
services sector. We offer integrated core software solutions and
business services, and a full digital suite for the property and
casualty/general insurance; life, pension and annuities; and
reinsurance markets. Sapiens also services the workers'
compensation and financial and compliance markets. Our portfolio
includes policy administration, billing and claims; underwriting,
illustration and electronic application; reinsurance and decision
management software. Sapiens' digital platform features customer
and agent portals, and a business intelligence platform. With a
30-year track record of delivering to more than 400 organizations,
Sapiens' team of over 2,500 operates through our fully-owned
subsidiaries in North America, the
United Kingdom, EMEA and
Asia Pacific. For more
information: http://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
SOURCE Sapiens International Corporation