HOLON, Israel, Jan. 27, 2021 /PRNewswire/ -- Leading global
software provider for the insurance industry, Sapiens International
Corporation (NASDAQ: SPNS) (TASE: SPNS), has signed an ongoing
partnership agreement with ACORD, the standards-setting body for
the global insurance industry, as a leading global messaging
platform partner. As a License Integrator Partner of ACORD
Solutions Group, Sapiens will leverage the network effects of the
ACORD Solution Provider community and the next-generation digital
solutions enabled by ACORD Standards.
Sapiens will be leveraging ADEPT (ACORD Data Exchange Platform
& Translator) as a fully integrated service to facilitate
messaging support for their Insurer, MGA and Reinsurer clients.
Through ADEPT's RESTful API interface, Sapiens will be able to
offer its clients inbound and outbound message orchestration for
all London Market and wider international Large Commercial Risk
message formats. Additionally, Sapiens will also be positioned to
support the evolution of electronic placing platform choices in
London, and new initiatives and
services introduced by the Future at Lloyd's program, such as the
Digital Spine.
ADEPT harnesses the widely accepted ACORD Data Standards to
provide standardised and simplified API connectivity to the global
market for the exchange of Placing, Accounting and Claims data,
regardless of the maturity of messaging capability available by
each trading partner, or platform interface used. ADEPT will enable
the conversion of documents into structured placing, accounting and
claims data, as well as interface to existing eMessage-enabled
partners. ADEPT will also enable Sapiens' clients to receive or
share placing data via all of the major Placing Platforms,
providing an unrestricted yet standardised approach to their global
data exchange.
"The Future at Lloyd's will be digital, with simplification and
appropriate automation vital to the ongoing health of the world's
first, biggest and soon to be most advanced insurance marketplace.
We have a rapidly increasing number of Specialty insurance clients
that participate in the London Market, and they have asked us to
ensure that Sapiens is positioned to support and leverage the
Market's digital transformation efforts. This announcement with
ACORD is the first step on this path by Sapiens, driven as ever by
our clients' needs," said Roni
Al-Dor, Chief Executive Officer of Sapiens.
"We are delighted that ADEPT will enrich the insurance solutions
offered by Sapiens," said Chris
Newman, ACORD's Managing Director, Global. "Up to now,
the digitisation of data for large, commercial risks has been
an issue due to the vast array of systems and interfaces that have
accrued over time across the market. Digital adoption is happening,
but it is primarily focused on translating the same old processes
to the most obvious digital equivalent. It has become painfully
apparent that many London Market – and other – stakeholders do not
leverage a consistent and logical data model for transactions. Data
integration is too variable and requires too much manual
intervention. It needs to be embedded in the technology
itself."
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 550 organizations globally, Sapiens
has a proven ability to satisfy customers' core, data and digital
requirements. For more information: www.sapiens.com.
Logo -
http://mma.prnewswire.com/media/585787/Sapiens_Logo.jpg
Media Contact
Alex
Zukerman
CMO and Chief of Strategy, Sapiens
+972 546 724 910
alex.zukerman@sapiens.com
About ACORD
ACORD (Association for Cooperative Operations Research and
Development) is the global standards-setting body for the insurance
industry. ACORD facilitates fast, accurate data exchange, and
efficient workflows through the development of electronic
standards, standardized forms, and tools to support their use.
ACORD members worldwide include hundreds of insurance and
reinsurance companies, agents and brokers, software providers,
financial services organizations and industry associations. ACORD
maintains offices in New York and
London. Learn more at
www.acord.org.
Media Contact
Beth
Jarecki
Public Relations Lead, ACORD
beth@lpendragonus.com
View original content to download
multimedia:http://www.prnewswire.com/news-releases/sapiens-international-corporations-partner-with-acord-to-leverage-adept-data-exchange-platform-301216255.html
SOURCE Sapiens International Corporation