Sapiens 2023 Year in Review
With 2023 almost in the record books and 2024 wide open with new possibilities, Sapiens has ambitious plans for the year ahead. But in this final blog of 2023, I wanted to briefly reflect on what has been a transformative and eventful year due to what’s been happening throughout our organization.
Of particular note among our 2023 product innovations and strategic collaborations was our partnership with Microsoft to leverage generative AI in our solutions, to provide our customers with instant answers and more engaging user experiences. AI has become deeply integrated within the insurance industry by automating claims processing, distribution, underwriting, and pricing, so our Microsoft partnership allowed us to bring a groundbreaking technology directly to our customers to improve and streamline their operations.
This year, Sapiens had two significant upgrades of our IDITSuite for Property & Casualty solution that helped enhance claims straight-through processing, its smart upload tool that allows for message organization, and the ability to store and print several cover plans calculations in one quote for comparison and selection.
Version 7.0 of our IllustrationPro and ApplicationPro solutions was also released in 2023, with enhanced digital engagement to enable insurers with improved member servicing and reinforced security measures. This new version delivers significant value and stands out in today’s competitive market due to various functional and technical enhancements, including improved usability and a smooth exchange of data that reduces errors and improves the customer/agent experience.
And the industry continues to take notice of our achievements! This year, Sapiens was recognized by Celent with XCelent Awards for our Life, P&C, and Reinsurance solutions, specifically CoreSuite for Life & Annuities, CoreSuite for Life & Pensions, IllustrationPro, IDITSuite, and ReinsuranceMaster, for such distinctions as Breadth of Functionality, Customer Base and Support, and Advanced Technology. These honors are further testament to our commitment to continuous research and development and overall product excellence.
This commitment also translated into significant customer wins in North America, EMEA, and APAC, some with new customers and others expanded engagements with established clients, exemplifying the trust and confidence that they continue to place in us. It also reflects an evolution in our client relationships, in that they view us not only as vendors, but also as strategic partners and advisors in their transformation journeys. And throughout 2023, we helped facilitate rollouts and project go-lives for many of our current customers, often within ambitious timelines to empower them with newly streamlined processes and rapid go to market.
Speaking of client empowerment, Sapiens executives, staff, and thought leaders had the pleasure of meeting many of our valued customers and partners at premier industry events throughout the year, including ITC, LIMRA Life & Annuities, and IASA Xchange, where they discussed how we can continue to elevate product offerings with greater digital engagement and increased enterprise capabilities. Most exciting of all were our own International and North America customer summits in Barcelona and Tucson, Arizona, respectively. Both had record attendance, proving once again how in-person learning, sharing, and engagement remain a cornerstone of our industry. They were invaluable in terms of strengthening client relationships and gathering feedback on how we can continue to serve our stakeholders’ evolving needs. Through surveys distributed at the end of each summit, we learned that efficiency and growth are still top of mind for our customers, which we’ll incorporate with other key learnings into our 2024 client strategy to further raise the bar for execution excellence.
The new year will undoubtedly present new opportunities, choices, and challenges. But we remain dedicated to the values that define Sapiens, and most importantly, focused on providing our customers with exceptional solutions and services in an ever-changing industry landscape.
I know I speak for my fellow bloggers when I say that it’s been our pleasure to share with you our commentary and industry observations that have hopefully given you greater insights into your respective sector’s complexities, Sapiens’ solutions, and market challenges. We look forward to providing continued insight and perspectives, and I wish all of you a very happy, healthy, and peaceful 2024.