The South Carolina State Accident Fund Selects Sapiens to Automate and Modernize Its Workers Compensation and Digital Processes
Sapiens’ CoreSuite for Workers Compensation, DigitalSuite, and Sapiens Intelligence will improve efficiency and automation, delivered through Sapiens’ SaaS platform
Rochelle Park, N.J., August 7, 2023—Sapiens International Corporation (NASDAQ and TASE: SPNS), a leading global provider of software solutions for the insurance industry, announced today that The South Carolina State Accident Fund (SAF), a state agency that offers guaranteed workers’ compensation insurance for governmental entities, has selected Sapiens CoreSuite for Workers Compensation to provide a more intuitive system with detailed workflow automation. SAF will also implement Sapiens DigitalSuite and Sapiens Intelligence for a more engaging user experience and enhanced processing, respectively, delivered through Sapiens SaaS platform.
SAF needed a modern core solution to achieve its growth expectations and provide the highest level of customer service. The system enhancements will improve communication and increase efficiency through pre-configured, role-based user groups and messaging capabilities. SAF is an existing Sapiens customer, whose new system should go live in October of 2024.
“With Sapiens’ demonstrated experience and operational know-how, we knew we could become far more responsive to claimants and policyholders,” said Erin Farthing, Director of SAF. “Sapiens has proven to be a true partner by understanding our business, responding to our requirements, and facilitating our transformation with solutions that drive growth and value.”
“An intuitive and streamlined workers compensation administration platform will help strengthen SAF’s overall operations,” said Jamie Yoder, Sapiens North America President & General Manager. “We look forward to helping SAF modernize its core systems while continuing to build its strong foundation for continued growth well into the future.”
Sapiens CoreSuite for Workers Compensation enables carriers and state funds to improve operational performance by reducing claim inventories and supporting medical costs using advanced outcome-based case management. Its real-time payment processing allows automatic and split payments, offsets and deductions, refunds, transfers and 1099 processing for financial efficiency. The platform’s rules-driven auto-adjudication and decision support enable proactive case management that reduces claims settle resolution time and claims closure. Sapiens DigitalSuite offers a dynamic, digital engagement and enablement platform for insurers to provide a unified, omni-channel experience, and can be leveraged together with Sapiens’ core solutions or on top of other (non-Sapiens) solutions. Sapiens Intelligence integrates data to produce actionable insights, with a complete insurance information hub that integrates all business units and product lines into one unified organizational view.
Sapiens International Corporation (NASDAQ and TASE: SPNS) empowers the financial sector, with a focus on insurance, to transform and become digital, innovative, and agile. With more than 40 years of industry expertise, Sapiens’ cloud-based SaaS insurance platform offers pre-integrated, low-code capabilities across core, data and digital domains to accelerate our customers’ digital transformation. Serving over 600 customers in more than 30 countries, Sapiens offers insurers across property and casualty, workers’ compensation, and life insurance markets the most comprehensive set of solutions, from core to complementary, including Reinsurance, Financial & Compliance, Data & Analytics, Digital, and Decision Management. For more information visit https://sapiens.com or follow us on LinkedIn.
About The South Carolina State Accident Fund
The South Carolina State Accident Fund was established in 1943 for the purpose of providing workers’ compensation coverage and administration for all state agencies and other local governmental entities at reasonable prices. By creating a state agency for the sole purpose of “self-insuring,” the state of South Carolina provides a stable source of guaranteed insurance coverage so that state workers are not placed at undue risk.
On July 1, 2013, the administration of the South Carolina Workers’ Compensation Uninsured Employers’ Fund was transferred to the State Accident Fund. The Uninsured Employers’ Fund was created to ensure payment of workers’ compensation benefits to injured employees whose employers failed to acquire necessary coverage for their employees as required.
By administering both funds, the State Accident Fund provides a more stable environment for our state’s employers and their employees. For more information visit https://saf.sc.gov/index.php/contact-us
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