Partners

Industry challenge

The global (re)insurance industry is exchanging placing, accounting, and claims data through many different approaches, often requiring intensive manual intervention, hindering data speed and accuracy. Stakeholders are hampered by the need to establish many bespoke peer-to-peer connections with counterparties who may be at a very different level of digital maturity.

The solution

ADEPT (ACORD Data Exchange Platform & Translator) enables global, interoperable data exchange by connecting all insurance partners, regardless of their existing technology, processes, and data formats. ADEPT connects insurers, reinsurers, cedents, brokers, and others to ensure that they are able to send and receive consistent, easily consumable data in real time. ADEPT is fully integrated with the full suite of ACORD Digital Solutions, enabling the digitization, translation, and delivery of a wide variety of documents and messages.

Business benefits

• Provides a secure, decentralized data platform for placing, accounting & claims
• Dramatically reduces cost of data exchange and improves cash flow
• Enables straight-through process automation and ecosystem integration
• Improves compliance and data integrity, reducing errors compared to manual administrative processes
• Maximizes the effectiveness of data by making it easily available at the moment of value

Industry challenge

Insurers struggled with justifying the financial and human capital that goes into processing payments. The demand in managing multiple portals, banking relationships, payment modalities and reconciliation.

The solution

Allow both workers’ compensation and property & casualty insurers to reconcile payments across multiple modalities with minimal IT requirements. All financial data will be streamlined into a single access point. Empower insurers to achieve immediate total electronic adoption, ensuring payment efficiency.

Industry challenge

Traditional support systems long struggled to meet the full needs of families in times after the loss of a loved one. As life insurance carriers and financial institutions continue to seek new ways to add value, expand benefits, and improve the customer experience, they neednovative tech partners to integrate into their systems to support policyholders and their families.

The solution

Empathy combines tech innovation with a human care team to change the way the world plans for and deals with the loss of a loved one. With its award-winning app, Empathy helps families navigate the challenges of bereavement like grief, estate settlement, probate and more. Through its white-labeled legacy planning services, Empathy increases access to estate planning services via thoughtful tailored integrations with trusted life insurance carriers and agents, providing legacy planning tools to make informed decisions and move forward in confidence after a loss.

Business benefits

• Revamp and improve the beneficiary experience, with support that goes beyond a payout
• Advance the claims process, honoring the long-standing relationship with policyholders
• Raise the bar for employers and beneficiaries with new, value-driving benefits
• Innovate on the customer experience, using tech to empower agents and streamline intake

Industry challenge

Many insurance carriers prioritize speed to market to meet changing customer needs but struggle to develop, file, and implement new products and product changes. While Customer Communications Management (CCM) platforms can help manage communications for these products, few have capabilities to specifically manage the documents required during the product development process.

The solution

With GhostDraft, insurers can automate the forms and document lifecycle, from inception to delivery, in one powerful and easy-to-use suite designed for insurance. Now, you get everything you need to get new or updated products to market quickly and streamline all your communication needs in a centralized CCM system that offers research, design, filing, specification, development, review, test, deployment, and implementation tools for the whole organization.
GhostDraft offers a modern, cloud-native suite that is seamlessly integrated with Sapiens to simplify managing communications.

Business benefits

• Drive digital transformation and end-to-end process automation
• Accelerate speed to market
• Deliver superior customer experiences with modern forms
• Get an insurance-designed solution with ISO prebuilt libraries
• Reduce costs with a cloud-native SaaS-priced solution

Industry challenge

Insurers struggle to access multiple payment providers and technologies to cover their complex needs. Their legacy IT systems make these integrations a long, expensive, and resource-draining process. On top of that, insurers lack the payment know-how and specialist resources needed to optimise their payments system in-house.

The solution

Through one single connection to us, Imburse connects any organisation, regardless of its existing IT infrastructure, to the entire global payments ecosystem. We do all the heavy lifting of connecting to payment providers and technologies around the globe, making it easy, fast and inexpensive to deploy new technologies, for both collections and pay-outs.

Business benefits

• Improve speed-to-market
• Maximise payment options
• Improve customer experience
• Reduce costs
• Access unified reporting and payment analytics
• Traditional integrations are complex, expensive and time consuming. The Imburse solution looks to remove this obstacle of by offering enterprises a single, convenient entry point to the entire global ecosystems of payments.

Industry challenge

Insurance organizations face many payment processing challenges from improving reconciliation efficiencies, reducing policyholder churn and keeping costs low. Add to that the burden of compliance liability, the pressure of ever-changing customer expectations and the need to reduce policyholder churn. The challenges may well seem insurmountable.

The solution

The joint Sapiens and Invoice Cloud solution delivers a streamlined omni-channel payment experience that improves operational efficiencies by simplifying the payment process and increasing self-service adoption. Invoice Cloud’s tight, real-time integration with Sapiens’ industry leading software solutions accelerates reconciliations, while providing a seamless payment process for policyholders. Invoice Cloud provides a simple, secure online billing and payment solution for insurers.

Business benefits

• Rapid personalization of both claims and policy correspondence reduce cycle times by utilizing previously generated templates
• Easy access to a central repository of templates, plus automated data and content prefill document templates, save agents time
• Built-in document preview capability during authoring facilitates a quick turn-around from edit to production

Industry challenge

The insurance industry needs to quickly assess risk factors and to price efficiently, without either over- or under-valuing each policy. This move toward personalization requires verified location-based information.

The solution

Loqate address verification solutions are integral to various aspects of insurance operations, including risk assessment, fraud prevention, regulatory compliance, customer service, and data analytics. We offer a faster, easier way to capture addresses in real-time in any single-line address field or online form. In as few as three keystrokes, our technology will suggest complete and precise locations anywhere in the world – even when your customer makes a mistake.

Business benefits

• Loqate solutions combine the richest globally curated data from multiple postal, geospatial and local sources with a sophisticated matching and verification engine, ensuring the most accurate address data
• A single source of truth for customer data, makes transferring money, opening accounts, and sending and receiving necessary documentation seamless
• AI is only as good as the data input
• Global Address Verification with AI Parsing
• Standardisation across all systems, consistency + trust for your MDM

Industry challenge

Almost all insurers are exposed to currency risk, from overseas premiums, auxiliary revenues, cross currency claim payments, or a mismatch in currency flows. Many struggle to implement the necessary steps and strategy to correctly manage this unwanted risk, with insurers exposed to potential profit erosion and huge fluctuations in cash flows as a result of inadequate FX policy considerations.

The solution

As a specialist in international payments and currency risk management, Lumon has been delivering bespoke hedging and execution services for over 20 years. We’ll work closely with you to develop, execute, and maintain a tailored strategy that complements your operational model and business goals. Our risk management strategies are designed to limit the impact of currency volatility on overseas exposures and significantly reduce execution and payment costs.

Business benefits

• Cost Savings – we deliver wholesale execution pricing through our syndicate of tier 1 liquidity providers and £9.2b in annual FX turnover
• Uncollateralised Credit – we offer clean credit and hedging facilities extending up to three years out with no upfront collateral or cash required
• FX Policy Creation – working closely with some of the largest insurers, Lumon specialises in delivering bespoke FX policies that ensure a systematic and data driven approach to optimise your FX risk management
• Data & Analytics – we extend real-time forecasting and probability data sourced from over 50+ global banks, providing an impartial and precise view of market sentiment that’s customised to your specific requirements
• Integrated Trading Platform – our platform enables self-serve spot and forward along with full reporting functionally, drawdown facilities and risk management tools for a true all-in-one currency experience

Industry challenge

Need for a faster, efficient, and modern connected way to provide payments to claimants.

The solution

With Optum Financial you have access to one of the largest multi-payer networks and the latest in payments technology. With our payment delivery solution, you can lower operational costs, improve customer interactions, and meet the demand for fast, efficient and secure B2B and B2C claims payments.

Business benefits

• Optimize payment processes — Drive electronic payment adoption and increase revenue
• Lower administrative costs — Eliminate check printing and mailing costs and reduce treasury and administrative expenses
• Prevent payment fraud — Our solution has the latest fraud avoidance technology combined with 24/7 monitoring by fraud protection experts
• Increase payee satisfaction — Offer flexible payment options, including ACH, virtual cards and checks

Industry challenge

When Policyholders can be tempted to switch and save, delighting and retaining customers is key. Today’s modern carriers must deliver a comprehensive billing, payments, and claims disbursements experience to increase customer satisfaction and improve operations.

The solution

With more payment methods and channels than any other provider and as the #1 best-in-class rated EBPP provider, Paymentus delivers the modern solutions insurers need and policyholders require.

Business benefits

Improved Customer Experience: Policyholders can pay exactly how they want with instant access to a robust suite of payment options and have access to faster digital claims payouts proven to increase Net Promoter Scores (NPS).
Comprehensive Real-Time Reporting: Staff can access a single, dashboard view of payment data to quickly serve customers, efficiently resolve inquiries and improve reconciliation and business operations

Industry challenge

In today’s competitive environment, carriers, state funds, MGA’s, MGU’s, premium finance companies+ need to be able to offer Pay -As- You- Go solutions on lines of insurance with variable exposures such as payroll, sales, insurance values, etc. Building these capabilities and developing systems to gather the variable data necessary to calculate and collect premiums, is a daunting and time- consuming task that most carriers+ are not prepared to do on their own.

Business benefits

• Easy implementation within Sapiens’ platform based on a flexible, carefully developed approach to a PayGo solution that fits your processes and your needs
• Reductions in billing and collection expenses
• Various options of direct data collection of multiple exposures such as payrolls, sales, insured values, etc.
• Maximum transparency on exposure data during the policy period, helping to reduce audit and bad debt expenses, saving you time and money

Industry challenge

Digital disruption in today’s Insurance Industry has forced many companies to rethink traditional business models and processes. Due to the rise of mobile smartphones, tablets, apps, cloud computing capabilities, and privacy and security concerns, consumer expectations have shifted towards a need for communication, payment and information immediacy and safety. It is now time for insurers to evolve and harness this digital shift in order to attract and retain new and old customers.

The solution

Sapiens and SPLICE Software partner to provide streamlined billing, claims, marketing and customer experience communication solutions to insurers, that are automated through Sapiens property & casualty, and life, pension & annuities platforms. This partnership enriches the customer experience and gives insurers more direct control of their customer relationships, drives engagement, increases loyalty and operational savings.

Business benefits

• Decrease the time and costs associated with the claims process
• Increase the speed of payment on overdue accounts
• Decrease inbound call volumes
• Gather customer feedback with surveys at different customer
  touchpoints
• Improve the overall customer experience
• Offer choice and Opt-In and preference management
• Be up and running and see significant results within 90 days

Industry challenge

Pricing sophistication and agility is increasingly key to success in personal and commercial lines insurance. Insurers often need the ability to deploy rates and algorithms in real time, to test their performance against strategic objectives and to deploy at scale, all within a tightly governed process. They also need to exploit the benefits of machine learning models in the pricing process, from rate calculations, to demand and retention models, and be 100% sure that deployed rates are exactly what they had planned.

The solution

Radar enables prices, rules, adjustments, scores and other metrics to be developed and deployed 100% accurately, directly to a rating system and calculated in real time. In markets where regulation permits, this can include policy or risk-level optimisation.

Business benefits

• Pricing sophistication, permitting both simple and highly complex pricing methodologies
• Rapid reaction to market developments
• System scalability that can cope with hundreds of millions of quotes per year
• Protection of robust audit and governance controls
• Direct and error-free rate deployment

Industry challenge

Dozens of eMerge-based solutions are currently operated on IBM Z platforms. As eMerge has evolved through the years, most of the solution’s investment was exposed to external technologies adjusted that needed support of eMerge versions.

The solution

Together with eMerge IBM Z customers, Sapiens continues to enhance IBM Z platform capabilities. We are continuously improving our eMerge product to support the latest releases and functionality of IBM Z Systems customers to maintain their workload.

Business benefits

• Consistency The new back-office applications have a unified look and feel, with the reuse of web services across the various applications.
• Repository System All data from the applications are centralized in IBM Z. This can save unnecessary web services when an application needs data from a second application.
• Compliance with regulations The new application is regulations oriented.
  Digital services No more paperwork, hand files and file cabinets, no duplicate data, no business errors, everything is validated by the application.
• Accessibility The new eMerge applications on IBM Z are accessible for intern

Industry challenge

Today’s insurance industry is facing rapid change and heightened customer expectations. This is in addition to the “cost-conscious” customer, who frequently switches carriers. Now more than ever, insurance leaders are seeking transformation, innovation, and reduced expenses.

The Solution

Sapiens, in partnership with Microsoft, is an extensive technology and go-to-market strategic partnership enabling intelligent insurance and empowering more personalized and enhanced experiences.

Business benefits

• Microsoft Azure is our cloud provider for Sapiens Cloud
• Sapiens & Microsoft – integrated across Microsoft’s portfolio, including Azure, Microsoft 365, Power BI. Roadmap: Dynamics 365.
• Sapiens’ solutions are surfacing in the Azure Marketplace
• Sapiens is working closely together with MS product teams