Partners
Outstanding Ecosystem
As part of our constant quest to offer more to our customers, Sapiens is proud to partner with innovative companies that help us expand and refine our offerings, scale up to meet even the largest and most daunting implementation challenges, and enter new markets and locales.
- Industry challenge
- The solution
- Business benefits
Addresscloud is solving the problem of inaccurate and insufficient geospatial data in the insurance industry. Traditional address data often lacks the precision and insight needed for effective risk assessment, underwriting and exposure management. Addresscloud provides detailed, accurate location intelligence by combining high-quality geospatial datasets with advanced cloud based technology.
This allows for precise address matching, risk evaluation, and detailed mapping, which is crucial for insurance pricing, underwriting and portfolio management. By enhancing the accuracy of address data, addresscloud helps Insurers and MGAs improve operational efficiency, make better-informed decisions, ultimately leading to better risk management and more profitable underwriting.
Addresscloud is a multi-award-winning location intelligence platform serving the global insurance market. We provide leading insurers, MGAs and coverholders with APIs and applications to make better underwriting decisions. Addresscloud’s platform provides real-time data integration and APIs that allow seamless incorporation of their geospatial data into clients’ existing systems
From capturing an accurate address to pre-filling quotation forms, understanding peril and climate risk and avoiding expensive accumulation issues, Addresscloud has you covered.
- Accurate Geocoding: Ensure precise location data for every insured property, minimising errors in risk assessment and claims processing
- Comprehensive Property Data: Access detailed information about insured properties, including proximity to hazards and other relevant factors, aiding in thorough risk evaluation
- Peril Scores: Utilise scoring systems to assess the likelihood and severity of various perils, such as Flood, Wind Fire and Subsidence, enabling better-informed underwriting decisions and pricing strategies
- Accumulation Management: Manage exposure accumulation across portfolios by analysing geographic concentrations of risk, mitigating potential losses, and optimising risk distribution strategies
- Industry challenge
- The solution
- Business benefits
Insurers face increasing pressure to control and optimise their profit margins (direct insurers, price comparison websites, low interest rates). Pricing sophistication has become a key differentiator, but pricing processes remain long, manual and iterative. While AI could significantly improve this process, standard machine learning algorithms generate models that cannot be put in production because of regulatory constraints and risk of adverse selection. Akur8 is the only technology on the market that reconciles machine learning and actuarial science to automate the generation of transparent, production-ready GAM/GLMs.
Akur8 leverages the power of Machine Learning & predictive analytics to inject game-changing speed and accuracy to insurers’ pricing process. The solution supports pricing experts at every step of the pricing process, generating significant efficiency. From data processing and visualisation to exporting final models, Akur8 provides a comprehensive modular approach to pricing built around three main modules:
1. Risk – to build technical models and pure premiums
2. Demand – to build behavioural conversion and retention models and measure price elasticity
3. Rate – to iterate on rate plans (commercial premiums) and run portfolio analyses
- Speed – Make your pricing process 10x faster
- Performance: Improve the predictive power of your models
- Transparency: Ensure full compliance with local regulation
- Industry challenge
- The solution
- Business benefits
One of the greatest challenges facing organisations is working to embed regulatory compliance within insurance supply chains. This is a highly complex environment that can absorb teams as they wade through repetitive and time-consuming tasks. While a significant resource burden, failure threatens cost, efficiency and reputational impacts.
The joint Sapiens and Albany Group solution brings the ability to channel complex workflows and supplier management into a single, simple to implement and easy to use platform. Suppliers include third party admin (TPA), claims adjusters and experts, lawyers, underwriting brokers and even IT contractors. They also include contractors such as plumbers, builders, car mechanics and repair shops. Conect™ automates, streamlines and makes sense of supply chain complexity — to embed oversight, confidence and compliance. Integration of Conect™ with Sapiens core systems provides end-to-end performance, regulatory and operational control of supply chains, so that third party providers access to the insurer systems is according to their status in the Albany Group system. Code-free, Conect™ is rapidly deployable, customisable and scalable within departments, throughout companies and across markets.
- CONTROL – Risk intelligence technology that puts you in control — to save time, reduce costs and automate regulatory compliance
- INSIGHT- Harness trusted data, cross-sector expertise and intelligent analysis for complete oversight, performance management and audit of your supply chain
- SIMPLICITY – Code-free configuration and intuitive screens ensure that Conect™ simplifies the most complex processes
- Industry challenge
- The solution
- Business benefits
Lengthy, inefficient, non-standardized processes that result in a limited user experience and very high management costs. test
Bdeo develops Visual Intelligence, a specific type of Artificial Intelligence. It helps streamline the underwriting and claims management processes for motor and home insurance companies, as well as fleet management companies, reducing underwriting and claims handling times from weeks to minutes. We do it by enabling an AI-powered inspection where evidence is collected via photo/video, damaged parts and severity are detected immediately and recommendations of next steps are offered to the insurer based on their rules.This helps them increase satisfaction among new customers, who are expecting a digital, fluid experience, and reduce management costs. Bdeo’s goal is to transform the insurance and fleet management industries and the way they engage with their customers.
- Cost reduction
- Time reduction
- Streamlined processes
- Improved user experience
- Industry challenge
- The solution
- Business benefits
With more than 71% of the global deaths (according to WHO.org) caused by preventable disease, the Insurance industry wishes to move from being a claims payer to a lifetime wellbeing partner, helping people achieve and maintain better health and wellness levels, while better assessing risk and providing preventive, personalized services, at lower costs.
As a B2B company, Binah.ai provides the Insurance industry with an AI-powered, 100% software solution (SDK) they can easily integrate into their app or workflows to allow clients monitor health parameters, just by looking at the camera of a smartphone, tablet or laptop camera – anytime they need, anywhere they are, in only one minute. End-users are able to extract a wide range of health parameters such as blood pressure, heart rate, heart rate variability, oxygen saturation, respiration rate, mental stress, relaxing ability and more, and share this important health data with their insurers so they can better support their care, wellness and health improvement efforts.
- Enhance wellness programs success using members’ objective health data
- Streamline and empower underwriting and STP with remote, real-time health and wellness monitoring
- Better assess risk and increase prevention
- Lower operational costs (no need for wearables, less human time spent on health assessments)
- Industry challenge
- The solution
- Business benefits
Insurance companies frequently face significant challenges when managing high volumes of diverse documents streaming into the organization. These documents must be accurately classified into specific types, relevant data must be extracted and validated, and documents must be correctly routed to the appropriate activity centers within the organization for further processing. In many organizations, a substantial portion of this activity is still handled manually. We can automate and streamline all these tasks.
A robust document classification and Digital Mailroom (DMR) automated system is designed to automatically classify incoming documents based on any required hierarchy, content, or schemes on a case-by-case basis. The solution employs advanced document understanding technologies, including optical character recognition engines, optical mark recognition, and barcode recognition, to process structured, semi-structured, and unstructured forms in most common languages.
- Significant labor cost savings and a rapid return on investment
- Immediate enhancements in data accuracy, routing precision, and data capture speed
- Much faster response times to customer inquiries
- Automatic prioritization of urgent customer requests using natural language processing
- Over 20 years of technology leadership in OCR, AI, NLP, automated machine learning, and document understanding. Billions of insurance-related forms,
payments, invoices, personal KYC, and various other documents have been processed using FormStorm technologies
- Industry challenge
- The solution
- Business benefits
Litigation and Severity costs are eating into Insurers’ profits and ability to grow. Annually more than 20% of premiums are lost to litigation, fraud and compliance related claims handling. Lack of risk insights also blinds risk selection. Prioritizing claims with high propensity of litigation and severity to reduce claims cycle time and costs while efficiently managing reserves is much needed. Predictive analytics and Insights driven decision are the need of the hour.
Charlee.ai is an artificial intelligence based predictive analytics patented solution that helps reduce litigation and severity expenses while efficiently reserving claims. Charlee helps prioritize claims with high risks such as litigation, suspected fraud and non-compliance along with deep claim insights to help operational team streamline their workflows. Charlee is a secure, cloud-based and SOC 2 compliant web-application with custom dashboards and KPIs providing easy upload of data via SFTP or APIs.
- Charlee leverages our patented and proprietary natural language processing (NLP) and machine learning models to extract deep insights from structured and unstructured data and predict litigation and severity
- Charlee predicts litigation and attorney involvement starting at first notice of loss (FNOL) and 90-120 days prior, enabling workflow prioritization
- Charlee predicts severity in various ranges (low, medium and high with dollar amounts dependent on machine learning) allowing for fast tracking and insights-based assignments
- Charlee provides claim level alerts and red flags based on deep learning of unstructured and structured claims and policy data for developing investigation action plans
- Charlee provides claims and risk portfolio including operational metrics, reserving patterns and high-risk trends correlating to NLP based tagged topics
- Industry challenge
- The solution
- Business benefits
- Hear from our partners
Insurance confronts the challenge of sluggish new and renewal procedures due to manual underwriting processes. This reliance on manual work hampers efficiency and speed in the industry. It is not an efficient process for the agents/insureds.
The current supplemental insurance application process can be frustrating for insureds, agents, underwriters, and everyone in between. AppEase improves both the experience and the outcome. The user experience is designed with underwriters to insureds in mind to enhance satisfaction and efficiency, especially on renewals.
- Reduce sales cycle (~80%) by collecting apps data electronically
- Ease of doing business/competitive advantage significantly improved
- Provides data availability for analytics
- Removes redundant data entry and quicker quotes and indications
- Industry challenge
- The solution
- Business benefits
When it comes to customer communications management, building and managing document templates can be challenging, technical and expensive. Document templates are often built and maintained on syntax-based (mail merge) platforms by technical staff and the dependency on the IT team often results in slow turn-around times. Templates are not always managed and organized centrally which makes it difficult for an organization to have a clear view of their environment and follow a compliant document strategy.
DocFusion® enables you to turn regularly used documents and forms into intelligent templates for customer communications management
DocFusion’s drag-and-drop template designer makes template authoring easy and maintainable with drag-and-drop mapping, visual rule-building dialogues, offline template preview capabilities with test data, native connectors to multiple data sources, digital signature support and much more.
DocFusion also features an enterprise-grade central template repository with role-based access, version control and full auditing capability. Documents can be generated on-demand or in batch with the option to connect to our high availability and highly scalable cloud environment.
- Document composition, automation and governance
- Hyper personalized claims and policy correspondence
- Compliance and risk management
- Preservation of corporate identity
- Template libraries for re-usable content
- Pre-build connectors (data push or retrieve strategy)
- On-premise, cloud or hybrid
- Industry challenge
- The solution
- Business benefits
Manual document processing in Insurance. With all of the documents/emails/paperwork in the insurance industry, a lot of time is spent reviewing redundant information in search of the same key pieces of information that is just labeled and formatted differently each time.
Doxci is a simple tool that makes enterprise document processing as easy as a drag and drop.Doxci uses AI, NLP and RPA to automatically ingest documents, read them well enough to establish contextual reasoning, and complete the tasks associated with the contents. It can perform simple tasks like converting unstructured data to a structured format for compliance purposes, or more cognitive-intensive processes such as completely automating the submission of small and mid-sized commercial insurance lines. It’s basically 100,000 paperwork employees in 1.
- Converts messy unstructured data to a structured format
- Automates entire workflows so that it functions less like a tool and more like an employee
- Faster, cheaper, more accurate and more consistent than humans, freeing them up for higher value work
- Able to process everything from simple invoices to analyzing lengthy contracts (hundreds of pages) for contextual discrepancies
- Increased monthly revenue over 20% for one of our clients
- Industry challenge
- The solution
- Business benefits
Insurance companies try to sell the same product, at the same price, to customers who have unique needs, risk characteristics and price sensitivities. This commodity based selling, may cause the loss of customers who are willing to pay more for increased comprehensive coverage, as well as customers who cannot afford the product and are willing to give up some coverage to pay less.
The joint Earnix and Sapiens solutions uses Earnix for the quoting process on Sapiens’ system. It provides an end-to-end pricing and product personalization software suite, driven by world-class data science, analytical modeling tools, and integrated machine learning. The Earnix suite replaces fixed pricing tables with dynamic pricing API. With the dynamic pricing and product personalization solution, insurers ensure they are offering the right product, at the right price to the right person.
- 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 solution
- Business benefits
Despite significant investments in technology, insurers often struggle to accelerate payment processing time, increase visibility for both the adjuster and claimant, and, ultimately, provide a positive digital payment experience for tech-savvy claimants.
ECHO for Property and Casualty allows one system for automating payment processing, delivery of real-time reconciliation status updates, and making informed decisions with up-to-date payment information. With connectivity to nearly every medical claim clearinghouse, more than 1.6 million providers in our network, and $180B in claims paid in the past 12 months, ECHO enables a seamless workers comp payment program that isn’t available anywhere else in the market. ECHO delivers claimant satisfaction with multiple payment options and automated preferences. Our seamless integration reduces costs, increases efficiencies, and allows simple revenue-sharing opportunities.
- Integration: Empower your team with access to comprehensive digital payment capabilities, including real-time updates, directly within your system
- Automation: Pay claims faster with a solution built to handle insurance companies’ specific use cases and workflows
- Reconciliation: Save valuable time with automated reconciliation, making reconciliation at the group and sub-group level easy and hassle-free
- Flexibility: Provide your team with a flexible, secure application tailored to fit your unique needs, use cases and workflows
- Scalability: Implement a solution designed to scale and grow with your evolving business needs and across lines of business
System Integrators
At Sapiens, we recognize the importance of seamless integration and implementation in achieving operational excellence. Our strategic partnerships with system integrators are instrumental in ensuring the successful deployment and integration of our solutions.
Through close-knit partnerships, we co-create solutions that revolutionize industries, empower businesses, and pave the way for a digitally-enabled future.