Novarica Recognizes Sapiens as a Dominant Provider of Illustration Solutions in their 2021 Market Navigator
Sapiens IllustrationPro selected as a Dominant Provider for its strong market position and momentum
June 23, 2021 — Sapiens International Corporation (NASDAQ and TASE: SPNS), a leading global provider of software solutions for the insurance industry, today announced the company was recognized by research and strategic advisory firm Novarica as a dominant provider of illustration solutions to insurers in Novarica’s 2021 Market Navigator report. Sapiens was identified as a Dominant Provider for its strong market position and momentum, and for its well-known solution Sapiens IllustrationPro.
Novarica’s report provides an overview of the stand-alone illustrations systems currently available to US life/health/annuity insurers, based on vendor market position and offering details. Novarica Market Navigator provides an overview of major providers in a specific segment. It is intended to help insurers quickly understand who is active in the space and their approximately relative market positions. The report contains 13 solution profiles that summarize the vendor organization, technology used, differentiators, client base, supported lines of business, deployment options, implementation approaches, upgrades and enhancements and key functionality.
“We are honored to be recognized as a Novarica Dominant Provider. Its testimony to the fact that Sapiens has made significant investments in IllustrationPro, culminating in a product with robust functionality and efficient usability that provides a completely new and satisfying user experience,” said Roni Al-Dor, Sapiens president and CEO. “Sapiens is committed to providing innovative technology with cutting edge capabilities for the life insurance industry and empowering our customers with the most modern and functionally rich solutions.”
Sapiens IllustrationPro for Life & Annuities is a cloud-based, point-of-sale illustration and quoting solution, offering a fully responsive, modern and intuitive user experience for both the life and annuities as well as health markets. ACORD®-compliant, it offers straight-through processing, from point-of-sale to application e-submission and is supported by a needs analysis suite. IllustrationPro’s calculation engine handles complex product illustrations and the multichannel distribution, enabling carriers to serve multiple marketing segments with a single deployment.
The Novarica report recognized Sapiens for its proven track record and its partnership with 41 live US/Canadian insurers using its illustrations solution, most of which are larger companies (over $1B) using the solution in group and individual lines of business. The report also highlighted Sapiens’ key differentiators, including efficient support of (dis)connected user options using data synchronization and remote system update capabilities; support for multiple personas and sales channel branding within a single platform; product calculation support provided by support staff with insurance knowledge; home office tools, including managing product parameters, system components, business rules, and the ability to replicate products within the system; as well as enhanced integration capabilities, including additional web services, APIs, and microservice calls to third-party solutions and insurer systems throughout the agent quote and illustration journey.
The full report can be accessed here.
Sapiens International Corporation empowers insurers to succeed in an evolving industry. Sapiens 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 more than 600 organizations globally, Sapiens has a proven ability to satisfy customers’ core systems, data and digital requirements. For more information: sapiens.com
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