Sapiens International Corporation, (NASDAQ: SPNS) (TASE: SPNS), a leading global provider of software solutions for the insurance industry, announced today that LocalTapiola Life (LT), Finland’s fourth-largest life insurer, has chosen to expand its partnership and will include Sapiens Cloud Services for a ten-year period. This underscores Sapiens’ earlier agreement to implement LT’s core system transformation by replacing its current eight separate Policy Administration Systems with Sapiens CoreSuite for Life and Pensions.
Sapiens was selected for its proven experience in complex insurance ecosystem integrations, providing an end-to-end, cloud-first, digitally enhanced platform for individual and group products, across Life, Wealth and Retirement. LT has seen customer behaviour changing rapidly, and digitalization is a key step in enhancing efficiency while simultaneously providing upgraded, seamless customer service and new products.
“Sapiens are helping us remain highly competitive by empowering us to develop digital new business while consolidating our legacy business at the same time,” said Pasi Haarala, CEO LocalTapiola Life. “We look forward to a continued fruitful and rewarding relationship with Sapiens for many years to come.”
Sapiens CoreSuite for Life and Pensions will empower LT Life with a wide range of fully embedded data management and analytics capabilities. The LT implementation is underpinned by the market-leading Sapiens Intelligence data and analytics module that pools the insurer’s data to provide actionable insights, improving underwriting risk selection and reducing claims expense ratios. Sapiens Cloud Services empowers companies to focus on core business objectives, eliminating IT bottlenecks, with support and maintenance services providing proactive management.
The LT implementation makes use of the Sapiens One-Hand-to-Shake model, whereby Sapiens provides, via its SaaS solution, the implementation, support and maintenance services, as well as Cloud hosting and services. LT will benefit from the proven and secure Cloud services provided by Sapiens and from their comprehensive solutions and platform expertise.
“LocalTapiola Life has been Sapiens’ very first implementation in Finland,” said Roni Al-Dor, Sapiens President & CEO. “As our relationship deepens and expands over time, we will continue to engage in ongoing development according to local regulations and global innovations, based on our continuous roadmap and new releases.”
Sapiens CoreSuite empowers insurers to quickly and easily tailor and launch new life insurance products through a variety of low-code/no-code configuration tools as well as support their existing product portfolios. It streamlines premium payment processes and client management features, in addition to further enhancements for Policy Service transactions driven from the at-a-glance Policy Dashboard.
