Sapiens and Addresscloud Team Up to Boost Insurance Risk Insights
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Sapiens Teams Up with Addresscloud to Enhance Risk Insights
The partnership empowers insurers with enhanced risk evaluation and underwriting decisions.
Sapiens International Corporation (NASDAQ: SPNS), a prominent provider of software solutions for the insurance industry, has initiated a collaboration with Addresscloud, a cloud-based location intelligence provider. This partnership aims to equip insurers with advanced tools to understand geographic risks better, facilitating informed underwriting decisions by utilizing global geospatial datasets.
Key Benefits of the Partnership
This collaboration offers several significant advantages for insurers. One critical feature is accurate geocoding, which guarantees precise location data for each insured property. This minimizes errors during risk assessment and claims processing, ensuring that insurers make informed decisions. Additionally, the partnership provides comprehensive property data, detailing various factors relevant to risk analysis, including existing hazards near the properties.
Enhanced Accumulation Management
Furthermore, the integration of Addresscloud's precise geolocation services contributes to better accumulation management by analyzing geographic concentrations of risk and optimizing risk distribution across portfolios. By merging Addresscloud's mapping capabilities with Sapiens' core P&C products, insurers can access a well-rounded solution that empowers better insights and streamlined workflows.
Utilizing Peril Scores for Better Decision Making
Key to this collaboration is the application of peril scores, allowing insurers to evaluate the likelihood and potential severity of risks such as floods, wind damage, fires, and subsidence. This data aids in making informed underwriting decisions and developing competitive pricing strategies. The term 'subsidence' refers to the gradual sinking or settling of ground surfaces with minimal horizontal movement, a crucial factor in risk analysis.
Industry Leaders Speak on the Collaboration
Mark Varley, CEO of Addresscloud, shared his excitement about the partnership: "This collaboration represents a significant advancement in how insurers access and use location intelligence. Our integration with Sapiens allows insurers to easily incorporate precise address matching, geocoding services, and critical property and peril information, thereby enhancing their competitive edge in the market."
Alex Zukerman, Sapiens’ Chief Strategy Officer, added, "Our collaboration with Addresscloud emphasizes our commitment to driving innovation within the insurance sector. By utilizing our advanced analytics and data integration capabilities, insurers can gain exceptional insights into geographic risks, enhancing their accuracy in risk assessment and pricing. This ultimately leads to improved risk management and profitability."
About Addresscloud
Founded in 2015, Addresscloud is a sophisticated geospatial platform that helps insurers enhance underwriting by providing precise location data and risk analyses. With state-of-the-art cloud technology, Addresscloud delivers fast, scalable, and precise location intelligence through APIs, allowing insurance providers to make optimal decisions. Their services streamline vital functions, including address capture, risk evaluation, and accumulation management, seamlessly integrating into insurance workflows.
About Sapiens International Corporation
Sapiens International Corporation, traded on NASDAQ and TASE as SPNS, stands as a global leader in intelligent software solutions tailored for the insurance domain. The company's robust platform, alongside their customer-driven partnerships, empowers insurers to future-proof their operations amid rapidly evolving market conditions. Sapiens harnesses AI and advanced automation to provide core solutions across various insurance sectors, including property and casualty, life insurance, and financial management.
Serving over 600 clients in more than 30 countries, Sapiens is recognized for its innovative SaaS offerings and is proud to be a part of the Microsoft Top 100 Partner program. Their unwavering commitment to partnering with clients throughout their transformation journey ensures continued success and effective adaptation to changing industry dynamics.
Investor and Media Contacts
Sapiens:
Yaffa Cohen-Ifrah
Sapiens Chief Marketing Officer and Head of Investor Relations
Email: [email protected]
Addresscloud:
Kirsty Plank, Full Circle Communications
Email: [email protected]
Frequently Asked Questions
1. What is the main goal of the Sapiens and Addresscloud partnership?
The partnership aims to enhance geographic risk insights for insurers, improving their underwriting decisions through accurate data integration.
2. How does accurate geocoding benefit insurers?
Accurate geocoding ensures precise location data for insured properties, minimizing errors in risk assessment and claims processing.
3. What are peril scores, and why are they important?
Peril scores assess the likelihood and severity of risks like floods and fires, aiding in better-informed underwriting decisions and pricing strategies.
4. What technology does Addresscloud utilize?
Addresscloud uses advanced cloud technology to provide scalable and accurate location intelligence through APIs for insurers.
5. What does Sapiens offer to the insurance industry?
Sapiens provides intelligent software solutions, helping insurers improve operational excellence and adapt to changes in the marketplace through innovative technology.
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