Sapiens Partners with Addresscloud to Improve Risk Insights
This collaboration empowers insurers to enhance their risk evaluation and make better underwriting decisions.
Sapiens International Corporation (NASDAQ: SPNS), a leading provider of software solutions for the insurance sector, has teamed up with Addresscloud, a provider of cloud-based location intelligence. This partnership aims to furnish insurers with advanced tools to better understand geographic risks, thereby facilitating informed underwriting decisions through the use of global geospatial datasets.
Key Advantages of the Collaboration
This partnership offers several important benefits for insurers. A standout feature is accurate geocoding, which ensures precise location data for every insured property. This accuracy reduces errors during risk assessments and claims processing, enabling insurers to make well-informed decisions. Furthermore, the collaboration provides extensive property data that outlines various factors relevant to risk analysis, including potential hazards in the vicinity of the properties.
Improved Accumulation Management
Additionally, the integration of Addresscloud's precise geolocation services enhances accumulation management by analyzing geographic concentrations of risk and optimizing risk distribution across portfolios. By combining Addresscloud's mapping capabilities with Sapiens' core P&C products, insurers gain access to a comprehensive solution that provides deeper insights and streamlines workflows.
Leveraging Peril Scores for Informed Decision Making
A key aspect of this partnership is the use of peril scores, which enable insurers to assess the likelihood and potential severity of risks such as floods, wind damage, fires, and subsidence. This information is crucial for 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, an important consideration in risk analysis.
Industry Leaders Discuss the Collaboration
Mark Varley, CEO of Addresscloud, expressed his enthusiasm about the partnership: "This collaboration marks a significant step forward in how insurers access and utilize location intelligence. Our integration with Sapiens allows insurers to seamlessly incorporate precise address matching, geocoding services, and essential property and peril information, thus enhancing their competitive position in the market."
Alex Zukerman, Sapiens’ Chief Strategy Officer, added, "Our partnership with Addresscloud underscores our dedication to fostering innovation within the insurance industry. By leveraging our advanced analytics and data integration capabilities, insurers can gain exceptional insights into geographic risks, improving their accuracy in risk assessment and pricing. This ultimately leads to better risk management and increased profitability."
About Addresscloud
Founded in 2015, Addresscloud is an advanced geospatial platform that assists insurers in improving underwriting through precise location data and risk analyses. Utilizing cutting-edge cloud technology, Addresscloud offers fast, scalable, and accurate location intelligence via APIs, enabling insurance providers to make optimal decisions. Their services enhance essential functions such as address capture, risk evaluation, and accumulation management, seamlessly fitting into insurance workflows.
About Sapiens International Corporation
Sapiens International Corporation, listed on NASDAQ and TASE as SPNS, is a global leader in intelligent software solutions designed for the insurance industry. The company's robust platform, along with its customer-focused partnerships, empowers insurers to future-proof their operations in a rapidly changing market. Sapiens leverages AI and advanced automation to deliver core solutions across various insurance sectors, including property and casualty, life insurance, and financial management.
With over 600 clients in more than 30 countries, Sapiens is recognized for its innovative SaaS offerings and is proud to be part of the Microsoft Top 100 Partner program. Their steadfast commitment to collaborating with clients throughout their transformation journey ensures ongoing success and effective adaptation to evolving 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.
