IDeclare StatementPro's New Multi-Company Features
Streamlined Solutions for NAIC Filings and Improved Productivity
Sapiens International Corporation (NASDAQ: SPNS), a prominent provider of software solutions for the insurance sector, has recently introduced a significant update to its renowned product, StatementPro. This latest enhancement, known as the Multi-Company Operations (MCO), is set to revolutionize the way insurers approach statutory reporting. By enabling users to manage multiple statements and companies simultaneously, the new features significantly alleviate administrative tasks and boost productivity.
StatementPro, already recognized as a comprehensive statutory reporting solution, now offers an even more user-friendly workflow with its MCO capabilities. The updates empower insurance professionals to prepare numerous statements more efficiently, while also reinforcing the commitment to accuracy and compliance. New users, in particular, will appreciate the intuitive design that requires minimal training, effectively shortening onboarding processes and reducing disruptions to daily operations.
Given the context that more than half of all National Association of Insurance Commissioners (NAIC) reporting organizations belong to a group of companies, there is amplified pressure for insurers to submit filings for multiple entities efficiently. The traditional method of going through repetitive manual tasks—like printing, importing, and attaching schedules for various entities—has now become outdated. With the introduction of StatementPro MCO, these challenges are addressed. The comprehensive solution optimizes operational efficiency, diminishes redundancy, and maintains consistency across all filings.
One of the standout features of MCO is the Filing Period Setup Wizard, which allows users to establish and schedule statements for upcoming filing periods all at once. This feature is designed to save significant time, eliminating hours from each reporting cycle and potentially reclaiming weeks of valuable employee productivity throughout the year.
Roni Al-Dor, the President and CEO of Sapiens, commented on the importance of this update: "As organizations continue to merge, acquire, and expand their insurance entities, optimizing reporting across multiple entities becomes increasingly crucial. With tight timelines for annual statements, StatementPro MCO is indispensable for insurers aiming to meet internal and regulatory deadlines effectively. Our technology ensures that no moment is wasted, allowing clients to streamline their operations and uphold compliance without sacrificing accuracy."
Sapiens is dedicated to continuously enhancing StatementPro's Multi-Company Operations by integrating further functionality, such as automated NAIC filings for all reporting entities and standardized response input across statements. These expected improvements will solidify StatementPro's standing as the most comprehensive tool for statutory reporting in the industry.
About Sapiens
Sapiens International Corporation is a leader in intelligent software solutions designed for the insurance sector, utilizing a SaaS-based model. By leveraging its robust platform and fostering customer-centric partnerships, Sapiens enables insurers to enhance operational capabilities in a rapidly evolving market. The company’s solutions harness AI technology and advanced automation to support core functions across various domains, including property and casualty insurance, workers' compensation, and life insurance. With a global footprint, Sapiens serves upwards of 600 clients in over 30 countries, continually recognized for its innovative contributions in the field. The company has also gained recognition through the Microsoft Top 100 Partner program, demonstrating its commitment to excellence and partnership throughout clients' transformation journeys. For more information, please visit [Sapiens' website](https://sapiens.com).
Investor and Media Contact
Yaffa Cohen-Ifrah
Sapiens Chief Marketing Officer and Head of Investor Relations
Email: contact@sapiens.com
Frequently Asked Questions
What is the new feature of StatementPro?
The new Multi-Company Operations (MCO) feature allows insurers to manage multiple statements efficiently, streamlining statutory reporting.
How does MCO improve productivity?
MCO reduces repetitive tasks in statutory reporting, allowing insurers to prepare multiple statements simultaneously and reclaim valuable staff time during filing periods.
Who can benefit from MCO?
Insurance companies and professionals who handle statutory filings for multiple entities will greatly benefit from the enhanced capabilities of StatementPro MCO.
What are the key functionalities of MCO?
Key functionalities include a Filing Period Setup Wizard, automated NAIC filings, and the ability to input standardized responses throughout the reporting process.
How does Sapiens ensure compliance with their solutions?
Sapiens' solutions are designed to maintain accuracy and compliance throughout the reporting process, with a strong focus on user-friendly experiences for minimal training.
