Universal Life Partners with Sapiens to Modernize Core Systems
Sapiens' innovative solutions set the stage for Universal Life's progress and enhanced efficiency.
Universal Life, a prominent life and health insurer, has made a strategic decision to join forces with Sapiens International Corporation (NASDAQ: SPNS), a trusted provider of software solutions tailored for the insurance sector. This collaboration aims at modernizing Universal Life's core insurance processes, paving the way for significant growth.
By implementing Sapiens CoreSuite for Life & Pensions, Universal Life intends to replace its outdated systems with a scalable, efficient solution that enhances operational workflows and fosters product innovation. This transformation will streamline essential functions such as policy administration, claims processing, and billing, ultimately boosting customer satisfaction and building loyalty.
The CEO of Universal Life, Evan Gavas, expressed enthusiasm about the partnership. He commented that Sapiens was chosen following an extensive evaluation due to its solid reputation and capability to provide a fully integrated solution that aligns with their modernization goals. Gavas shared, "We’re confident that this collaboration will optimize our efficiencies, enhance agile responses, and enable us to deliver cutting-edge insurance solutions to our clients."
Similarly, Roni Al-Dor, the President and CEO of Sapiens, highlighted the excitement surrounding this partnership. He remarked, "Our advanced core solutions combined with robust cloud services will enable Universal Life to fortify its operations, increase customer engagement, and accelerate growth in the rapidly evolving insurance market."
Utilizing Sapiens CoreSuite for Life & Pensions, a comprehensive SaaS solution, Universal Life aims to amplify its digital capabilities for managing both individual and group life products. This innovative solution promises to deliver robust efficiency and enhanced business operations.
About Universal Life
Founded as a private insurance company in 1970, Universal Life holds the distinction of being the very first insurer established in Cyprus following local insurance law enactment. As a member of the Photos Photiades Group, it stands as a leading entity in the country, especially renowned in the accident and health insurance domains. Universal Life is admired for its reliability, professionalism, and a customer-oriented focus that permeates through its operations, supported by a network of well-trained insurance agents.
Commitment to Excellence
Universal Life has built a reputation for its commitment to quality service delivery. The insurance products offered are designed to cater to various customer needs, thereby ensuring that Universal Life remains a choice provider in the insurance landscape.
About Sapiens
Sapiens International Corporation (NASDAQ: SPNS) stands at the forefront of intelligent, SaaS-based software solutions in the insurance market. The company empowers insurers around the globe with technology that supports operational excellence amidst the complexities of a changing market. With a client base of over 600 in more than 30 countries, Sapiens utilizes a diverse ecosystem to foster partnerships with insurers, ensuring their readiness for future challenges.
Sapiens continues to innovate, providing comprehensive solutions that include property and casualty, workers' compensation, life insurance, and various supporting functions such as compliance, financial management, data analytics, and digital solutions.
Building a Future Together
Through collaborative initiatives, Sapiens is committed to aiding clients throughout their transformation journeys, enabling them to succeed in their operational and growth strategies.
Frequently Asked Questions
What is the purpose of the collaboration between Universal Life and Sapiens?
The partnership aims to modernize Universal Life's core insurance processes, replacing outdated systems to enhance efficiency and support growth.
Which solutions are being implemented in this partnership?
Sapiens CoreSuite for Life & Pensions will be deployed to modernize policy administration, claims processing, and billing operations.
Who is leading Universal Life?
Evan Gavas serves as the CEO of Universal Life, overseeing the modernization efforts and collaborations.
What is Sapiens known for?
Sapiens is recognized as a global leader in providing intelligent SaaS-based software solutions for the insurance industry.
How does this collaboration benefit customers?
The partnership enhances customer satisfaction by streamlining processes, increasing engagement, and accelerating product innovation.
