Universal Life Partners with Sapiens for Core System Revamp
Universal Life Chooses Sapiens to Revamp Core Systems
Sapiens' solution will accelerate Universal Life's growth and efficiency
Sapiens International Corporation (NASDAQ: SPNS) has teamed up with Universal Life, a prominent life and health insurance provider, to modernise its core systems. This strategic partnership aims to replace dated legacy systems with innovative technology that enhances operational efficiency and supports growth initiatives encompassing various insurance processes.
The collaboration focuses on implementing Sapiens CoreSuite for Life & Pensions, a sophisticated solution designed to streamline operations across policy administration, claims processing, and billing. By adopting this versatile and scalable infrastructure, Universal Life hopes to bolster customer satisfaction and foster long-term loyalty.
Universal Life's CEO, Evan Gavas, expressed confidence in the partnership, stating, "After a comprehensive evaluation, we chose Sapiens for their strong regional presence and their ability to provide an integrated solution that meets our modernisation needs. With Sapiens, we look forward to optimising efficiencies and delivering top-tier insurance solutions to our customers."
Moreover, Roni Al-Dor, Sapiens President and CEO, shared excitement for this transformative endeavour, noting, "We are thrilled to collaborate with Universal Life as they embark on this vital journey. Our core solutions and cloud services will empower them to future-proof their operations and enhance customer engagement for sustained business growth in a dynamic insurance environment."
Benefits of the Partnership
The integration of Sapiens CoreSuite is expected to offer a multitude of benefits for Universal Life, providing an end-to-end solution that enhances the management of individual and group life insurance products. This will equip Universal Life with advanced tools to manage digital capabilities effectively.
With an emphasis on operational excellence, Sapiens’ solutions are designed to help insurance companies adapt to rapid changes in their marketplace. Universal Life will be able to harness the capabilities of AI and automation for improved service delivery, ensuring a responsive and agile business strategy is in place.
The Legacy of Universal Life
Established in 1970, Universal Life holds the distinction of being the first insurance company in its region after the introduction of local insurance legislation. As a member of the renowned Photos Photiades Group, Universal Life remains a staple in the insurance sector, revered for its reliability and customer-focused approach. The insurer's offerings are distributed through a well-trained network of agents, focusing on quality service and exceptional customer experiences.
The company has built a strong reputation within the life and health insurance domains, continuously adapting its services to meet customer needs while maintaining high standards of professionalism. This partnership with Sapiens marks a significant step in their journey to further enhance their operational capabilities.
Exploring Sapiens’ Offerings
Sapiens International Corporation is recognized as a global leader in providing intelligent insurance SaaS-based software solutions. With a presence in more than 30 countries and over 600 clients, Sapiens emphasizes customer-driven partnerships to help insurance companies succeed amid evolving market conditions.
Their platform empowers insurers by integrating advanced technologies, delivering core solutions across multiple insurance sectors—including life, property, casualty, and reinsurance. Sapiens remains dedicated to innovating and evolving alongside its clients to ensure their continued success in a rapidly changing landscape.
Looking Towards the Future
As Universal Life embarks on this transformative journey with Sapiens, the potential for significant advancements in customer engagement and operational efficiency looks promising. The combination of Sapiens’ innovative solutions and Universal Life’s customer-centric approach is set to redefine the standards of service in the insurance industry, paving the way for sustained growth and technological advancements.
Frequently Asked Questions
1. What is the main objective of the partnership between Universal Life and Sapiens?
The partnership aims to modernise Universal Life's core insurance processes, enhancing operational efficiency and supporting strategic growth initiatives.
2. What specific solutions does Sapiens provide?
Sapiens offers CoreSuite for Life & Pensions, an integrated software solution designed to streamline policy management, claims processing, and billing operations.
3. How long has Universal Life been in operation?
Universal Life was established as a private company in 1970, making it one of the oldest insurers in its region.
4. What are the expected benefits of this collaboration?
The collaboration aims to improve customer satisfaction, foster product innovation, and enhance operational efficiency through advanced technology.
5. How does Sapiens empower insurers?
Sapiens provides insurers with SaaS-based solutions that utilise AI and automation, facilitating operational excellence and agility in a rapidly changing insurance landscape.
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