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Sapiens Announces AI-Powered Insurance Platform
The platform will use machine-learning and generative AI to provide insurers with a variety of options and increase automation in their processes.
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AI-powered health insurance continues to grow.
Sapiens announced that it is launching an AI-powered platform for insurers which will reportedly make it easier to incorporate new technologies and increase automation.1 The platform will be open and cloud-integrated and will provide up-to-date market analysis and provide data-driven options for business decisions.
The platform will also utilize packaged solutions in order to make it easier for insurers to deploy and implement solutions.
In a press release, Sapiens’ president and CEO Roni Al-Dor said, “Sapiens' next generation enhanced platform empowers our customers to leverage AI across their business processes, enabling them to stay ahead, drive growth, and exceed customer expectations. By adopting the platform approach, streamlining our processes and leveraging shared foundations and technology engines, we deliver even greater value to our customers, more quickly than ever before. Sapiens integration with Microsoft Azure OpenAI accelerates the use of AI services across Sapiens Insurance Platform."
In the same press release, Celent’s head of North American insurance practices Karalyn Carnahan said, “Today's insurers are focused on how to grow their books of business efficiently while making optimal decisions on underwriting, claims and customer service. They're looking for platforms with modern technology to streamline their operations and improve their overall efficiency.They're also focused on open APIs for easy integration to broad ecosystems, easy configuration tools to tailor functionality to their specific needs, and above all, access to data. Solutions that offer these kinds of modern capabilities are gaining the most momentum with insurers."
Patrice Amann, regional leader of financial services at Microsoft added, “Our collaboration with Sapiens highlights Microsoft's dedication to empowering the insurance industry with transformative AI solutions. This collaboration not only showcases the potential of Microsoft Azure and our AI technologies but also sets a new standard for innovation within the insurance industry.”
In May, Sapiens announced that its software had been implemented that Caribbean-based company Republic Life in order to create the region’s first digital, direct-to-consumer insurance platform.2 The platform is powered by Sapiens’ CoreSuite for Life & Annuities and its Digital Suite, which is hosted on the Microsoft Azure cloud.
In a press release issued at the time, Al-Dor said, “We are delighted to enable Republic Life Insurance to make a historic impact in the Caribbean life insurance market with the region's first fully online, digital customer experience. This ground-breaking insurance launch exemplifies Sapiens' commitment to deliver best-in-class solutions and a mutually rewarding team experience. We are confident that Republic Life Insurance has the tools in place to reduce the insurance/protection gap through innovative customer experiences."
In the same press release, Republic Life Insurance’s managing director Robert Soverall said, “Our main objective was to disrupt the life insurance market whilst offering an enhanced customer experience and create an entirely digital insurance company. Sapiens' state-of-the-art, digital insurance platform empowered us to be the first Caribbean insurer to achieve that, and we were able to implement within 11 months. What really stood out is Sapiens' innovative customer portal and their dedicated implementation and technical support teams who fully share our vision for success."
Sources
- Sapiens Launches Its Next-Gen Intelligent Insurance Platform. Sapiens International Corporation. June 18, 2024. https://www.prnewswire.com/news-releases/sapiens-launches-its-next-gen-intelligent-insurance-platform-302175458.html
- Republic Life Insurance Goes Live as Caribbean's First Digital, Direct-to-Consumer Insurer Powered by Sapiens' Insurance Platform. Sapiens International Corporation. May 16, 2024. Accessed June 18, 2024. https://www.prnewswire.com/news-releases/republic-life-insurance-goes-live-as-caribbeans-first-digital-direct-to-consumer-insurer-powered-by-sapiens-insurance-platform-302147716.html
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