Sapiens Decision Underwriting Accelerator
elevates straight-through processing and reduces
reliance on IT by up to 90%
ROCHELLE
PARK, N.J., Oct. 15,
2024 /PRNewswire/ -- Sapiens International
Corporation, (NASDAQ: SPNS) (TASE: SPNS), a leading global provider
of software solutions for the insurance industry, today announced
the release of Sapiens Decision Underwriting Accelerator, a
cutting-edge solution designed to enhance underwriting efficiency
and significantly improve straight-through processing (STP) for
Property and Casualty (P&C) insurers. This innovative
decisioning solution addresses key industry challenges by driving a
substantial increase in STP rates, enabling insurers to optimize
their underwriting processes and improve overall profitability.
Sapiens Decision Underwriting Accelerator addresses the needs of
P&C insurers to streamline their underwriting processes while
maintaining speed and accuracy. Sapiens' new solution offers
significant improvement in STP for high-volume underwriting cases,
both for renewals and new policies. By automating complex
decision-making tasks and integrating seamlessly with AI and
machine learning models, the solution ensures comprehensive risk
assessment, accelerating time-to-market and improving cycle
times.
Sapiens Underwriting Accelerator empowers business analysts –
without the need for coding expertise – to independently
author, update, and test decision logic in real-time. This reduces
reliance on IT resources by up to 90%, enabling quicker adjustments
and optimizing operational efficiency. The solution also provides
contextual, plain-language messages that eliminate the need for
users to decipher cryptic codes, significantly improving the
customer and agent experience.
Underwriting Accelerator also features pre-built decision flows,
designed to handle the complexity of state, line of business, and
company often found in regional and national carriers. These
pre-configured models allow for faster deployment, reducing
implementation time and costs for insurers. The solution also
extracts decision logic from legacy systems to make embedded logic
easy to access, update, and share, enabling insurers to avoid
costly infrastructure overhauls while improving their existing
underwriting processes.
"Sapiens' new release empowers the industry to achieve the
highest levels of straight-through processing and
underwriting efficiency, significantly improving profitability,"
said Ilan Buganim, Chief Technology and Information Officer at
Sapiens. "Sapiens Decision Underwriting Accelerator leverages
no-code tools, pre-configured decision models, and a
high-performance engine to enable insurers to make substantial
improvements in their combined ratio within a matter of months.
Looking ahead, Sapiens plans to expand its decisioning solutions
with pre-packaged offerings for the mortgage industry, addressing
similar underwriting challenges."
Sapiens Decision provides end-to-end decision management
capabilities from decision logic extraction from legacy code to
decision modeling with no code tools, and deployment through
Decision-as-a-Service. Sapiens Decision offers a
technology-independent solution to fit any architecture, allowing
organizations to reuse their existing infrastructure and governance
models.
About Sapiens
Sapiens International Corporation (NASDAQ: SPNS) (TASE: SPNS) is
a global leader in intelligent insurance software solutions. With
Sapiens' robust platform, customer-driven partnerships, and rich
ecosystem, insurers are empowered to future-proof their
organizations with operational excellence in a rapidly changing
marketplace. We help insurers harness the power of AI and advanced
automation to support core solutions for property and casualty,
workers' compensation, and life insurance, including reinsurance,
financial & compliance, data & analytics, digital, and
decision management. Sapiens boasts a longtime global presence,
serving over 600 customers in more than 30 countries with its
innovative SaaS offerings. Recognized by industry experts and
selected for the Microsoft Top 100 Partner program, Sapiens is
committed to partnering with our customers for their entire
transformation journey and is continuously innovating to ensure
their success.
For more information visit https://sapiens.com or follow us
on LinkedIn.
Investor and Media Contact
Yaffa Cohen-Ifrah
Sapiens Chief Marketing Officer and Head of Investor
Relations
Email: Yaffa.cohen-ifrah@sapiens.com
Forward Looking Statements
Certain matters discussed in this press release that are
incorporated herein and therein by reference are forward-looking
statements within the meaning of Section 27A of the Securities Act,
Section 21E of the Exchange Act and the safe harbor provisions of
the U.S. Private Securities Litigation Reform Act of 1995, that are
based on our beliefs, assumptions and expectations, as well as
information currently available to us. Such forward-looking
statements may be identified by the use of the words "anticipate,"
"believe," "estimate," "expect," "may," "will," "plan" and similar
expressions. Such statements reflect our current views with respect
to future events and are subject to certain risks and
uncertainties. There are important factors that could cause our
actual results, levels of activity, performance or achievements to
differ materially from the results, levels of activity, performance
or achievements expressed or implied by the forward-looking
statements, including, but not limited to: the degree of our
success in our plans to leverage our global footprint to grow our
sales; the degree of our success in integrating the companies that
we have acquired through the implementation of our M&A growth
strategy; the lengthy development cycles for our solutions, which
may frustrate our ability to realize revenues and/or profits from
our potential new solutions; our lengthy and complex sales cycles,
which do not always result in the realization of revenues; the
degree of our success in retaining our existing customers or
competing effectively for greater market share; the global
macroeconomic environment, including headwinds caused by inflation,
relatively high interest rates, potentially unfavorable currency
exchange rate movements, and uncertain economic conditions, and
their impact on our revenues, profitability and cash flows;
difficulties in successfully planning and managing changes in the
size of our operations; the frequency of the long-term, large,
complex projects that we perform that involve complex estimates of
project costs and profit margins, which sometimes change
mid-stream; the challenges and potential liability that heightened
privacy laws and regulations pose to our business; occasional
disputes with clients, which may adversely impact our results of
operations and our reputation; various intellectual property issues
related to our business; potential unanticipated product
vulnerabilities or cybersecurity breaches of our or our customers'
systems; risks related to the insurance industry in which our
clients operate; risks associated with our global sales and
operations, such as changes in regulatory requirements, wide-spread
viruses and epidemics like the coronavirus epidemic, and
fluctuations in currency exchange rates; and risks related to our
principal location in Israel and
our status as a Cayman Islands
company.
While we believe such forward-looking statements are based on
reasonable assumptions, should one or more of the underlying
assumptions prove incorrect, or these risks or uncertainties
materialize, our actual results may differ materially from those
expressed or implied by the forward-looking statements. Please read
the risks discussed under the heading "Risk Factors" in our Annual
Report on Form 20-F for the year ended December 31, 2023, to be filed in the near
future, in order to review conditions that we believe could cause
actual results to differ materially from those contemplated by the
forward-looking statements. You should not rely upon
forward-looking statements as predictions of future events.
Although we believe that the expectations reflected in the
forward-looking statements are reasonable, we cannot guarantee that
future results, levels of activity, performance and events and
circumstances reflected in the forward-looking statements will be
achieved or will occur. Except as required by law, we undertake no
obligation to update publicly any forward-looking statements for
any reason, to conform these statements to actual results or to
changes in our expectations.
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SOURCE Sapiens International Corporation
