Sapiens Closed Books
Effectively addressing the administration of legacy portfolio challenges
Technology is accelerating the speed at which new products and novel approaches to selling those products are required – today’s digital world is fundamentally different from the world of yesterday. Economically, consumers are looking for opportunities to invest their money, many of which will be generated by new insurance/investment products.
In short, another product development cycle is beginning and today’s products will soon become tomorrow’s “closed books” (also called “legacy portfolios”). Unfortunately, closed books of life insurance represent a significant challenge for insurance carriers, because they are usually extremely expensive to maintain, operationally inefficient and unable to support an acceptable level of customer service.
Sapiens Closed Books solution addresses the challenges commonly encountered by providers, including:
- Increasing cost per policy
- Processing inefficiencies
- High cumulative cost of maintenance
- Diminishing skills-sets
- Inconsistent reporting
- Multiple operational silos
- High FTE to in-force policy ratios
More about Sapiens solutions for Insurance Software