South African Financial Institution Partners with Sapiens on Cloud-Hosted Bancassurance Solutions
Sapiens enables one of South Africa’s top five banks to align with the latest, market-leading trends and to better serve its digitally empowered consumers
August 26, 2021 — Sapiens International Corporation (NASDAQ and TASE: SPNS), a leading global provider of software solutions for the insurance industry, today announced that one of South Africa’s top five financial institutions with nearly 10 million customers, has chosen Sapiens as their transformation partner. The financial institution will implement Sapiens’ cloud-hosted, IDITSuite for short-term insurance and Sapiens Intelligence, with the help of Sapiens Managed Services.
Subsequent to successfully launching its fully digital insurance product for individuals to purchase cover for motor vehicle, household contents, all-risk and building cover, the financial institution decided to rethink its legacy core system. To bring the company up to date in terms of capabilities, a refresh was required. However, the financial institution had some concerns regarding data migration and implementation. Particularly, they wanted to ensure a fast time to market, and agreed to work with Sapiens on reviewing and rearchitecting some of their internal processes.
Sapiens’ extensive industry experience, together with its comprehensive range of insurance products for the bancassurance sector, will empower the client to align with the latest, market-leading trends. Sapiens will migrate the customer’s systems and data to the cloud, and Sapiens vast implementation experience will ensure the complex integration into the client’s extensive banking ecosystem. Highly configurable systems will ensure their self-sufficiency and ability to effect change and generate significant, ongoing value.
“Sapiens is pleased to foster great partnerships and to demonstrate our strong commitment to accelerating growth in the bancassurance sector. We are honored to be a partner in our customer’s journey as they expand their leading position in today’s dynamic bancassurance marketplace,” said Roni Al-Dor, Sapiens’ president and CEO. “Our advanced solutions and deep understanding of the changes reshaping bancassurance have earned Sapiens a stronghold as a leading vendor in this industry.”
Sapiens IDITSuite is a component-based, core software solution comprised of policy, billing and claims solutions. IDITSuite supports end-to-end core operations and processes for the short-term/non-life (general) insurance from inception to renewal and claims. Its pre-integrated, fully digital suite offers customer and agent portals, business intelligence, as well as a suite of tools for testing new lines of business, products and services. IDITSuite is fully cloud-enabled.
Sapiens International Corporation empowers insurers to succeed in an evolving industry. Sapiens offers digital software platforms, solutions and services for the property and casualty, life, pension and annuity, reinsurance, financial and compliance, workers’ compensation and financial markets. With more than 35 years of experience delivering to more than 600 organizations globally, Sapiens has a proven ability to satisfy customers’ core systems, data and digital requirements. For more information: www.sapiens.com
Chief of Marketing, Sapiens
+44 7548 369920
Vice President, Head of Investor Relations, Sapiens