Life, Pension & Annuities

Sapiens ConsolidationMaster for Life & Pension

Legacy portfolios are a significant challenge for life and pension providers, as generally they are extremely expensive to maintain, operationally inefficient and can’t support an acceptable level of customer service.

Our Solution

Sapiens ConsolidationMaster (formerly called Sapiens Closed Books) is a purpose-built, end-to-end, legacy, portfolio-focused system with a unique migration methodology that deals with “dirty” data. The solution has over 500 product templates capable of supporting the compliant administration of legacy products in any language and regulatory jurisdiction.

ConsolidationMaster is designed to significantly cut the costs that are commonly associated with legacy platforms. The solution has already delivered over 25 migrations on time and on budget, with significant operational and IT savings at a number of life and pension providers.

A proven solution for insurers, Sapiens ConsolidationMaster provides an advanced, cost-efficient platform for the administration of legacy portfolios. The solution addresses the challenges commonly encountered by providers, including increasing costs per policy, processing inefficiencies and high cumulative cost of maintenance. ConsolidationMaster is designed to interact with digital components, delivering improved customer and operational experiences.

Not only does ConsolidationMaster manage true legacy business, but it has also been deployed to include new business alongside legacy consolidation for providers pursuing a “OneCo” strategy.

Business Benefits

  • The migration tool-set and methodology allows Sapiens to migrate “dirty data” rather than cleansing it, speeding up the migration process and subsequent de-commissioning of legacy systems
  • Increases operational efficiency and reduces costs by significantly increasing the in-force policy to FTE ratios. With only one platform in scope, costs of legislative and regulatory change significantly drop
  • A fully documented operational procedure library eliminates many of the risks associated with legacy platforms and products
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