As the insurance industry continues its digital transformation journey, it’s vital that it streamline operations. The market – and customers – demand that insurers become more agile and respond more quickly to the phenomenal pace of change. Customers demand instant insurance, automated claims and claims handling, and transparency in underwriting. While the business is pressured to maintain compliance, competitive edge and sustainability, IT and operations are faced with ever-increasing demands that their traditional processes and systems cannot meet in a timely, accurate and cost-effective manner.
Sapiens Decision for Life & Annuities enables insurers to efficiently adapt their business operations to the demands of digital transformation, changing regulations, customer demands and increasing competition. Sapiens Decision transforms how insurance carriers are approaching change, by modernizing traditional business rules management. It enables insurers to grow their business and respond to market needs through accurate and consistent enforcement of business rules and policies.
With Sapiens Decision for Life & Annuities, the insurer’s business domain is actively involved in the design, implementation, analysis, testing and optimization of decisions. The process takes days or weeks instead of months or years. It enforces business logic across all enterprise applications, effectively addressing the complexity of determining and then translating business logic – data, business rules and Machine Learning used to make business decisions – into operational code.
Sapiens Decision enables accurate risk management via automated risk selection, consistent risk treatment and adherence to the carrier’s risk appetite. It provides effective and automated decision making with accurate application of the insurer’s rules and policies. It ensures that the insurer is always compliant and enables the enforcement of changes in real time.
Sapiens Decision for Life & Annuities is used by major insurance companies to implement process automation and effect digital transformation.
Use of Sapiens Decision in the insurance field has assisted insurers to more effectively anticipate customer needs:
• 80 percent improvement in data quality and increased business logic clarity
• Rule changes in business logic are implemented 90% faster for greater agility
• 50 percent decrease in decision model creation and maintenance costs increases efficiency and reduces costs