Sapiens, a global provider of software solutions for the insurance industry, has launched an AI tool to deliver a “seamless digital transformation” for insurers.
Sapiens aims to empower the financial sector, with a focus on insurance, to transform and become digital, innovative and agile. The company provides an insurance platform with pre-integrated, low-code solutions and a cloud-first approach.
The AI tool, called Sapiens Decision Automated Logic Extraction (ALE), extracts business logic from legacy systems into technology agnostic decision models to deliver a digital transformation for insurers.
Sapiens said ALE is technology agnostic and enables seamless, accelerated transformation projects and legacy system upgrades. Legacy business logic is extracted and transformed through ALE to decision models for ongoing management in Sapiens Decision Manager where gaps, overlaps and conflicts are automatically identified, thereby reducing risk and rework.
Jamie Yoder, president of Sapiens North America, said, “Top insurance carrier deployments have demonstrated operational and transformation benefits with cost savings of up to 50% of the total project cost.
“Sapiens Decision ALE enables seamless insurance digital transformation from legacy systems to any digital platform. The insurance industry is in for a big change.”
Earlier this month, AEGIS, a mutual insurance company, selected Sapiens International Corporation to modernise its reinsurance process.
AEGIS company selected Sapiens ReinsurancePro to replace its complex combination of disparate custom applications and spreadsheets to streamline and optimise processes.
The software supports all types of reinsurance processing, regardless of volume, in one comprehensive reinsurance system. Sapiens said this empowers insurance companies to manage and automate the underwriting and administration of reinsurance, including treaty and facultative, ceded, assumed and retroceded reinsurance.
Earlier this year, Old Mutual Insure (OMI), a 177-year old South African insurer, selected Sapiens for its data and analytics solution.
Copyright © 2022 FinTech Global