Global software solution provider Sapiens International Corporation, and tech titan Microsoft, have announced a strategic partnership aimed at harnessing the power of generative artificial intelligence (AI) in the insurance industry.
Sapiens, a NASDAQ and TASE listed company, is renowned for its role in providing software solutions to the insurance sector. Microsoft, a household name in the realm of technology, offers a range of products and services, including its advanced Azure OpenAI Service. The collaboration’s main objective is to utilise AI’s potential to improve efficiency and customer service in the insurance industry.
Sapiens specialises in empowering financial and insurance entities to digitally transform and innovate their operations. Their low-code, cloud-based SaaS insurance platform offers core, data, and digital capabilities. Microsoft, on the other hand, is an industry leader in technological solutions, with Azure OpenAI being one of its notable products.
The integration of Microsoft Azure OpenAI and Azure Power Virtual Agents into Sapiens’ offering will enable insurers to easily navigate complex documents. The inclusion of generative AI solutions will enhance customer interactions across various domains and languages, significantly reducing the call volume for live agents. Additionally, AI can support underwriters in their daily operations and expedite the processes of claims handling and fraud detection.
Unveiled at the International Client Conference in Barcelona, the partnership demonstrates how these two companies are working together to deliver generative AI solutions to insurers and their customers.
Sapiens Chief Strategy Officer Alex Zukerman expressed enthusiasm for the venture, stating, “We are excited to launch the next-generation AI tools for insurers and collaborate with Microsoft on delivering the most innovative solutions. Generative AI’s potential as a revolutionary enabler for the insurance industry is enormous, and now is the time for insurance companies to discover how it can contribute to facilitating and growing their business.”
Microsoft’s Director, Worldwide Financial Services Industry, Dalia Ophir, also shared her optimism, stating, “Sapiens integration of Azure OpenAI allows us to explore and define the right solutions for insurers worldwide. As generative AI continues to evolve, we look forward to bringing forth innovative ways to improve and streamline insurance processes and operations.”
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