Insurer benefits following the implementation of Sapiens Closed Books
include significant cost reductions through legacy decommissioning and increased in-force policy to FTE ratios; improved operational and reporting consistency across all products; a single view of the customer, along with a consistent and quality customer experience; and significantly reduced reliance on a rapidly retiring legacy system skill-set.
As progress is made by management to increase administration efficiency and to reduce the closed books
of business through transactions with outside parties, A.
Sapiens International Corporation, (NASDAQ and TASE: SPNS), a leading global provider of software solutions for the insurance industry, with an emerging focus on the broader financial services sector, announced today that Wesleyan - a specialist financial services provider for doctors, dentists, lawyers and teachers - is now in production with Sapiens Closed Books
solution, a unique offering for life and pension insurers designed to provide a modern and cost-efficient platform for the administration of insurers' legacy estates.
He revealed: "The waves can pass through a closed book
but are sensitive enough to see the writing on each page.
We look forward to seeing all Wesleyan's in-force policy base, running across several legacy platforms, being migrated on to the Sapiens Closed Books
platform - thus enabling the decommissioning of those legacy systems.
LV= first engaged with Sapiens back in 2002 to implement Sapiens INSIGHT for Closed Books
software solution for insurance carriers, initially going live with more than 2m policies, dramatically reducing both IT and Business administration costs, and improving its runoff rates.
6 billion yen in debts in May 1999, which enabled the contractor to liquidate capital deficit on a consolidated basis when it closed books
0 million in additional revenues during the year ended August 31, 2008 on account of (1) closed books
of business where total collections had exceeded the revenue recorded and (2) settlements reached with insurance carriers for MDR accounts receivable.
Richard Warner, Group CIO at LV=, commented, "We are delighted to confirm this contract and the long term strategic use of Sapiens Closed Books
platform for administering our heritage business portfolio.
10 billion yen, partly because department stores that closed books
Wilton Re's revised outlook reflects its very strong risk-adjusted capital position and high quality invested asset portfolio; improved GAAP earnings; its continued success in executing a strategy, which focuses on the acquisition of closed books
of business that fit within defined parameters; successful efforts in raising substantial capital in a competitive market environment and a proven ability to provide value added solutions to clients in the life reinsurance arena.
In parallel, we will work with our clients to create new business processing services, based on NaviSys technology and Accenture's global sourcing assets, to help life insurers reduce operating costs on closed books
of business and on open books.
INSIGHT Functionality and Products Profile
Nasdaq:SPNS), a global IT solutions provider, today announced the implementation of a multi-million dollar Closed Books
Solution for Liverpool Victoria Friendly Society Limited, one of the UK's foremost suppliers of insurance and financial services.
It's time to crack wide open the closed books
of other market participants," said Mr.