Sapiens Americas, a fully owned subsidiary of Sapiens International Corporation, (NASDAQ and TASE: SPNS), a leading global provider of software solutions for the insurance industry, announced today that Beneva, Canada’s largest mutual insurance provider, has successfully upgraded to Sapiens UnderwritingPro Version 11
Beneva was created in 2020 through the coming together of La Capitale and SSQ Insurance to become the largest insurance mutual in Canada with more than 3.5 million members and customers. As part of their digital transformation program, Beneva undertook a global, enterprise-wide life underwriting initiative to automate their many manual processes and rules with a modern technology stack, where digital tools can be leveraged for speed and flexibility.
The goal was to increase utilization of third-party data sources to support ordering of requirements evidence. Beneva’s desired end state was a modern, accelerated underwriting environment that required minimal underwriting intervention and minimized the need for medical exams. Beneva also aimed to increase the individual life business and profitability, expand its geographical footprint cross-borders and enhance the overall customer experience.
“Underwriting is mission-critical to Beneva in achieving its revenue growth and expense reduction goals. Sapiens’ digital user experience, greater configurability and security advances were all important for Beneva in making the decision to upgrade to Version 11,” said Sébastien Nadeau, Director, Individual Insurance Solutions Optimization. “The upgrade was completed on time and on budget, thanks to strong planning, communication and testing activities delivered by both Beneva and Sapiens.”
“For 35 years, Sapiens has consistently utilized new technologies and provided state-of-the-art solutions for its customer base. We are delighted to add value to our strategic partner Beneva and to support them in their accelerated underwriting journey through our technology and ecosystem,” said Roni Al-Dor, Sapiens president and CEO.