Sapiens Americas, a wholly owned subsidiary of Sapiens International Corporation, (NASDAQ and TASE: SPNS), a leading global provider of software solutions for the insurance industry, announced today the roll-out of its newly upgraded CoreSuite for Workers’ Compensation software package with the second largest overall workers’ compensation provider in the US.
The Ohio Bureau of Workers’ Compensation (BWC) is the first insurance carrier to complete this significant upgrade of Sapiens CoreSuite for Workers’ Compensation. The upgrade is designed to better optimize operational efficiencies, increase customer satisfaction, and increase profitability for workers’ compensation providers, administrators and state funds.
“We are very proud of this seamless upgrade and roll-out, which is due in large part to the collaboration and teamwork between BWC and Sapiens. We were able to deliver swift, effective resolutions to each challenge we encountered,” said Gary Anderson, Sapiens Head of Specialized North American Products. “Sapiens’ solution ensures our customers’ end-user community will fully benefit from the new technology stack refresh.”
Along with substantial improvements to the platform, the upgrade includes a refresh of the Java-based framework and web and application services, enabling Sapiens customers to align with latest industry standards and pave the way for future technological updates. Sapiens’ solution enables customers to create and maintain custom validation and event-triggering rules in a simplified, graphical manner.
Sapiens first partnered with BWC in 2012. The upgrade marks BWC’s second significant implementation in a little over a year. Founded in 1912, BWC provides workers’ compensation coverage to 249,000 employers in the Ohio public and private sectors. The carrier collects an average of $1.3 billion in premiums a year and processes approximately 100,000 new claims annually.
Sapiens’ workers’ compensation platform enables carriers to improve operational performance by reducing claim inventories and supporting medical costs using advanced outcome-based case management. Its real-time payment processing allows automatic and split payments, offsets and deductions, refunds, transfers and 1099 processing for financial efficiency. The platform’s rules-driven auto-adjudication and decision support, enables proactive case management that reduce claims settle resolution time and claims closure.