Sapiens International Corporation, (NASDAQ and TASE: SPNS), a leading global provider of software solutions for the financial services industry, announced today that international specialist insurer Hiscox EU has gone live in Germany with Sapiens IDITSuitefor Property & Casualty and Sapiens, implemented in the cloud. Sapiens’ flexible core platform and managed services provides Hiscox with operational efficiency, scalability, sustained profitability and enables the insurer to adapt to increased regulatory pressure. The go-live is expected to boost productivity in Hiscox Germany by about 25% by 2025.
Part of the Hiscox Group, Hiscox EU embarked on a multi-year IT strategy, which will enable the company to deliver on their vision to build a European specialist insurer with over EUR 1.5 billion of premium and a more connected ecosystem of customers, brokers and partners. The go-live in Germany is the first phase, with an additional five countries in Europe to follow.
“Legacy systems put our business at risk by limiting our ability to quickly adapt to market evolution. When we realized our technology no longer supports our business, our positive experience with Sapiens in Asia Pacific and the UK accelerated our drive for change. This transformation will equip us with the critical tools we need to succeed and meet our vision in the coming years,” said Robert Dietrich, Hiscox EU CEO.
“With so many new channels of competition in the insurance industry, pace of change is a competitive advantage,” said Roni Al-Dor, Sapiens President and CEO. “Sapiens core suite, combined with our data intelligence offering implemented in the cloud, have ensured that Hiscox secures that advantage with long-term sustainability and profitability.”
Sapiens IDITSuite for Property & Casualty is a component-based, standalone software solution comprised of policy, billing & accounting and claims solutions. IDITSuite supports end-to-end core operations and processes for the non-life (general) insurance from inception to renewal and claims. Its pre-integrated, fully digital suite offers customer and agent portals, business intelligence, as well as a suite of tools for testing new lines of business, products and services.
Sapiens Intelligence SmartStore is an intelligent data store that unifies and houses data and intelligently transforms it into an insurance-domain set of business logical models for complex and in-depth analytics.
Sapiens Managed Services feature holistic, 24/7 support and maintenance services. Sapiens experts leverage monitoring tools for proactive infrastructure management to empower customers to focus on core business objectives, eliminating IT bottlenecks.