- Sapiens International (SPNS, Financial) has made a conditional agreement with Universal Life to modernize the insurer's core systems.
- The implementation will replace legacy systems with Sapiens CoreSuite for Life & Pensions, enhancing operational efficiency.
- Sapiens Cloud Services will provide secure, flexible infrastructure support as part of this agreement.
Sapiens International Corporation (NASDAQ: SPNS), a major provider of software solutions for the insurance industry, has entered into a conditional agreement with Universal Life, a prominent life and health insurance provider based in Cyprus. The focus of this collaboration is to modernize Universal Life's core insurance systems by implementing Sapiens CoreSuite for Life & Pensions.
The agreement involves the replacement of Universal Life's outdated legacy systems with Sapiens' comprehensive, end-to-end solution. This transformation is expected to significantly improve operational efficiency in areas such as policy administration, claims processing, and billing operations, vital for the insurer's strategic growth plans.
Additionally, the project includes the deployment of Sapiens Cloud Services, which will offer Universal Life a secure and adaptable infrastructure that aligns with their modernization needs. The choice of Sapiens was made after a thorough evaluation of its strong regional presence and capacity to deliver integrated and advanced solutions.
Sapiens CoreSuite for Life & Pensions is designed as a SaaS solution, offering robust digital capabilities for managing both individual and group life and pension products. This has positioned Universal Life to enhance customer satisfaction and embrace technological advancements effectively.
