IDITSuite and ReinsuranceMaster constitute the basic components of Sapiens Platform for Property & Casualty, a cloud-based platform with advanced digital capabilities
Sapiens International has customised its Sapiens IDITSuite for Property & Casualty (P&C) and Sapiens ReinsuranceMaster to the DACH region, spanning Germany, Austria and Switzerland.
IDITSuite and ReinsuranceMaster are the primary components of its Sapiens Platform for Property & Casualty, an end-to-end, cloud-based platform with advanced digital capabilities.
Sapiens Platform can be executed as a pre-integrated platform, or as standalone modules, and is said to address all P&C carriers’ needs across business and distribution channels, said the company.
The insurance software solutions provider also said that the current customisation follows the acquisition of Germany-based insurtech firm sum.cumo, completed in January 2020, and is discussing with potential customers in the region.
Sapiens president and CEO Roni Al-Dor said: “This is an ideal time for Sapiens to establish a leading presence in the DACH market. There are more than 400 potential customers in the region and many insurers still use their homemade, legacy IT systems.
“We believe that the DACH region, with its low insurance software adoption rate and a large number of commercial, speciality and risk providers, will be a significant growth driver and one of our largest business regions in the next two to three years.”
“sum.cumo’s solid local presence and customer base are expected to be critical success factors for Sapiens’ operation in the DACH region. We envision that the combination of an award-winning P&C platform, backed by a highly professional local team with expertise in insurance and digital, will truly differentiate Sapiens’ proposition.”
Sapiens IDITSuite is designed for easy maintenance and integration
Sapiens IDITSuite for Property & Casualty is a customer-centric, component-based solution designed for easy maintenance and integration for simplified and centralised operation.
The fully digital system stands at the core of Sapiens platform for P&C insurance, and supports all the end-to-end core processes, from underwriting to renewals and claims handling, said the company.
The software is said to complement customer applications including customer and agent portals and business intelligence and provides real-time access from any device at any time.
Sapiens ReinsuranceMaster is a business and accounting system designed to provide a superior solution for all types of reinsurance contracts, including treaty and facultative, and proportional and non-proportional.
The tool is said to help insurers manage all their reinsurance contracts and activities for different business lines, including rich accounting functionality and reporting capabilities.
Sapiens chief marketing and strategy officer Alex Zukerman said: “Covid-19 has accelerated the trends towards digital readiness, self-service and the cloud.
“Sapiens IDITSuite, our digitally-enabled and cloud-native P&C platform will help P&C providers in the DACH region transform for the modern era and ensure they possess the necessary agility to shift their businesses as required.
“As a one-stop-shop for insurers, Sapiens has proven experience equipping our customers with the products and services they need to succeed. Our local team will help promote, tailor and implement the in-demand IDITSuite to the local market.”