"Sapiens revamps CoreSuite, introducing sleeker functionalities and enhanced personalization"
In a significant move, Sapiens International Corporation, a leading provider of software solutions for the insurance industry, has launched an updated version of its flagship product, CoreSuite. This comprehensive policy administration system is designed to modernize and streamline core insurance operations for life, pensions, and annuities insurers.
### Key Features
The latest CoreSuite release offers a fully integrated suite, seamlessly connecting underwriting, policy administration, claims processing, and billing. It is part of a broader platform that includes DigitalSuite, DataSuite, and Cloud Services, providing end-to-end insurance lifecycle management.
CoreSuite's modern digital and cloud architecture supports advanced cloud-based infrastructure, enabling real-time insights and predictive analytics powered by AI models. The system facilitates operations across various distribution channels, enhancing customer engagement and supporting digital sales strategies.
The system's modular components can be deployed individually or together, with low-code browser-based configuration tools that reduce the need for complex coding when adjusting products or workflows. Embedded compliance tools, pre-packaged regulatory updates, and compliance management help insurers keep up with evolving regulations.
Built-in multi-language, multi-currency, and tax engines make CoreSuite suitable for global insurers operating across diverse markets. The rollout of DataSuite within CoreSuite consolidates data from legacy systems and new inputs to improve business intelligence and customer insights.
Newer versions of CoreSuite incorporate AI-powered features and chatbots to automate customer interactions and operational tasks.
### Benefits
The simplification of technology landscapes is a key benefit, as insurers replace legacy systems with a unified platform, leading to streamlined operations and reduced complexity. Enhanced customer experiences are supported through multichannel customer journeys and faster, data-driven service responses, improving client satisfaction and engagement.
The modular design and cloud delivery options, including SaaS on Microsoft Azure, allow easy scaling and customization as business needs evolve. Embedded compliance tools and automation reduce regulatory risks and ease the burden on IT and compliance teams.
The integration of AI and the use of predictive analytics empower insurers to innovate and respond proactively to market dynamics. CoreSuite is well-suited for large insurance companies with complex operations seeking comprehensive, scalable solutions.
### Notable Adoptions
The Ohio Bureau of Workers' Compensation (BWC) is using the upgraded CoreSuite for Workers' Compensation software package. FBAlliance Insurance has selected Sapiens CoreSuite for Property & Casualty and Sapiens IntelligencePro to accelerate growth and meet demand for rapid launch of new products.
Sapiens CoreSuite for Life, Pensions, & Annuities is now available on Microsoft AppSource. Sapiens Americas has announced the roll-out of its upgraded CoreSuite for Workers' Compensation software package with the second largest overall workers' compensation provider in the US.
In conclusion, the latest CoreSuite release focuses on modernization through integration, digital enablement, AI-driven insights, and regulatory readiness, delivering significant improvements in operational efficiency, customer service, and strategic agility for life, pensions, and annuities insurers.
- Following the release of CoreSuite upgrade, Sapiens International Corporation aims to facilitate reinsurance and underwriting operations through the system's integration with cloud-based infrastructure, enabling predictive analytics powered by AI models.
- The modern digital architecture of CoreSuite further supports innovation, as the system offers advanced technology features such as embedded compliance tools, AI-powered chatbots, and multi-language, multi-currency, tax engines suitable for global insurers.
- Future events like policy admin improvements and digital sales strategies can potentially benefit from CoreSuite, as it offers a fully integrated suite that seamlessly connects underwriting, policy administration, claims processing, and billing for life, pensions, and annuities insurers.
