#Cyprus #Rochelle Park #Insurance Technology #Sapiens #Universal Life

Universal Life Partners with Sapiens for Modernisation

Universal Life, a prominent life and health insurer in Cyprus, has taken a significant step towards modernising its operations by entering into a collaborative agreement with Sapiens International Corporation. This partnership is set to transform Universal Life’s core insurance systems, enhancing both operational efficiency and product innovation in a rapidly evolving insurance landscape.

The Need for Change

In an era where the insurance industry is increasingly driven by technological advancements, the need for significant operational changes is evident. Traditional, legacy systems often hinder growth and efficiency, making it challenging for insurers to compete. Recognising this, Universal Life has sought to overhaul its core processes through Sapiens' CoreSuite for Life & Pensions. Evan Gavas, CEO of Universal Life, stated that following a comprehensive evaluation, Sapiens emerged as the clear choice due to its strong regional presence and commitment to delivering a tailored solution.

Enhancing Operational Efficiency

The collaboration aims to replace outdated systems with Sapiens' modern, scalable solution designed to streamline various operational facets, including policy administration, claims processing, and billing operations. The objective is clear: to optimise these processes to significantly boost customer satisfaction and loyalty. Universal Life's strategic growth initiatives hinge on this transformation, allowing the company to respond more adeptly to customer needs and market demands.

With Sapiens CoreSuite, Universal Life will gain a comprehensive set of tools that facilitate operational excellence. The system not only enhances efficiency but also supports rapid product innovation, which is essential in the competitive insurance market.

Commitment to State-of-the-Art Infrastructure

Moreover, the agreement enables Universal Life to leverage Sapiens Cloud Services. This partnership will provide a secure and flexible infrastructure, ensuring high performance and reliability as the company scales its operations. Roni Al-Dor, President and CEO of Sapiens, expressed that their advanced solutions would empower Universal Life to fortify its operations and enhance customer engagement.

The Significance of Modernisation

The importance of this modernisation extends beyond operational improvements. It signifies a shift in how insurance services are delivered to consumers, emphasising agility and responsiveness. As markets evolve, partners like Universal Life must be well-equipped to navigate these changes. By embracing cutting-edge technology, the company positions itself to meet the future challenges of the insurance sector proactively.

Furthermore, such transformations are essential for enhancing customer experience. In today's environment, customers expect more personalised and efficient service. Thus, investing in modern technology is not merely about keeping pace; it's about leading the change in the insurance industry.

A Legacy of Reliability

Founded in 1970, Universal Life holds a historic position in Cyprus as the first insurance company established following local insurance legislation. Known for its reliability and customer-focused approach, the insurer has built a formidable reputation over the years. With this new initiative in partnership with Sapiens, Universal Life is set to enhance its legacy further, ensuring its offerings remain relevant and competitive in a digital age.

Conclusion

As Universal Life prepares to implement the Sapiens CoreSuite and Cloud Services, the insurance landscape waits with anticipation. This partnership is expected to transform not just Universal Life itself, but potentially set a precedent for how insurance companies can leverage technology for improved operation and customer service. The future looks bright for Universal Life as it embarks on this vital journey of transformation, poised to emerge stronger and more efficient in the competitive insurance arena.