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Sapiens International Corporation Shines with XCelent Award

Sapiens International Corporation, a prominent global software provider for the insurance industry, recently announced that its UnderwritingPro solution has received the 2024 XCelent award from Celent, a leading research and consulting firm. This prestigious accolade recognizes the firm for its exceptional customer base and support within new business and automated underwriting (NBUW) systems in the North American market. Notably, this marks the third consecutive year in which Sapiens has earned recognition from Celent for its underwriting offering.

Industry Recognition

In a thorough analysis conducted by Celent, 20 NBUW systems were evaluated to determine their effectiveness and technological advancement specifically tailored for life insurance in North America. Sapiens was distinguished as a "Functionality Standout" based on its robust Technical Capability Matrix, which categorized solutions according to their technological sophistication and functionality breadth. Furthermore, Sapiens excelled in customer base and support reviews, emerging as the leading performer in this critical assessment.

Roni Al-Dor, the CEO and President of Sapiens, expressed pride in this achievement, stating, "This award acknowledges Sapiens' commitment to delivering exceptional solutions that empower insurers to streamline processes and achieve superior outcomes." He emphasized that UnderwritingPro underscores their mission to drive innovation and operational excellence, ultimately benefiting their clients in the underwriting domain.

Innovative Features

The Celent report highlights several advanced features of UnderwritingPro, particularly its end-to-end functionality for managing the complete underwriting process. One notable addition is the direct messaging feature, which allows underwriters to communicate with agents through the UnderwritingPro platform. This innovation facilitates shared case notes and document requests, streamlining communication and enhancing collaboration.

Notably, the Sapiens Underwriting Rules Engine has also undergone significant updates, providing enhanced search capabilities and simplifying the user interface for easier management of rules. The report asserts that most Sapiens clients can independently handle their rules management without requiring extensive technical expertise, thanks to these improvements.

Adoption and Impact

Celent further emphasizes that UnderwritingPro's extensive client base has established it as a vital new business and underwriting solution for insurers striving to enhance efficiency and effectiveness in their operations. The report provocatively suggests that any insurance company considering a new business and underwriting system should prioritize Sapiens UnderwritingPro on their shortlist.

As a web-based automated underwriting solution, UnderwritingPro integrates traditional and innovative alternative data sources to provide rapid risk analysis, supporting a broad spectrum of new business scenarios from application receipt through to coverage decision. By elevating both internal and external customer experiences with straight-through processing, Sapiens continues to set new benchmarks in underwriting efficacy.

About Sapiens International

Sapiens International Corporation, publicly traded on NASDAQ and TASE as SPNS, has established itself as a leader in intelligent insurance software solutions. With a focus on empowering insurers to adapt and excel in a swiftly evolving market, Sapiens offers a wide array of solutions tailored to property and casualty, workers' compensation, and life insurance segments. The company takes pride in its rich ecosystem and robust platform, serving over 600 clients in more than 30 countries around the world.

Innovation remains at the forefront of Sapiens' mission as they continue to develop AI-driven solutions to support various operational aspects, such as underwriting, digital transformation, and data analytics. Committed to ongoing evolution, Sapiens is actively involved in enhancing their offerings to ensure the success of their partners throughout their transformation journeys.

Through achievements like the XCelent award, Sapiens International Corporation not only highlights their leadership in the insurance sector but also showcases their unwavering dedication to providing cutting-edge, customer-centric solutions that drive operational excellence across the industry.