Sapiens Launches AI-Powered Underwriting Solution for P&C Insurers

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Sapiens International Corporation introduces Sapiens Decision Underwriting Accelerator, a new AI-integrated solution designed to enhance underwriting efficiency and straight-through processing for Property and Casualty insurers.

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Sapiens Unveils AI-Powered Underwriting Solution

Sapiens International Corporation (NASDAQ: SPNS) has announced the launch of Sapiens Decision Underwriting Accelerator, a cutting-edge solution aimed at revolutionizing the underwriting process for Property and Casualty (P&C) insurers

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. This innovative tool is designed to significantly enhance underwriting efficiency and improve straight-through processing (STP) rates, addressing key challenges in the insurance industry.

Key Features and Benefits

The Sapiens Decision Underwriting Accelerator offers several notable features:

  1. Improved STP: The solution provides substantial improvements in straight-through processing for high-volume underwriting cases, covering both renewals and new policies

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  2. AI Integration: By seamlessly integrating with AI and machine learning models, the accelerator ensures comprehensive risk assessment, leading to faster time-to-market and improved cycle times

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  3. Empowering Business Analysts: The no-code interface allows business analysts to author, update, and test decision logic in real-time without requiring coding expertise. This feature reduces reliance on IT resources by up to 90%

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  4. Pre-built Decision Flows: The solution includes pre-configured models designed to handle the complexities often found in regional and national carriers, enabling faster deployment and reduced implementation costs

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  5. Legacy System Integration: The accelerator can extract decision logic from legacy systems, making it easy to access, update, and share embedded logic without costly infrastructure overhauls

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Impact on the Insurance Industry

Ilan Buganim, Chief Technology and Information Officer at Sapiens, emphasized the solution's potential impact: "Sapiens' new release empowers the industry to achieve the highest levels of straight-through processing and underwriting efficiency, significantly improving profitability"

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. The accelerator is expected to enable insurers to make substantial improvements in their combined ratio within months of implementation.

Future Developments

Looking ahead, Sapiens plans to expand its decisioning solutions with pre-packaged offerings for the mortgage industry, addressing similar underwriting challenges

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. This expansion demonstrates the company's commitment to innovation and addressing industry-wide needs.

About Sapiens

Sapiens International Corporation is a global leader in intelligent insurance software solutions, serving over 600 customers in more than 30 countries

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. The company's robust platform and innovative SaaS offerings empower insurers to future-proof their organizations in a rapidly changing marketplace. Sapiens' solutions cover various insurance sectors, including property and casualty, workers' compensation, and life insurance.

As the insurance industry continues to evolve, solutions like the Sapiens Decision Underwriting Accelerator represent a significant step towards more efficient, accurate, and AI-driven underwriting processes. This development aligns with the broader trend of digital transformation in the insurance sector, promising to reshape how insurers assess and manage risks in the coming years.

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