Sapiens will lead the implementation effort for Generali Nederland, which is part of The Generali Group, one of the largest European insurance providers. Implementation will include consolidating many life book systems onto Sapiens' solution.
Sapiens offers a unique proposition for life and pension carriers that is designed to provide a modern and cost-efficient platform for the administration of insurers' legacy estates and books of business. Generali Nederland chose the solution to release significant operational reserves as a result of switching to a single platform. Further expected benefits include greater efficiency, lower operational costs and a reduction in the total cost of ownership.
"By creating a 360-degree view of our life book customers, we will be able to update and manage customer details once, improving data integrity and customer retention," said Mecx Kooij, head of Life and Pensions and ICT at Generali Nederland. "As a result, we anticipate a reduction in the overall cost of life books administration by lowering our IT costs and improving operational efficiency."
"There has been interest from existing and prospective Sapiens customers in Europe seeking an end-to-end solution for the administration of legacy or life portfolio that is capable of dealing with missing data, changing legislation and a wide range of life and pension product types," said Roni Al-Dor, Sapiens president and CEO. "We look forward to working closely with Generali Nederland to help them meet their goals of delivering the highest quality customer experience, while continuing to reduce ongoing and system support costs, and increase efficiencies."
Sapiens' solution addresses the administration of legacy and life book portfolio challenges shared by most insurers, whether the platform is chosen as part of an "Old-Co/New-Co" strategy, or as an Old-Co consolidation platform. It can process top-ups or new business, if required. The goal of this purpose-built solution is to significantly cut the costs that are commonly associated with life book platforms.