Collaboration to improve efficiency and accuracy of core policy and claim records in Lloyd’s ecosystem
Sapiens International Corporation, (NASDAQ: SPNS) and (TASE: SPNS), a leading global provider of software solutions for the insurance industry, announced today that it will partner with WCL, a Zywave company, to provide messaging to Lloyd’s of London Bureau Services.
“Sapiens’ core policy software integration with WCL signals our mission to expedite and strategically invest in contemporary API services aligned to Lloyd’s Blueprint Two goals,” said Roni Al-Dor, Sapiens President & CEO. “Streamlining the process will enable our primary insurance clients new opportunities to access Lloyd’s capital and reinsurance service, while at the same time will bring real-time risk management a step closer.”
Sapiens’ core digital insurance platform, providing end-to-end P&C policy management, billing and claims solution, will be combined with WCL’s Bureau messaging integration that will open up the distribution from customer to carrier to Lloyd’s Syndicate for Sapiens’ global 600 insurer customer base.
The end-to-end PAS to syndicate solution with compliance automation utilises market standard ACORD frameworks via WCL’s enabledB2B Gateway, which manages the sending and receipt of all data and documents for market participants. The integration empowers customers to exchange data once, which can then be replicated between platforms, thereby eliminating data duplication and streamlining end-to-end processes from core policy data records.
Sapiens are providing the technical framework to meet the growing demand from existing clients and prospects to access the Lloyd’s market, who want to break free from the legacy technology systems that restrict profitable growth. The power and flexibility of Sapiens’ digital insurance platform with its Intelligence data analytics and machine learning models, offers valuable insight into the ecosystem. WCL provides London market messaging capability to most Lloyd’s managing agents, large brokers and a number of reinsurers in.
“Working with Sapiens brings significant advantages for Lloyd’s and London market players, and adds value of mutual benefit to the market,” said James Willison, Managing Director of WCL. “Simplifying and automating the processing of common data and bordereaux management will ultimately open up a wealth of data, insights and intelligence held in a core PAS system.”
For more such updates and perspectives around Digital Innovation, IoT, Data Infrastructure, AI & Cybersecurity, go to AI-Techpark.com.
