Sapiens Launches Medical Underwriting Solution in the UK
A revolutionary new approach to speed up the underwriting process and reduce costs
September 29, 2003 - Sapiens International Corporation - Sapiens International Corporation (NASDAQ and TASE: SPNS), a leading insurance business solutions provider, today unveiled a new underwriting solution to the UK insurance market. Sapiens MediRisk INSIGHTTM, part of the company's INSIGHT suite of insurance solutions is a ground-breaking life, health and disability medical underwriting solution. It enables all cases to be processed earlier in the new business cycle, providing immediate risk assessment and absolute underwriting precision, all at a significantly reduced cost.
Most underwriting systems can't automate complicated applications, for instance, where several adverse factors have to be considered in parallel, and so often have to be processed manually. This can tie up expensive underwriters and create a backlog in the new business stream and ultimately this can lead to cancelled applications. Furthermore because manual assessments rely on human judgment, similar cases are often assessed inconsistently.
Already a field-proven solution, MediRisk INSIGHT reduces cost to the business by automating a greater extent of the underwriting process. It streamlines the throughput of new business cases and enhances underwriting consistency. Its innovative scoring mechanism determines an applicant's individual risk and objectively advises on how the proposal should be progressed.
MediRisk INSIGHT bases its risk decisions on a range of data including the ICD-9/10 World Health Organisation classification of diseases, latest drugs and treatments, teams of medical experts and re-insurance guides. It is flexible enough to allow a business to set the parameters and risk levels to match its specific underwriting philosophies. And as the solution assesses applications on an individual rather than a category basis companies can better understand their risk and fine-tune their new business and underwriting strategies.
Kali Bagary, sales director of Sapiens UK:
"We are delighted to be launching MediRisk INSIGHT in the UK. Its higher level of automation, unique scoring methodology and in-depth analysis and business modelling capabilities is taking underwriting technology into the 21st century.
"This is further evidence of Sapiens' commitment to the insurance industry. Whether through acquiring or building systems we are steadily enhancing our INSIGHT suite of innovative point solutions that help insurance companies to compete in today's constantly changing market. We are currently looking at a number of opportunities to broaden the INSIGHT suite further."
About Sapiens UK
Sapiens UK is the UK subsidiary of Sapiens International Corporation (NASDAQ and TASE: SPNS), a leading global provider of proven IT solutions that modernise business processes and enable insurance organisations and other leading companies to adapt quickly to change. Sapiens' modular solutions are widely recognised for their ability to cost-effectively align IT with the business demands for speed, flexibility and efficiency. Sapiens operates through wholly owned subsidiaries in North America, EMEA and Asia Pacific. The company has partnerships with market leaders such as IBM and EDS and its UK clients include AXA, Liverpool Victoria, Prudential and Abbey National. For more information, please visit http://www.sapiens.com.
Except for historical information contained herein, the matters set forth in this release are forward-looking statements that are dependent on certain risks and uncertainties, including such factors, among others, as market acceptance, market demand, pricing, changing regulatory environment, changing economic conditions, risks in new product and service development, the effect of the company's accounting policies and other risk factors detailed in the Company's SEC filings.
Contact:
Richard Moore
Citigate Technology (UK)
Tel: +44 (0)1604 232 223
+972-8-938-2721
e-Mail: richard.moore@citigatetechnology.com
 
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