While a number of insurance technology platforms are marketed to automate individual processes, Sapiens International Corp. has a product that brings many of those functions together under one umbrella.
Launched in 2018, the Sapiens CoreSuite for P&C ecosystems groups individual software tools and platforms together and updated them for the combined product. The idea is that insurance industry carrier clients can choose to use pieces of it or the whole thing.
“It means to service the insurance industry, from any aspects when it comes to policy management, claims management and anything in between,” said Maarten Dauwe (pictured top), director of product strategy for P/C North America at Sapiens.
Combining multiple functions is better for users and the industry, Dauwe noted.
“It’s going to draw the users of that system to get them all of the functionality at their hands, seeing everything they need to know” in one spot, he said.
What’s more, he noted, combining multiple functions on a platform address increasing demands for speed from both the industry and the customers it serves.
“We see that happening more and more going forward,” Dauwe noted. “When we want to work with insurance companies … [and] get insurance we don’t want to wait for five days. We don’t want to have a hard time. We want everything to have everything snappy … and that’s what we’re driving forward with this.”
CoreSuite for P&C relies in part on the cloud, and machine learning, as well as AI driven algorithms that help drive innovation and predictive actions. Dauwe added that there are also tools that help fuel customer experience, enabling end users to have a better experience with the products Sapiens offers.
APIs are also an important element.
“APIs are the center that basically combine everything together,” Dauwe said. “That’s how … our core solution communicates to all of the ecosystems either on the carrier perspective, or to partners, or any external solution or offering product.”
APIs are key when Sapiens integrates its platform with a partner. Those APIs help to facilitate and bring in new technologies being developed as separate products that can be brought into the full platform as an added offering.
That’s the scenario in play with Sapiens in its recently announced partnership with Intellagents, a no-code, hybrid cloud, independent insurance marketplace platform provider launched in 2019. The partnership expands the Sapiens CoreSuite for P&C and connects agents and insurers to a new digital marketplace with insurtech products and services, AI providers and more. Specifically, Intellagents’ platform will integrate with CoreSuite to give customers a large data marketplace on a single adapter, making the construction of additional integrations for new interfaces no longer necessary.
Teaming Sapiens’ platform with a potential partner begins with a careful conversation, according to Amanda Ingram (pictured below), the company’s propositions, ecosystem and alliances manager.
“The first step is to understand what they’re trying to achieve, so when they come to us and talk about our platform, they are very much requiring an end-to-end insurance platform that they need to run their business end to end,” Ingram said. “We are very focused on the insurance side of the business, but what that also means is ... [addressing] a need to be able to consume data from external sources, but also to consume algorithms, intelligence, learning capabilities – all of those good things that the Intellagents platform is bringing in the single API.”
That amounts to pairing an integration point to a single integration point in a streamlined and simplified way via API, she said.
Sapiens is integrating Intellagents’ technology into its CoreSuite platform so customers that hook into the main platform can leverage all of the Intellagent-related information once they’re in, Ingram said.
It becomes a relatively simple experience to integrate Sapiens’ platform with customers, thanks to its presence on the cloud. Users get a login and have a username/password combination. They log in and access a user interface that provides them with functionality and capabilities to do new policy business, policy endorsements, manage claims processes and manage filing and transaction documentation, Ingram said.
Incorporating a partner such as Intellagents can take from up to a few hours or weeks, depending on the technological complexities with a given partner. A more complex partner where workflows and multiple steps are involved can take a few extra weeks, Dauwe noted.