The U.S. organization has signed a five-year agreement for continuous implementation and support of the modern P&C digital insurance platform for all product lines.
Sapiens International Corporation, (NASDAQ: SPNS) (TASE: SPNS), a leading global provider of software solutions for the insurance industry, announced today that the Georgia Farm Bureau Mutual Insurance Company, the largest domestic Property & Casualty insurer in Georgia with over 490 million in direct written premium, has selected the Sapiens Property and Casualty Insurance Platform for North America and signed a five-year agreement for continuous implementation and support of the platform for all of its product lines.
The Georgia Farm Bureau Mutual Insurance Company is a subsidiary of The Georgia Farm Bureau Federation, Georgia’s largest voluntary agricultural organization with almost 300,000 member-families.
“The Sapiens Property and Casualty Insurance Platform is a modern P&C digital insurance platform that includes policy, billing and claims. With the ability to deploy its offerings as a complete platform, or as standalone modules, Sapiens can address all the needs of North American P&C carriers, across all their lines of business and distribution channels,” said John Pettit, head of the North American P&C Insurance Platform business unit. “Sapiens’ platform is highly configurable and is aimed at allowing IT and business users to introduce new products and changes to processes at unprecedented speeds.”
“We are focused on improving the ease of doing business for insureds and agents and speeding time to market,” said Geri Powell, Georgia Farm Bureau’s executive director of business and strategic development. “Sapiens’ has proven to be a great partner and its new P&C Insurance Software Platform will enable us to be ready to grow by streamlining business process flows throughout the organization.”
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Georgia Farm Bureau originally partnered with StoneRiver (now a fully-owned Sapiens’ subsidiary) in 2008 to implement an enterprise insurance suite containing an integrated claims, policy and billing system based on their J-Product suite. Sapiens acquired StoneRiver in early 2017 and continues to strengthen the strategic and long-term partnership with Georgia Farm Bureau.
Georgia Farm Bureau’s experience with StoneRiver and Sapiens’ proven products and personnel led to the decision to implement Sapiens’ next-generation P&C Insurance Software Platform. The “Umbrella” phase of the project, which is comprised of personal, farm and commercial Policy and Billing implementation, is already underway and is based on newly acquired Adaptik products. In parallel, the modern Stream Claims product, which includes homeowners, personal and business auto – will go live later this year.
“The Georgia Farm Bureau-Sapiens partnership continues to strengthen and we look forward to continuing to leverage Sapiens’ products and services to drive greater differentiation in the market,” added Powell. “We are confident that together we can improve Georgia Farm Bureau’s member services via modern and efficient business systems.”
The Sapiens Property and Casualty Insurance Platform is comprised of fully integrated, yet standalone, components: Policy, Billing and Claims (those components are based on the former Adaptik, StoneRiver Stream products, respectively, but have been integrated into a unified platform).
The mature platform is cloud and API-based, and features a strong core, advanced analytics and data enablement capabilities, plus full digital engagement capabilities.
Sapiens is also integrating its Sapiens Reinsurance solution into the platform.