Source: Sapiens
Sapiens International Corporation N.V. (NASDAQ and TASE: SPNS) a member of Formula Group (NASDAQ:FORTY), and a provider of insurance software solutions, today announced that Liverpool Victoria Friendly Society (LV=), renewed its contract with Sapiens valued at $7M over a period of five years, to provide support services for the Sapiens INSIGHT for Closed Books. The Sapiens solution is used to administer more than 3 million policies defined as "closed books of business" in LV='s Life and Pension portfolio.
LV= first engaged with Sapiens back in 2002 to implement Sapiens INSIGHT for Closed Books software solution for insurance carriers, initially going live with more than 2m policies, dramatically reducing both IT and Business administration costs, and improving its runoff rates. LV= and Sapiens have since migrated several other books of Life and Pensions business onto the INSIGHT platform.
The INSIGHT for Closed Books solution allows clients to better manage their closed books business, both financially and in terms of customer service. The solution helps reduce the cost-per-policy and improve customer experience, by leveraging Sapiens' innovative approach to data migration, together with Sapiens deep insurance industry know-how. The Sapiens' Closed Books solution is unique in its approach to solve the challenge of managing the heritage portfolio of a Life and Pension insurance.
Raj Ghuman, Vice President of Sales and Operations - Sapiens Europe, commented: "This is a testimony to the strategic relationship we have developed with LV= over the past years, and the confidence that our customers have in Sapiens. The contract contributes to Sapiens' long term growth plans, and helps LV= meet its aggressive goals for efficiency and cost reduction."