Sapiens International Corporation N.V. (NASDAQ and TASE: SPNS), a global provider of innovative insurance software solutions and a member of the Formula Group (NASDAQ:FORTY), announced today that it has been selected to conduct a comprehensive upgrade of Allianz Suisse' Pension system.
The value of the project to Sapiens is 1.63 million Swiss Francs (approx. $1.8m USD).
With over 40 general agencies and numerous branch offices, Allianz Suisse is one of Switzerland's largest insurers. Its range of services includes solutions in insurance, provision and asset management, covering all private and business needs. Allianz Suisse ranks among the leaders in the private and business customer markets.
Over a 12-month period, the Sapiens team will port the current platform for the Allianz Suisse pension system from the mainframe to Linux, and upgrade the database to UDB on Linux. The project will be facilitating considerable savings in operational costs and Allianz Suisse will achieve return on investment within three years.
As part of the project, Sapiens will help Allianz Suisse modernize the user interface by replacing legacy green screens with a new browser-based front end. This will allow Allianz Suisse to improve the user experience and customer service.
"Sapiens will bring forward its methodology and experience in the insurance market, coupled with innovative technologies, for the benefit of Allianz Suisse," said Raj Ghuman, Vice President Sales & Operations Sapiens Europe. "All of the porting and upgrade work will be done off-shore, further reducing expenses for our client."
"The Sapiens system has proven its dedication to Allianz Suisse," said Moreno Ponci, CIO Allianz Suisse. "This project will help Allianz Suisse make one more step forward, toward better customer service and improved user experience, while reducing overall operational costs."