Bankers Insurance Group has chosen Sapiens CoreSuite for Property & Casualty (P&C) to speed up its growth plans.  

The insurance company aims to modernise its technology infrastructure and extend its reach into new states and lines of business, beginning with builder’s risk and business owner’s policy (BOP). 

There are also plans for further product introductions. 

The Sapiens CoreSuite for P&C will help Bankers Insurance transition from “legacy” systems to a “modern, end-to-end” solution, reducing the need for manual processing and enhancing service quality throughout the organisation. 

By incorporating automation and analytical tools, the new system is designed to shorten the time required to bring products to market and reinforce Bankers Insurance’s operational capabilities.  

The Sapiens suite is tailored to meet the needs of North American P&C insurers, including policy management, billing and claims handling. 

This technology suite is intended to help insurers respond to changes in the market, regulations and evolving customer preferences. 

It includes tools for automated decision-making, reinsurance management, data analysis and digital applications. 

Bankers Insurance Group president Walt Sykes said: “We were looking for a flexible, modern platform to elevate the experience of those we serve and position ourselves for long-term, scalable growth. Sapiens’ approach, proven expertise and technology architecture made them the ideal partner to help bring our vision to life.” 

Sapiens president and CEO Roni Al-Dor stated: “Our cloud-native, SaaS [software-as-a-service] CoreSuite is designed to support growth initiatives of forward-thinking insurers like Bankers. It will deliver agility, ongoing innovation and access to next-generation insurtech ecosystems, helping Bankers to remain future-ready.” 

In June, Absa Life in South Africa deployed the Sapiens insurance platform across its distribution channels.  

The suite consists of Sapiens CoreSuite for Life & Pensions, Sapiens DigitalSuite, Sapiens DataSuite and Sapiens Cloud Services. 

Earlier this month, Advent signed a deal, valued at $2.5bn (NIS8.48bn), to acquire Sapiens International.