Finland-based life insurer LocalTapiola Life (LT) has expanded an agreement to deploy Sapiens International’s Cloud Services for a period of ten years.
Under the extended deal, the tech vendor will be responsible to upgrade the insurance company’s core life insurance systems.
The latest deal builds on a previous agreement under which Sapiens replaced LT’s eight different policy administration systems with Sapiens CoreSuite for Life and Pensions.
Leveraging Sapiens CoreSuite for Life and Pensions, LT Life can gain access to fully embedded data management and analytics capacities.
Implementation of this solution is supported by Sapiens Intelligence data and analytics module that has been designed to pool the insurer’s data to provide improved insights, thereby enhancing underwriting risk selection and minimising the ratio of claims expense.
Furthermore, the deployment of Sapiens Cloud Services will help LT to promote its core business objectives and remove IT bottlenecks, among others, the tech vendor claims.
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It will see the use of the Sapiens One-Hand-to-Shake model, which allows Sapiens to facilitate implementation, support and maintenance services along with cloud hosting and services using the SaaS solution.
Sapiens International president and CEO Roni Al-Dor said: “LocalTapiola Life has been Sapiens’ very first implementation in Finland.
“As our relationship deepens and expands over time, we will continue to engage in ongoing development according to local regulations and global innovations, based on our continuous roadmap and new releases.”
Sapiens currently provides an end-to-end, cloud-first and digital platform for both individual and group products across diverse segments such as life, wealth and retirement.
In May 2023, Sapiens announced its selection by South African life insurance provider Absa Life as a partner to upgrade its non-underwritten products system.