Sapiens International Corporations has announced that North American life insurance provider Patriot Life Insurance, upgraded to Sapiens UnderwritingPro for Life & Annuities version 10.
UnderwritingPro has aided in Patriot Life Insurance’s growth, with version 10 enabling the company to utilise Milliman IntelliScript’s Irix® – Risk Score.
Sapiens partnered with Milliman IntelliScript for a third-party vendor integration.
Irix-Risk Score is a prescription-based predictive model that simplified the decision-making process by quantifying the relative mortality risk of life insurance applicants. It increases the underwriting process and enables insurers to make a quicker policy decision.
Risk Score also delivers better customer experience and cost-effective underwriting process for the insurer.
The combination of an accelerated underwriting process and enhanced user experience includes easier and faster access to information via intuitive graphical user interfaces. Patriot Life Insurance will benefit from straight-through-processing capabilities and the move to advanced HTML5 web technologies – from Adobe Flash.
Sapians Life & Annuity business unit for North America head David Pidgeon said: “Sapiens is pleased to see Patriot Life Insurance in production with Sapiens UnderwritingPro version 10. The shift to advanced HTML5 web technologies greatly improved Sapiens UnderwritingPro for Life & Annuities’ user interface and experience and ensures a long-term strategic operational platform. We now have a proven version of UnderwritingPro that is available to all clients.”
Patriot Life Insurance executive vice president and chief operation officer Martin Dinehart said: “Patriot Life Insurance views Sapiens as a long-term and strategic partner. They intimately understand the North American life market and offer innovative underwriting technology. This latest version of UnderwritingPro offers tremendous ease of use and I was impressed with the level of teamwork exhibited by Patriot Life Insurance and Sapiens personnel.
“The integration with IntelliScript’s Irix® – Risk Score is seamless and the UnderwritingPro rules engine works well with the new data. The project proceeded smoothly, and we successfully met an ambitious timeline.”
The project was completed within seven months, including the third-party vendor integration.
Patriot Life Insurance is currently in the planning stages of expanding its use of Sapiens UnderwritingPro rules to provide real-time decisions for select products and customers.