Insurance software provider Sapiens has announced that Caribbean-based Republic Life has gone live with Sapiens CoreSuite and Sapiens Digital Suite.

Sapiens’ solutions have allowed Republic Life Insurance to become the first Caribbean insurer to provide a fully digital, direct-to-consumer solution.

In addition, the digital-by-design process lets customers to acquire life insurance policies, with POS decisioning, and service their policies through the customer portal.

Furthermore, it allows Republic Life Insurance to release new products quickly and meeting the evolving needs of customers, which in turn will accelerate growth and expansion in the marketplace.

“Our main objective was to disrupt the life insurance market whilst offering an enhanced customer experience and create an entirely digital insurance company. Sapiens’ state-of-the-art, digital insurance platform empowered us to be the first Caribbean insurer to achieve that, and we were able to implement within 11 months,” said Robert Soverall, managing director, Republic Life Insurance. “What really stood out is Sapiens’ innovative customer portal and their dedicated implementation and technical support teams who fully share our vision for success.”

“We are delighted to enable Republic Life Insurance to make a historic impact in the Caribbean life insurance market with the region’s first fully online, digital customer experience,” said Roni Al-Dor, Sapiens president & CEO. “This ground-breaking insurance launch exemplifies Sapiens’ commitment to deliver best-in-class solutions and a mutually rewarding team experience. We are confident that Republic Life Insurance has the tools in place to reduce the insurance/protection gap through innovative customer experiences.”

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In April 2024, Sapiens International introduced an updated version of its Sapiens ReinsuranceMaster.

This enhancement focuses on increasing operational efficiency, streamlining regulatory reporting and bolstering decision-making through in-depth business insights.

Sapiens said the update is designed to cater to the evolving demands of the reinsurance market.

Sapiens ReinsuranceMaster is a platform for managing extensive and multinational reinsurance programmes.

The solution is designed to support the full spectrum of reinsurance contracts, meet auditing requirements and provide a unified perspective on liabilities and risks.