Insurance software provider Sapiens has launched its AI-powered, open, integrated, cloud-native platform.

Sapiens Insurance Platform utilises digital engagement, data intelligence, core business processing as well as ML and GenAI to help insurers.

In addition, the integration of AI across the platform was boosted by Sapiens’ recent integration with Microsoft, offering insurers advanced GenAI capabilities.

Furthermore, Sapiens Insurance Platform speeds growth by supporting end-to-end insurance processes across all lines of business, underscored by Sapiens’ global expertise and local presence around the globe.

“Sapiens’ next generation enhanced platform empowers our customers to leverage AI across their business processes, enabling them to stay ahead, drive growth, and exceed customer expectations. By adopting the platform approach, streamlining our processes and leveraging shared foundations and technology engines, we deliver even greater value to our customers, more quickly than ever before,” said Roni Al-Dor, Sapiens president & CEO. “Sapiens integration with Microsoft Azure OpenAI accelerates the use of AI services across Sapiens Insurance Platform.”

“Today’s insurers are focused on how to grow their books of business efficiently while making optimal decisions on underwriting, claims and customer service,” stated Karlyn Carnahan, head of Celent’s North American insurance practice. “They’re looking for platforms with modern technology to streamline their operations and improve their overall efficiency. They’re also focused on open APIs for easy integration to broad ecosystems, easy configuration tools to tailor functionality to their specific needs, and above all, access to data. Solutions that offer these kinds of modern capabilities are gaining the most momentum with insurers.”

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“Our collaboration with Sapiens highlights Microsoft’s dedication to empowering the insurance industry with transformative AI solutions. This collaboration not only showcases the potential of Microsoft Azure and our AI technologies but also sets a new standard for innovation within the insurance industry,” added Patrice Amann, regional leader, financial services at Microsoft.

It has also 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.