Vietnam’s OPES Digital Insurance has modernised its core property & casualty (P&C) insurance processes with the implementation of Sapiens IDITSuite and Sapiens Intelligence.
This move is aimed at enhancing the company’s digital capabilities in the competitive insurance landscape.
Founded in 2018, OPES is owned by Vietnamese lender VPBank.
The deployment, hosted on Microsoft Azure, was completed in seven months and marks Sapiens’ first implementation in the country.
In the initial phase, OPES went live with a personal accident insurance product and the migration of 6.2 million clients onto the new platform.
Sapiens said this platform is fully integrated with OPES’ sales platforms and internal systems.
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OPES is set to gradually migrate its remaining products onto the Sapiens platforms in the coming months.
Sapiens IDITSuite for P&C is an artificial intelligence-powered insurance software solution that supports key functions including customer acquisition, billing, finance, claims and renewals.
Its low-code product and pricing configuration engine is designed to accelerate speed-to-market for insurance products.
Sapiens Intelligence is an integrated solution that provides actionable insights, which are crucial for making smarter decisions.
This tool is expected to improve underwriting risk selection and reduce claims expense ratios, thereby enhancing OPES’ overall efficiency and profitability.
OPES CEO Tung Dang said: “Sapiens empowered our digital transformation by modernising our core processes with a seamless, turnkey solution.
“Sapiens’ rich functionalities, value-added road map and systems improvements enable us to scale in a timely and cost-efficient manner by delivering new products and services to our customers.”
Sapiens vice-president, ROW sales Somansh Bansal said: “We are pleased that Sapiens’ first go-live in Vietnam will pave the way for many more customers in the region. Vietnam is an exciting new market for Sapiens, and we fully meet the regional regulatory requirements.”
Last month, Norway-based insurer GPF selected Sapiens and its CoreSuite for Life & Pensions.
GPF’s go-live with Sapiens CoreSuite marked the first Nordic customer to utilise the platform.