Philadelphia Insurance Companies Goes Live With Sapiens' RapidSure Policy Administration Suite
PR Newswire - Sep 07 at 02:29
Company Symbols: NASDAQ-SMALL:SPNS
Successful deployment of five lines of business, all states, and integrated with existing systems in 6 months.
CARY, N.C., Sept. 7 /PRNewswire/ -- Sapiens International Corporation N.V. (Nasdaq and TASE: SPNS), a global provider of innovative insurance software solutions, today announced that Philadelphia Insurance Companies has deployed the RapidSure Policy Administration solution for the first phase of replacing and improving their policy issuance processes and systems. Development of additional lines is already underway for the second phase of the project. RapidSure is the policy administration system built by Harcase which was recently acquired by Sapiens.
The RapidSure implementation project included deployment of 5 lines of business spanning specialty and ISO and non ISO for both commercial and personal lines of business, leveraging ACORD standards. Full integration to Philadelphia Insurance&;s current infrastructure including billing, claims, document management and accounting systems with their web portal was also delivered in this short timeframe.
&;We conducted an exhaustive market search to find the best fit solution for our needs. We found RapidSure to be the most innovative and flexible solution available in the market that also adheres to industry standards – all of which were key criteria in our selection process,&; said Alfred Goxhaj, CIO, Philadelphia Insurance Companies. &;Sapiens delivered on its commitment to meet our aggressive schedule. In just six months, we are already in production with five new lines of business, and are well on our way with our plans to rapidly expand the use of the system across additional lines.
Goxhaj continued, &;RapidSure provides us a robust product configuration engine for quick development and delivery of our products – across our commercial, personal and specialty lines, as well as a web portal delivery. This is a powerful combination of capabilities that will enable us to be an agile organization, able to respond quickly and effectively to our agent channels, business partners, and continually changing business dynamics.&;
Chad Hersh, a Principal at analyst firm Novarica, added, &;Philadelphia Insurance had an unusually aggressive deadline for a carrier of their size and a project of this breadth. That the system was implemented in just six months validates the importance of the flexibility and open standards that are hallmarks of truly modern solutions.&;
Dan Sobotincic, EVP of Sapiens North America said, &;We sincerely appreciate Philadelphia Insurance confidence in Sapiens and in our RapidSure suite for their core system needs. Both of our organizations allocated dedicated, small, agile and delivery-oriented teams that worked side by side to meet the challenging goals and timeline. We look forward to a long partnership with Philadelphia Insurance with a common focus on delivering maximum value from RapidSure to enable their continued business success and to support their planned growth.&;
About Philadelphia Insurance Companies
Philadelphia Insurance Companies designs, markets, and underwrites commercial property/casualty and professional liability insurance products incorporating value added coverages and services for select industries. In operation since 1962, the Company, whose commercial lines insurance subsidiaries are rated A+ (Superior) by A.M. Best Company and AA- for counterparty credit and financial strength by Standard & Poor&;s, is nationally recognized as a member of Ward&;s Top 50 and National Underwriter&;s Top 100 (for in-depth financial information, please visit our website at www.phly.com). The organization has 48 offices strategically located across the United States to provide superior service.
Philadelphia Insurance Companies is the marketing name for the property casualty insurance operations of Philadelphia Consolidated Holding Corp., a Member of the Tokio Marine Group. In the United States, all products are written by insurance company subsidiaries of Philadelphia Consolidated Holding Corp. Coverage may not be available in all jurisdictions and is subject to actual policy language. Certain coverage may be provided by a surplus lines insurer. Surplus lines insurers do not generally participate in state guaranty funds and insureds are therefore not protected by such funds. Non-insurance products and services may be provided by independent third parties.
To locate the office nearest you or for more information, visit us on the web at www.phly.com or contact our marketing department at 800-873-4552
About Sapiens International
Sapiens International Corporation N.V. is a leading global provider of business solutions for the insurance industry. Sapiens is dedicated to developing innovative insurance solutions for the ever-changing Property & Casualty, Reinsurance, and Life & Pension business environments. By leveraging innovative technology, open standards and model driven architecture, we help insurers create their competitive advantage. Sapiens operates through its subsidiaries in North America, the United Kingdom, EMEA and Asia Pacific. For more information, please visit www.sapiens.com, or contact us at info@sapiens.com.
Except for historical information contained herein, the matters set forth in this release are forward-looking statements that are dependent on certain risks and uncertainties, including such factors, among others, as market acceptance, market demand, pricing, changing regulatory environment, changing economic conditions, risks in new product and service development, the effect of the Company&;s accounting policies, specific system configurations and software needs of individual customers and other risk factors detailed in the Company&;s SEC filings.
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