Sapiens International Corporation NV, a global IT solutions provider and represented in SA by JMR Software, has implemented a multimillion-dollar Closed Books Solution for Liverpool Victoria Friendly Society Limited, one of the UK`s foremost suppliers of insurance and financial services. The solution enables the company to streamline policy services for its Closed Books of business.
This solution involved the development of a new life and pensions administration system and the migration of data for 3.5 million policies. It has a browser-based user interface that allows Liverpool Victoria employees to instantly access policy information on screen. It is fully integrated with the company`s other essential systems, and now provides Liverpool Victoria with a low-cost efficient platform for all its existing and future Closed Books.
"With the new system from Sapiens, we have achieved a very significant immediate reduction in our IT costs," reported Michael Allen, Business Project Sponsor at Liverpool Victoria. "Also, using their extensive life and pensions operational experience, Sapiens were able to review our administrative practices and build a far greater degree of process automation into the new system, which now enables us to provide a much improved customer service."
Liverpool Victoria`s new system and the migration suite were developed using eMerge, Sapiens` rules-based technology that modifies and evolves core processes by translating them into business rules, offering increased speed, flexibility and scalability. Importantly, the system is also built to support potential transition to the euro.
"Insurance organisations are seeking solutions to automate their business processes and integrate their diverse systems so they can better track and control expenses, especially for Closed Books where they are no longer generating new revenue, and the main issue is cost of ownership," said Itzick Sharir, President and CEO of Sapiens International. "There is a real need for a system that reduces life and pensions administration costs and we believe the solution we built for Liverpool Victoria at the speed it was done, can also serve as an industry model."
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Established in 1987, JMR Software specialises in delivering turnkey custom-developed applications for mainframe, client server and Internet-based platforms, and has made major contributions in a range of industries, particularly banking and insurance. The company has over 120 employees, including a large contractor base, which is deployed both in SA and the UK.
Liverpool Victoria
Liverpool Victoria is the UK`s largest Friendly Society. It manages over lb6.5 billion for its 2 million members and customers. It provides a wide range of products and services in Life, General Insurance and Banking. Liverpool Victoria is one of the foremost direct insurers in the UK as well as one of the financially strongest life offices in the country. Liverpool Victoria has consistently topped performance tables with a variety of investment products, both medium- and long-term.
Sapiens
Sapiens International Corporation (NASDAQ: SPNS) is a leading global provider of proven IT solutions that modernize business processes and enable insurance organisations and other leading companies to adapt quickly to change. Sapiens` modular solutions are widely recognised for their ability to cost-effectively align IT with the business demands for speed, flexibility and efficiency. Sapiens operates through wholly owned subsidiaries in North America, EMEA and Asia Pacific. The Company has partnerships with market leaders such as IBM and EDS and its clients include AXA, Liverpool Victoria, Norwich Union, OneBeacon, Principal Financial, Prudential, Abbey National, Honda, International Paper and Panasonic UK, among others. For more information, please visit www.sapiens.com.
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