Liverpool Victoria Friendly Society (LV=, Bournemouth, U.K.) has renewed its contract with Sapiens (Cary, N.C.), valued at $7 million over a period of five years, to provide support services for the vendor's INSIGHT for Closed Books. The Sapiens solution is used to administer more than 3 million policies defined as closed books of business in LV='s life and pension portfolio, according to a Sapiens news release.
LV= first engaged with Sapiens back in 2002 to implement Sapiens INSIGHT for Closed Books software solution for insurance carriers, initially going live with more than 2 million policies, according to Sapiens. The vendor claims that the solution dramatically reduced both IT and Business administration costs, and improved LV='s runoff rates. LV= and Sapiens have since migrated several other books of Life and Pensions business onto the INSIGHT platform.
The INSIGHT for Closed Books solution allows clients to better manage their closed books business, both financially and in terms of customer service, Sapiens claims. The solution helps reduce the cost-per-policy and improve customer experience, by leveraging what the vendor characterizes as its innovative approach to data migration, together with deep insurance industry expertise.
"This is a testimony to the strategic relationship we have developed with LV= over the past years, and the confidence that our customers have in Sapiens," comments Raj Ghuman, vice president, sales and operations, Sapiens Europe. The contract contributes to Sapiens' long term growth plans, and helps LV= meet its aggressive goals for efficiency and cost reduction."
Anthony O'Donnell has covered technology in the insurance industry since 2000, when he joined the editorial staff of Insurance & Technology. As an editor and reporter for I&T and the InformationWeek Financial Services of TechWeb he has written on all areas of information ... View Full Bio