Sapiens International Corp. N.V. (Cary, N.C.), a member of Formula Group, and Liverpool Victoria Friendly Society (LV=, Bournemouth, U.K.), have renewed a contract valued at $7 million over a period of five years, to provide support services for the Sapiens 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.
LV=, the U.K.'s largest friendly society and a leading mutual financial services provider, first engaged with Sapiens in 2002 to implement Sapiens INSIGHT for Closed Books software solution for insurance carriers, initially going live with more than 2 million policies, reducing both IT and business administration costs, and improving its 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 manage their closed books business, both financially and in terms of customer service. According to Sapiens, the solution helps reduce the cost-per-policy and improve customer experience.
Katherine Burger is Editorial Director of Bank Systems & Technology and Insurance & Technology, members of UBM TechWeb's InformationWeek Financial Services. She assumed leadership of Bank Systems & Technology in 2003 and of Insurance & Technology in 1991. In addition to ... View Full Bio