Sapiens International Corporation, a leading provider of software solutions for the insurance industry, has announced a significant partnership with Aktia Life, one of Finland’s prominent life insurers.
Aktia Life, serving around 100,000 customers, has chosen Sapiens as its strategic collaborator to spearhead a core system transformation using Sapiens CoreSuite for Life and Pensions.
The selection of Sapiens was influenced by its proven expertise in integrating insurance ecosystems, offering an end-to-end, cloud-first platform that is digitally enhanced for both individual and group products across Life, Wealth, and Pension insurances. With the ever-evolving landscape of customer behavior, Aktia recognizes the pivotal role of digitalization in improving operational efficiency while simultaneously enhancing customer service and expanding product offerings.
Riikka Luukko, CEO of Aktia Life, highlighted the significance of this partnership, stating, “The partnership with Sapiens supports our strategic growth and renewal goals, including our goal to offer excellent customer and employee experience. With this, we are able to optimize both customer and business value and ensure our business continuity.”
Sapiens CoreSuite for Life and Pensions will provide Aktia Life with an array of integrated data management and analytics capabilities. The core implementation at Aktia is fortified by Sapiens Intelligence, a data and analytics module that consolidates the insurer’s data to generate actionable insights, leading to improved underwriting risk selection and reduced claims expenses. Sapiens Cloud Services will further empower Aktia to focus on core business objectives by eliminating IT bottlenecks, backed by comprehensive support and maintenance services.
The Aktia implementation embraces the Sapiens One-Hand-to-Shake model, where Sapiens takes on the roles of provider, implementer, and offers support and maintenance services, as well as Cloud hosting and services through its Software-as-a-Service (SaaS) model.
Roni Al-Dor, President & CEO of Sapiens, expressed pride in the partnership with Aktia Life, underscoring the alignment of their goals. He remarked, “We are proud to partner with Aktia Life to help them achieve their digitalization goals. Aktia Life informed us that its new life business model target is to implement a modern Policy Administration System (PAS) platform to reduce technology debt in order to be fully compliant with statutory requirements and legislations.”
Sapiens CoreSuite empowers insurers to swiftly customize and launch new life insurance products via a variety of low-code/no-code configuration tools. The suite streamlines premium payment processes, client management features, and Policy Service transactions through a comprehensive Policy Dashboard, further bolstering Aktia’s ability to serve its customers with efficiency and innovation.
