Universal Life, a life and health insurer in Cyprus, has selected Sapiens International to modernise its core insurance processes and accelerate growth and efficiency.
As per the conditional agreement, the insurer will use Sapiens CoreSuite for Life & Pensions, an end-to-end, software-as-a-service (SaaS) solution with improved digital capabilities for the management of both individual and group life and pensions products.
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The collaboration aims to replace Universal Life’s legacy systems with a “scalable” solution to improve operational efficiency and product development.
CoreSuite is expected to streamline policy administration, claims processing and billing operations.
CoreSuite is a SaaS solution offering digital management capabilities for both individual and group life and pensions products.
Universal Life, incorporated in 1970 and a member of the Photos Photiades Group, has a history in the life, accident and health insurance sectors.
Universal Life CEO Evan Gavas said: “We have engaged Sapiens after a comprehensive evaluation process due to its strong presence in the region and its ability to deliver an advanced, fully integrated solution tailored to our modernisation needs. With Sapiens, we are confident in our ability to optimise efficiencies, improve agility and continue delivering market-leading insurance solutions to our customers.”
Sapiens president and CEO Roni Al-Dor stated: “We are excited to have the opportunity to engage with Universal Life as they embark on this important transformation journey. Our core solution and cloud services will empower Universal Life to future-proof their operations, enhance customer engagement and accelerate business growth in a dynamic insurance landscape.”
Last month, Hiscox UK migrated to Sapiens’ cloud-native architecture, powered by Kubernetes, resulting in improved operational productivity and service delivery.
