DigitalOwl and Sapiens Announce New Partnership, Empowering Underwriters with Completely Digital Medical Records

Rhea-AI Summary

DigitalOwl has formed a strategic partnership with Sapiens International Corporation (NASDAQ: SPNS) to advance digital transformation in the insurance sector. This collaboration aims to enhance underwriting processes by leveraging DigitalOwl's innovative technology that digitizes medical records, significantly reducing review time. The Digital Underwriting Abstract (DUA) streamlines access to essential data, facilitating quicker and more efficient decision-making for underwriters. This initiative is expected to improve client service and adapt to the fast-evolving insurance landscape.

Positive

• Partnership with industry leader Sapiens enhances DigitalOwl's credibility.
• Digital Underwriting Abstract (DUA) significantly reduces medical record review time from days to hours.
• Improved underwriting processes can lead to better risk assessment and customer service.

Negative

• None.

NEW YORK--(BUSINESS WIRE)-- Today, DigitalOwl, a company that specializes in utilizing technology to interpret and transform medical records into a completely digital, comprehensive and interactive abstract, and Sapiens International Corporation (NASDAQ and TASE: SPNS), a leading global provider of software solutions for the insurance industry, announced a partnership to help the companies remain on the leading edge of the digital transformation within the insurance industry.

“Partnering with Sapiens, an industry leader that possesses over 40 years of experience, reaffirms our commitment to empowering underwriters within the life insurance industry,” said Christian Vance, Sales Director, Channels and Partnerships at DigitalOwl. “Together, we can help transform digital underwriting by leveraging access to unstructured data while improving the underwriting and decision-making process through automation.”

DigitalOwl’s Digital Underwriting Abstract (DUA) allows records to be digitized in hours versus days, greatly reducing time spent scanning hundreds – or possibly thousands – of pages in a medical record. The latest version of the abstract is evidence of their commitment to continually making improvements to the technology solution.

By highlighting typical factors to underwrite for preferred class or healthy lifestyle factors, key impairments, and a full summary on an impairment level with all supporting medical data, underwriters gain the tools they need to quickly make a sound determination on how to best proceed. This unique, streamlined solution, combined with the ability to provide a machine-readable file for ingestions in underwriting models, establishes a solid means for unstructured data to become a cornerstone piece in building a true digital underwriting platform.

“DigitalOwl’s advanced technology solution allows for faster time-to-market and greater efficiencies within the insurance industry,” said Sapiens Propositions, Ecosystem & Alliances Manager Amanda Ingram. “Their revolutionary process in transforming medical records will help our clients solve real-world issues in the insurance market by providing the ability to assess the customer more efficiently and effectively. Equally as important, their technology allows us to easily adapt to the changes within our industry, which happen frequently as more data is made available.”

About DigitalOwl

DigitalOwl offers an innovative technology solution for analyzing and summarizing medical records for the insurance industry. The company has introduced the first and only machine learning platform that interprets medical records and assists underwriters and claim adjusters in their work. A deep understanding of the medical text creates a focused set of medical data points in a robust, meaningfully summarized format. Data is arranged chronologically, allowing the user to search and filter information by medical condition, date, body system and more. The complete history is contained within a few pages rather than hundreds, allowing clients to speed up their medical records review process and free up their talented resources to focus more time on critical activities. For more information about DigitalOwl, visit www.digitalowl.com.

About Sapiens International Corporation

Sapiens International Corporation (NASDAQ and TASE: SPNS) empowers the financial sector, with a focus on insurance, to transform and become digital, innovative, and agile. Backed by more than 40 years of industry expertise, Sapiens offers a complete insurance platform, with pre-integrated, low-code solutions and a cloud-first approach that accelerates customers’ digital transformation. Serving over 600 customers in 30 countries, Sapiens offers insurers across property and casualty, workers’ compensation and life markets the most comprehensive set of solutions, from core to complementary, including Reinsurance, Financial & Compliance, Data & Analytics, Digital, and Decision Management. For more information visit https://sapiens.com or follow them on LinkedIn.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221109005243/en/

Sean Allen (DigitalOwl)

SVP, Sales and Marketing

919.407.0609

sean@digitalowl.com

Tally Kaplan Porat

Corporate Marketing Director,

+972 52 2455708

tally.kaplanporat@sapiens.com

Source: DigitalOwl

FAQ

What is the partnership between Sapiens and DigitalOwl about?

The partnership focuses on enhancing digital transformation in the insurance industry by leveraging DigitalOwl's technology to streamline medical record analysis.

How does DigitalOwl's technology benefit the insurance industry?

DigitalOwl's technology reduces the time required to digitize medical records, improving the underwriting and decision-making processes.

What is Sapiens' role in the partnership with DigitalOwl?

Sapiens provides industry expertise and a platform to integrate DigitalOwl's solutions, enhancing efficiency in the insurance sector.

What does the Digital Underwriting Abstract (DUA) do?

The DUA digitizes medical records rapidly, allowing underwriters to quickly access crucial data for effective decision-making.

How might this partnership impact Sapiens' stock (SPNS)?

The partnership could enhance operational efficiencies and customer service, potentially leading to improved financial performance for Sapiens.