Norwegian Insurer Gjensidige Pensjonsforsikring Goes Live with Sapiens CoreSuite for Life & Pensions
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Insights
The collaboration between Sapiens International Corporation and Gjensidige Pensjonsforsikring (GPF) marks a significant development in the insurance technology sector. The implementation of Sapiens CoreSuite for Life & Pensions and Sapiens Cloud Services represents a strategic move for both companies. For Sapiens, this expansion into the Nordic market with GPF as its first client in the region can potentially open new avenues for growth and client acquisition, enhancing its market share. From a market perspective, the successful deployment of these services could serve as a case study for other insurers, potentially leading to increased demand for Sapiens' offerings.
For GPF, the integration of a cloud-based IT infrastructure and the automation capabilities of CoreSuite could lead to operational efficiencies and cost savings. This modernization is likely to improve customer engagement through enhanced digital services, which is critical in the competitive Norwegian pensions market. The focus on customer service and operational efficiency could translate into increased customer retention and attract new clients looking for innovative solutions in their pension management.
The financial implications of GPF's adoption of Sapiens' CoreSuite for Life & Pensions are multifaceted. On one hand, the initial costs associated with the implementation of the new system may impact GPF's short-term financials. However, the long-term benefits of streamlined workflows and improved operational efficiency could outweigh these initial expenses. For Sapiens, the recurring revenue from cloud services and continuous updates to the CoreSuite platform can lead to a more predictable and stable revenue stream. The success of this implementation could also positively influence Sapiens' stock performance on NASDAQ and TASE by bolstering investor confidence in the company's growth trajectory and market expansion capabilities.
The technological advancement represented by Sapiens' CoreSuite for Life & Pensions and Cloud Services is noteworthy. The cloud-based platform offers scalability and flexibility, which are essential in the rapidly evolving digital landscape. The ability to continuously maintain and update the system in accordance with the latest technological and regulatory requirements is a crucial aspect of Sapiens' value proposition. This agility in adapting to regulatory changes can provide GPF with a competitive advantage, ensuring compliance and minimizing risks associated with regulatory infractions. Moreover, the real-time access to centrally managed data can empower GPF with enhanced analytics capabilities, leading to data-driven decision-making and product innovation.
Sapiens' solution supports GPF's broad digital strategy to enhance life and pensions coverage and accelerate the roll-out of innovative new products
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Designed to enable greater automation and operational efficiency, Sapiens CoreSuite for Life & Pensions provides GPF with an optimised, Norwegian-tailored platform with real-time access to centrally managed data. As a single, unified system on the cloud, CoreSuite provides a cost-efficient, cloud-based IT infrastructure to streamline workflows, accelerate digital transformation and improve customer engagement.
The CoreSuite solution is maintained and updated continuously by Sapiens in accordance with the latest technological and regulatory requirements.
"Sapiens has now completed the initial phase of our core transformation project to CoreSuite and provided valuable support throughout the journey," said Torstein Ingebretsen, CEO of GPF. A strong core and strategy are essential to GPF's growth in
"We are proud to have achieved this important milestone in the Nordics with a regional leader like GPF," added Roni Al-Dor, Sapiens President and CEO. "We will continue to support GPF's journey to drive innovation and set the standard for best-in-class customer service with our transformative, future-oriented, cloud-based IT infrastructure."
Sapiens CoreSuite for Life & Pensions is a software solution for end-to-end core operations and processes. An award-winning policy administration system, it supports individual and group products across life, health, wealth & retirement. Sapiens Cloud Services supports business growth with a holistic offering of value-added cloud services that provides all operations and application management services under one roof.
About Gjensidige Pensjonsforsikring (GPF)
Gjensidige Pensjonsforsikring (GPF) is a wholly owned subsidiary of Gjensidige Forsikring. GPF mainly offers defined contribution, investment products, pension plans and risk products for groups and individuals in the Norwegian market. For more information visit GPF
About Sapiens
Sapiens International Corporation (NASDAQ and TASE: SPNS) empowers the financial sector, with a focus on insurance, to transform and become digital, innovative and agile. With more than 40 years of industry expertise, Sapiens' cloud-based SaaS insurance platform offers pre-integrated, low-code capabilities across core, data, and digital domains to accelerate our customers' digital transformation. Serving over 600 customers in more than 30 countries, Sapiens offers insurers across property and casualty, workers' compensation, and life insurance 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 us on LinkedIn
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Sapiens International
Email: Yaffa.cohen-ifrah@sapiens.com
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SOURCE Sapiens International Corporation
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