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When looking to make processing our legacy portfolio much more efficient, we turned to Sapiens and the Closed Books solution," commented Liz McKenzie, Wesleyan's Group Corporate Services director.
Consolidation of legacy platforms on our Closed Books solutions enables insurers to reduce these costs and realize significant reserve release through de-commissioning of out-of-date, inefficient and increasingly expensive legacy environments.
Highlights of the Sapiens Closed Book solution's capabilities include:
In addition to the Sapiens Closed Books solution, Wesleyan is using Sapiens' ALIS platform for new financial products and administration of open books of business.
Sapiens Closed Books is a proven system designed to answer legacy portfolio challenges, while significantly cutting the costs that are commonly associated with legacy platforms.
The INSIGHT for Closed Books solution allows clients to better manage their closed books business, both financially and in terms of customer service.
It is testimony to the value, innovation, and partnership approach we bring to all our clients, as well as a strong vote of confidence in both our Life&Pensions Closed Books product and our support team.
Nasdaq and TASE:SPNS) today announced a broadening of their relationship with Liverpool Victoria, the UK's largest friendly society (a), with the award of a further contract to migrate another 400,000 of the company's unit-linked policies onto its Closed Books INSIGHT solution.
Closed Books INSIGHT has assisted Liverpool Victoria in restructuring their business processes and reducing their cost base.
It is fully integrated with the company's other essential systems, and now provides Liverpool Victoria with a low-cost efficient platform for all its existing and future Closed Books.
Insurance organizations are seeking solutions to automate their business processes and integrate their diverse systems so they can better track and control expenses, especially for Closed Books where they are no longer generating new revenue, and the main issue is cost of ownership
Serco will be responsible for the administration of approximately 500,000 current and closed book policies in total.