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Thursday, February 29, 2024

Vietnam-based OPES Digital Insurance coverage deploys Sapiens options 

Vietnam’s OPES Digital Insurance coverage has modernised its core property & casualty (P&C) insurance coverage processes with the implementation of Sapiens IDITSuite and Sapiens Intelligence. 

This transfer is aimed toward enhancing the corporate’s digital capabilities within the aggressive insurance coverage panorama. 

Based in 2018, OPES is owned by Vietnamese lender VPBank. 

The deployment, hosted on Microsoft Azure, was accomplished in seven months and marks Sapiens’ first implementation within the nation.  

Within the preliminary part, OPES went stay with a private accident insurance coverage product and the migration of 6.2 million purchasers onto the brand new platform.  

Sapiens stated this platform is totally built-in with OPES’ gross sales platforms and inside methods.  

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OPES is about to steadily migrate its remaining merchandise onto the Sapiens platforms within the coming months.  

Sapiens IDITSuite for P&C is a synthetic intelligence-powered insurance coverage software program answer that helps key capabilities together with buyer acquisition, billing, finance, claims and renewals.  

Its low-code product and pricing configuration engine is designed to speed up speed-to-market for insurance coverage merchandise. 

Sapiens Intelligence is an built-in answer that gives actionable insights, that are essential for making smarter selections.  

This instrument is anticipated to enhance underwriting threat choice and cut back claims expense ratios, thereby enhancing OPES’ general effectivity and profitability. 

OPES CEO Tung Dang stated: “Sapiens empowered our digital transformation by modernising our core processes with a seamless, turnkey answer.  

“Sapiens’ wealthy functionalities, value-added street map and methods enhancements allow us to scale in a well timed and cost-efficient method by delivering new services and products to our prospects.” 

Sapiens vice-president, ROW gross sales Somansh Bansal stated: “We’re happy that Sapiens’ first go-live in Vietnam will pave the way in which for a lot of extra prospects within the area. Vietnam is an thrilling new marketplace for Sapiens, and we totally meet the regional regulatory necessities.”  

Final month, Norway-based insurer GPF chosen Sapiens and its CoreSuite for Life & Pensions.  

GPF’s go-live with Sapiens CoreSuite marked the primary Nordic buyer to utilise the platform

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