Aktia Life chooses Sapiens to enhance life insurance systems

By Delisha Fernandes

Sapiens, a provider of software solutions for the insurance industry, has been chosen by Aktia Life as a partner to lead their core system transformation via Sapiens CoreSuite for Life and Pensions.

The software solutions platform was selected for its experience in complex insurance ecosystem integrations, providing an end-to-end, cloud-first, digitally enhanced platform for individual and group products, across Life, Wealth, and Pension insurance.

“Working with Sapiens has already been very rewarding for our company and we are looking forward for the next phase,” said Riikka Luukko, CEO Aktia Life. “The partnership with Sapiens supports our strategic growth and renewal goals, including our goal to offer excellent customer and employee experience. With this, we can optimise both customer and business value and ensure our business continuity.”

Sapiens CoreSuite for Life and Pensions will help Aktia Life with a wide range of fully embedded data management and analytics capabilities. The Aktia implementation is underpinned by the market-leading Sapiens Intelligence data and analytics module that pools the insurer’s data to provide actionable insights, improving underwriting risk selection and reducing claims expense ratios.

“We are proud to partner with Aktia Life to help them achieve their digitalization goals,” said Roni Al-Dor, President & CEO Sapiens. “Aktia Life informed us that its new life business model target is to implement a modern PAS platform to reduce technology debt to be fully compliant with statutory requirements and legislations.”

Sapiens CoreSuite helps insurers quickly and easily tailor and launch new life insurance products through various low-code/no-code configuration tools and support their existing product portfolios. It streamlines premium payment processes, client management features, and enhancements for Policy Service transactions driven from the at-a-glance Policy Dashboard.