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Sapiens Announces that Preferred Physicians Medical has Selected Sapiens North American P&C Platform on the Cloud

Bill Sinn | November 05, 2018

Sapiens International Corporation, (NASDAQ and TASE: SPNS), a leading global provider of software solutions for the insurance industry, with a growing presence in the financial services sector, announced today that Preferred Physicians Medical Risk Retention Group (PPM), an affiliate of NORCAL Mutual that is dedicated to insuring anesthesiologists, has selected the  Sapiens North American P&C Platform, as its new platform for the company’s professional liability insurance.

PPM’s plan to grow the business, leverage agent distribution channels, and investigate new products, prompted the need for a modern technology platform to replace the legacy environment. The insurer specifically wanted a Cloud-based system that could support its current policy and quote issuance process, as well as the company’s unique medical malpractice claims requirements.

After evaluating available solutions, PPM selected the Sapiens’ platform due to its ability to support PPM’s policy, quote and claims needs as well as workflow, reporting, and business intelligence (BI) requirements. PPM also cited the platform’s flexibility and integrated suite of solutions as contributing factors to the decision.

Commenting on the selection of Sapiens’ P&C Platform, Deanna Olson, CFO with PPM, said, “The Sapiens solution was attractive due to its availability on the Cloud combined with its extensive functionality and flexibility to support our demanding coverage requirements. Being able to use the configuration tool to have the system conform to our processes was especially important to us.”

Wade Willard, PPM’s COO added, “We selected Sapiens because we felt the end-to-end, modern and flexible platform would be able to meet our current needs, but also support and help enable our aggressive growth initiatives.” 

Anticipated benefits from the implementation of the Sapiens solution include:

· processing of both individual and group medical malpractice

· robust and flexible functionality able to support management of PPM's complex claims process

· also, full support for policy, billing, workflow, reporting, document creation and customer management

…all on the Cloud.

“Medical malpractice insurance is unique when compared to many professional liability coverages, and PPM’s selection of our P&C platform will showcase the system’s flexibility and configurability to adapt to a wide range of insurance products,” said John Pettit, head of Sapiens’ North American P&C Insurance Platform business unit. “Like PPM, today’s insurers want systems like our platform that are able to adapt to their needs and processes rather than requiring the company to change to accommodate a system’s limitations.”

“The PPM decision is another P&C win for us in North America, helping us to expand our footprint in this key region and further strengthen our market position,” said Roni Al-Dor, president and CEO of Sapiens. “Being recognized as a proven solution provider to in the medical malpractice segment of the market, opens up a world of new opportunity for us.”

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