WORKERS COMPENSATION

Sapiens and VPay Partner for Digital Payment Solutions to Insurance Industry

Sapiens, VPay | February 19, 2021

Sapiens International Corporation, a main worldwide supplier of software solutions for the insurance industry, and VPay, an insurance industry pioneer in quick and secure e-payments, reported today an association that will stretch out VPay's digital payment services to workers' compensation insurers.

Insurers will likewise approach Sapiens GO for Workers' Compensation, a thorough suite for controlling workers' compensation strategies and cases. The joint offering will give insurers a total digital payment stage that will smooth out operational expenses, improve client associations, and satisfy the need for quick, protected and solid B2B and B2C claims payment handling.

"Streamlining claim processes is central to achieving economies of scale across the workers' compensation insurance sector, and digital payment is an important component of this strategy," said Jeff Brown, President of VPay. "We are pleased to partner with a forward-looking company like Sapiens and extend greater value to their clients through VPay's total payment solution."

Until now, VPay's answer has empowered workers' compensation insurers to digitize 40-55% of all specialist organization payments, yielding up to $1 million in investment funds on print, mail and depository expenses. Among insurers utilizing VPay to make payments to harmed workers, 60-75% of those payments have gone electronic.

The association comes in the midst of a change in outlook in the insurance industry, with the ascent of insurtechs and advances in man-made reasoning and Big Data making digital change a serious basic for insurers. As payers strive to meet client assumptions for claims payments at the "speed of light," coordinating digital payments has assisted insurers with addressing the requirement for speed, which has just increased in the midst of the COVID-19 pandemic.

A new Lightico-Sapiens survey of workers' compensation professionals found that the pandemic has prompted an ascent in digital client collaborations, including the digitization of administrative work, structures and marks – further solidifying client assumptions for consistent, proficient and secure digital encounters in insurance
"With insurers facing a new competitive landscape, digital innovation is more important than ever," said Michael Desrochers, VP Product Strategy and Alliances at Sapiens. "In joining forces, VPay and Sapiens have forged a synergistic partnership that will equip insurers with the next-generation solutions they need to flourish."

About Sapiens
Sapiens International Corporation empowers insurers to succeed in an evolving industry. The company offers digital software platforms, solutions and services for the property & casualty, life, pension & annuity, reinsurance, financial & compliance, workers' compensation and financial markets. With more than 35 years of experience delivering to over 550 organizations globally, Sapiens has a proven ability to satisfy customers' core, data and digital requirements.

Spotlight

Canada’s P&C insurance sector has progressed for decades using business models and practices that have changed very little and reflect a world that no longer exists. Today, P&C insurers find themselves facing a perfect storm of change. Evolving consumer behavior intensifying competition and disruptive technologies are creating new business pressures. At the same time, climate change is playing havoc with insurers’ ability to predict losses from catastrophic events, and regulatory scrutiny and requirements are on the rise. Taken together, these factors are forcing P&C insurers to rethink how they secure competitive advantage and sustainable, long-term value in the years to come. In 10 years, we’ll see a radically different landscape in Canadian P&C Insurance.

Spotlight

Canada’s P&C insurance sector has progressed for decades using business models and practices that have changed very little and reflect a world that no longer exists. Today, P&C insurers find themselves facing a perfect storm of change. Evolving consumer behavior intensifying competition and disruptive technologies are creating new business pressures. At the same time, climate change is playing havoc with insurers’ ability to predict losses from catastrophic events, and regulatory scrutiny and requirements are on the rise. Taken together, these factors are forcing P&C insurers to rethink how they secure competitive advantage and sustainable, long-term value in the years to come. In 10 years, we’ll see a radically different landscape in Canadian P&C Insurance.

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RISK MANAGEMENT

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Cowbell Cyber | February 04, 2021

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