IT solutions provider Sapiens International Corporation (Nasdaq:SPNS) today announced a multi-million dollar agreement with OneBeacon Insurance Group to implement a web-enabled, policy administration system for all lines of business across multiple states. Sapiens says the contract is its biggest for its eMerge solution.
The software facilitates access to information through use of Internet-based, personalized portals by the company's independent agents. It should also improve efficiency at the company by consolidating and integrating disparate IT systems that are not interconnected today, Sapiens says.
The upshot is to help OneBeacon expand its market presence, improve customer service and reduce costs.
At first the Sapiens system will be installed in OneBeacon's property and accident insurance departments.
"The policy administration solution will quickly provide us with real business advantages in an increasingly demanding and cost-conscious marketplace," commented OneBeacon CIO Mike Natan. Itzick Sharir, Sapiens President and CEO, added: "We are taking this Policy Administration solution to market based on the business opportunities in North America and Europe. I am confident that the solution addresses the core issues that many Insurance organizations face today."
Sapiens, officially registered in the Netherlands, is an Israeli company traded on Nasdaq at a market cap of $23 million. OneBeacon is a wholly owned subsidiary of White Mountains Insurance Group (NYSE:WTM) of Hamilton, Bermuda, whose principal executive offices are in White River Junction, Vermont.