Sapiens P&C Billing NEW IDITSuite

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IDITSuite enables insurers, managing general agents (MGAs) and brokers to meet critical and long-term business goals using both traditional and digitized channels. Our suite was designed with growth and change in mind and is both extendable and personalized to meet unique circumstances and requirements.

IDITSuite is a component-based software solution designed for the P&C market integrating core and digital functions and can be deployed modularly, integrating with the insurer's ecosystem’s components. The solution is highly customizable, and combines policy administration, billing and claims, along with document management and workflow.

IDITSuite’s preconfigured content and service libraries enable to roll out new, innovative products quickly and consistently across all channels. It was designed with a strong core and extendable customer/country layers, so that changes can be

made quickly without direct changes to the core product. Our suite is flexible and can be configured by your business as well as by IT.

Using a variety of low code/no code configuration tools, IDITSuite offers an extensive library of preconfigured options enabling rapid go to market, product development and flexibility. IDITSuite’s open architecture, cloud-based capabilities have been further enhanced through an improved DevOps (NoOps) mechanism for enhanced benefits.

IDITSuite supports all end-to-end core operations and processes for personal, commercial and specialty lines of business. The solution features advanced, online dashboards, a 360-degree customer and agent view and drill-down capabilities based on individual and portfolio risk. The solution also includes extensive multicompany, multibranding, multicurrency and multilingual capabilities. This best-of-breed, preintegrated, full lifecycle solution enables carriers to achieve their short and long-term business goals.

Key Features

Insurance organizations using IDITSuite are well positioned to lead in the marketplace, while benefiting from the ability to control operations, reduce expenses, and improve client service. Companies can quickly roll out innovative insurance products, modify existing products, and address time-to-market needs via diverse distribution channels.

Open insurance architecture - inherent integration of Sapiens API Composition Engine (ACE) ensures that APIs can be configured, managed and orchestrated to easily empower digital initiatives. A layered architecture that separates the common infrastructure from country-specific elements and customized features. Since IDITSuite’s components are independent of specific country/customization-based implementations, the time and effort required to deploy it in new geographies or environments is reduced dramatically. The solution's core functionality is international and not tied to any single language or regulatory sphere. It can be localized relatively easily to virtually any insurance, regulatory or geographic zone.

Advanced, integrated digital solution - an advanced, integrated digital solution capable of managing all channels including broker, agent and direct to consumer, enabling insurers to be where their customers and brokers are 24/7, be it online, on smartphone or embedded in digital products. Designed and built to enhance customer engagement, user experience and automation.

Embedded intelligence and analytics - Sapiens Intelligence is now embedded within IDITSuite with a wide range of data management and analytics capabilities.

Multicompany, Multibranch, Multilingual, Multicurrency and Multicountry - Sapiens IDITSuite is designed from the ground up to support multicompany and country business operating models. Coupled with its multilingual processing and multicurrency accounting, IDITSuite gives the tools needed to be a true multinational company. Any language, including local dialects and an activation model with on-the-fly language transition capabilities are fully supported.

Compliance and Personal Data Protection and Other Regulations - Sapiens IDITSuite provides the tools, level of data and security that enable insurers to support the latest regulatory requirements for GDPR, POPI, IDD, IFRS17 and more. The solution’s roadmap process and user groups enable Sapiens to address regulatory changes prior to the deadlines and design solutions that meet our clients' needs.

Key Benefits

Fast time to market - low-code product and pricing configuration engine reduce delays and the complexity of new product introduction by 75%. Enables insurers to design, create and publish products across their ecosystem rapidly and flexiblity. Supports direct to consumer and agent/broker distribution. Highly-configurable and based on industry best practices, Sapiens IDITSuite’s preconfigured content and service libraries enable firms to roll out new, innovative products quickly and consistently

Cloud ready - leverages the power of the cloud to take advantage of the latest in data security, compliance and system resilience. Provides always-on cloud delivered software; lowest risk deployment with data security, compliance and protection; open architecture in hybrid AWS and Azure environments; and API orchestration connects multiple systems into a single, valuable ecosystem, powering third-party applications at speed.

Open architecture - takes in data from multiple sources and preintegrates with critical components across the valiue chain, including an ever-growing newtork of insurtech companies and services

Intelligence embedded - converting information and data into actionable insights and a system of record for the organizational brain to power business growth. Enables to tightly align data across the insurance value chain to automate low-value task while maximizing business intelligence with decision-ready data.

Reduced TCO with Operational Excellence - out-of-the-box (yet extendable) business functionality, aggregation, simulation capabilities and analytics – combined with workflows and document management – result in increased productivity that lowers TCO.

Self-Sufficiency - Sapiens is very driven to provide business users and developers with the tools they need to take ownership of change. Wizards, training and toolkits all support self-sufficiency, which in turn enhance product ownership, day-to-day management, and change management.

Digital Transformation - today, businesses need a comprehensive digital suite to keep up with their competitors and evolve for the future. Sapiens philosophy is to help insurers solve for the digital transformation they need to - their way. Offering an integrated digital, component based platform that enables insurers the ability to manage their digital engagement. From business intelligence and analytics to portals, through to Chatbot, LiveChat and Omnichannel Customer Management to delivery of insurance products and services over a variety of channels, insurers are attempting to make their offering to digital-savvy customers unbeatable. Whatever the insurance sector, a fully personalized experience, a 360-degree view of each customer and analysis of big data are at the core of the insurance sector’s journey to digitization. Sapiens IDIT facilitates efficient digitalization of the insurance operations, supporting multichannel distribution, digital journeys in integrated portals, and ensuring that agents and customers are able to access real-time, accurate data at any time and from anywhere – including their mobile devices, through chatbot, text message, providing exceptional digital engagements and experiences, while reducing internal customer call volume and increasing customer satisfaction.