Sapiens International Corp., a provider of software solutions for the financial services, announced that its clients Oranta Insurance Company and L&T General Insurance Company Limited have received recognition as a 2013 Model Insurers by research and advisory firm Celent.
According to a release, Oranta was recognized in the Policy Administration category and received the Model Insurer recognition based on its work with Sapiens and the implementation of the Sapiens IDIT Software Suite. The project focused on the modernization and centralization of policy administration as a key component of Oranta's comprehensive business process re-engineering initiative.
Receiving the award in the Underwriting category, L&T Insurance was recognized for its implementation of the Sapiens IDIT Software Suite. The company implemented a web-based policy administration system with detailed structure and reporting capabilities, allowing L&T Insurance to take the lead in the Indian motor insurance market with regards to pricing and underwriting.
"Celent is pleased to present this award to both Oranta Insurance and L&T Insurance. Among the many excellent nominations this year, these two companies exemplified best practices of automation of processes, improved channel management, and positioning technology for reuse," said Karen Monks, Analyst with Celent'sInsurance Group. "Economic challenges have placed a growing focus on operational effectiveness and differentiation to achieve sustainable profitability and growth. Having an effective vision, technology, business practices and business partner is more important than ever."
"We couldn't be more pleased with this year's Celent Model Insurer results. For the second year in a row we have the opportunity to congratulate two Sapiens clients on their wins. We are extremely proud that the Oranta Insurance's and L&T Insurance's recognition comes as a direct result of our work with their respective organizations," said Roni Al-Dor, Sapiens President and CEO. "We look forward to continuing our work with both insurers and hope to have the opportunity to congratulate even more Sapiens clients next year -- making it three in a row."
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