The Power of a Fully Integrated Life Insurance Platform: Continental General and Sapiens

By staff writer Sponsored By Sapiens

Leveraging Modern Technology to Enhance Efficiency, Flexibility, and Customer Satisfaction in Life Insurance Administration

Continental General (CG), a brand which includes both a distinguished insurer and third-party administrator (TPA), has long been dedicated to providing top-notch insurance products and service. With a mission to assist customers in managing financial risks and challenges associated with aging, CG continuously seeks innovative solutions to enhance its offerings and streamline operations. In pursuit of these goals, CG has partnered with Sapiens, a leading global provider of software solutions for the insurance industry, to leverage a fully integrated life insurance platform and expand its TPA services. This collaboration promises to deliver modern, efficient, and flexible solutions to CG and its TPA clients.

The Need for Modernization

Continental General’s decision to transition to a new system was driven by the necessity to stay competitive and provide a diverse range of insurance products. Key system criteria were the ability to rapidly innovate, swiftly adjusting to customer, market, and regulatory needs, while supporting a robust portfolio of products, covering the full spectrum of life, annuity, long term care, and health. After extensive research and consultations, CG chose Sapiens for its comprehensive life platform, which initially focused on policy administration but later revealed its full capabilities.

Jennifer Smith, VP of Product Strategy at Sapiens, highlights the dual role of Continental General as both an insurance provider and a TPA. “Continental General is unique in that it manufactures and administers its own products while offering third-party administrative services. This dual role provides deep insights into the needs of other insurance companies, enabling CG to deliver tailored and modern solutions effectively,” she explains.

Leveraging Sapiens’ Comprehensive Platform

Sapiens’ life platform offers a range of standalone business applications such as IllustrationPro, ApplicationPro, and UnderwritingPro. These applications provide state-of-the-art agent portals, integrated e-applications, point-of-sale capabilities, and processes. This comprehensive suite enables CG to support any type of life, health, or annuity product with high configuration flexibility, crucial for niche products like long-term care.

Kalin Kelly, CIO of Continental General, emphasizes the importance of the platform’s flexibility and integration capabilities. “We needed a system that could handle the complexities of our products and integrate seamlessly with our existing processes. Sapiens stood out for its robust system and high integration capability, allowing us to customize where necessary and adopt best practices where possible,” he notes.

The Sapiens platform simplifies the IT landscape by reducing the number of disparate systems and complex integrations, which has been a significant challenge for many insurance companies. By offering a modular approach, Sapiens allows CG to eliminate technical debt and streamline processes from agent engagement to policy administration and claims.

Moreover, the ability to integrate seamlessly with existing systems and other third-party applications means that CG can offer a more cohesive and efficient service. This integration capability is particularly important for CG as it expands its TPA services, enabling the company to bring on new clients quickly and effectively without compromising on service quality.

Enhancing Agent and Customer Engagement

One of the standout features of the Sapiens platform is its ability to enhance agent and customer engagement through digital tools. The platform’s agent portals and customer interfaces are designed with a human-centered approach, ensuring ease of use and accessibility. This modern design attracts agents and customers who are increasingly looking for seamless digital experiences.

“We take a human-centered design approach to our solutions, focusing on the needs and experiences of agents and customers. By providing a user-friendly interface and digital engagement tools, we ensure that agents prefer to work with us and customers enjoy a hassle-free experience,” says Jennifer Smith.

The importance of digital engagement cannot be overstated in today’s insurance market. Customers and agents alike expect a seamless, intuitive experience when interacting with their insurance providers. The Sapiens platform delivers on this expectation by offering features such as real-time policy information, simple claims processing, and personalized customer service options, meeting the preference of the policyholders. This not only enhances customer satisfaction but also boosts agent productivity and loyalty.

Operational Efficiency and Total Cost of Ownership

The transition to the Sapiens platform is expected to significantly improve Continental General’s operational efficiency and reduce the total cost of ownership. The platform’s cloud-native architecture and scalability allow CG to quickly adapt to market changes and customer needs. This agility is crucial for launching new products and onboarding TPA clients seamlessly.

Kalin Kelly explains, “The cloud-hosted nature of the Sapiens platform enables us to scale rapidly and integrate new products efficiently. This reduces the IT lift and allows us to focus on what matters most — providing excellent service to our customers and partners.”

By moving to a cloud-based platform, Continental General can take advantage of the latest technological advancements without the need for significant capital investment in hardware and infrastructure. This not only lowers the total cost of ownership but also ensures that CG can remain agile and responsive to market demands. The scalability of the cloud platform means that CG can easily expand its services as its client base grows, without the need for costly and time-consuming system upgrades.

A Strong Partnership Focused on Innovation

The partnership between Continental General and Sapiens is built on a shared commitment to innovation and customer satisfaction. Both companies are dedicated to continuous improvement and staying ahead of industry trends. Sapiens invests heavily in research and development, ensuring that its platform evolves to meet the changing needs of the insurance industry.

Jennifer Smith says, “We invest about 14 to 15% of our annual revenues into our R&D group. This commitment to innovation allows us to stay ahead of industry trends and offer our customers cutting-edge solutions. Our partnerships with technology leaders like Microsoft further enhance our capabilities, enabling us to integrate advanced technologies like AI and predictive analytics.”

Innovation is key to staying competitive in the insurance industry. By continually investing in R&D, Sapiens ensures that its platform remains at the forefront of technological advancements. This forward-thinking approach not only benefits CG but also sets a benchmark for the industry, encouraging other companies to adopt similar innovative practices.

Meeting the Challenges of the Insurance Industry

The insurance industry faces several challenges, including an aging population, a significant protection gap, and the need for modern technology to attract and retain talent. Continental General and Sapiens are well-positioned to address these challenges through their innovative solutions and strong partnership.

Kalin Kelly reflects on the industry’s challenges, “The life insurance industry is constantly evolving, and we must adapt to meet the needs of our customers. By leveraging Sapiens’ platform, we can offer modern, flexible solutions that cater to the changing demographics and preferences of our market. This allows us to grow our business while ensuring that our customers are well protected.”

One of the significant challenges in the insurance industry is bridging the protection gap — the disparity between the amount of life insurance coverage people have and what they need. CG is committed to addressing this gap by offering a range of products that meet the diverse needs of its customers. The flexibility of the Sapiens platform allows CG to design and implement these products efficiently, ensuring that more people can access the protection they need.

The Future of Insurance: A New Standard for Excellence

The collaboration between Continental General and Sapiens exemplifies the power of a fully integrated life insurance platform. By transitioning to Sapiens’ modern, modular solution, CG is poised to offer innovative products, enhance operational efficiency, and provide exceptional service to its customers and partners. This partnership underscores the importance of leveraging advanced technology to stay competitive in the ever-changing insurance industry.

In summary, the partnership between Continental General and Sapiens is a strategic move that enhances CG’s ability to serve its customers better, streamline operations, and stay ahead of industry trends.

The Sapiens platform provides the flexibility, scalability, and innovation required to meet the evolving needs of the insurance market. As CG continues to implement and leverage this powerful platform, it sets a new standard for excellence and efficiency in the insurance industry.