At the ACORD LOMA Insurance Systems Forum. Sapiens today announced the introduction and general availability of Sapiens DECISION for Insurance. DECISION for Insurance is a business decision management solution (BDMS) designed to enable L&P and P&C carriers to build, maintain and leverage a centralized repository of reusable business rules and logic to provide a single source for enhanced business decision making, easier compliance, better governance, and improved efficiencies. Sapiens can be found at ACORD LOMA at booth 551.
By treating business logic as a corporate asset, separating the logic from the process, and consolidating all of the rules into a central, audit trail supported repository, DECISION for Insurance gives the carrier full control of decision execution throughout the enterprise, and consistency across multiple systems.
Commenting on Sapiens DECISION for Insurance, Karen Furtado, Partner with leading insurance strategic advisory firm Strategy Meets Action (SMA), said, “Managing the significant volume of business rules within the insurance enterprise has been an increasing challenge for insurers. Sapiens DECISION for Insurance creates a paradigm shift in the way insurers can manage disparate business rule content therefore creating improved time to market responsiveness.”
Roni Al-Dor, President and CEO of Sapiens, commented, “We are seeing a growing interest and momentum in the adoption of our DECISION offering in other sectors of the financial services industry. Given our focus on the insurance market, an insurance specific DECISION offering seemed like the perfect fit. With the proliferation of rules engine systems over the past decade, many carriers find themselves with a significant challenge when it comes to managing their business rules and logic.
DECISION for Insurance offers a single source of business logic to best manage the rules and logic assets across the enterprise.”
Tomer Srulevich, Executive Vice President, Sales and Operations – DECISION, added, “We are excited to introduce DECISION for Insurance to provide a simple and elegant way to fulfill a carrier’s need for rules clarity and fast reusability of existing logic, and their desire for a technology independent solution as a point-of-truth for the invaluable company asset found in the business logic. “
Highlights of the capabilities of DECISION for Insurance include:
Provide consistency of business rule application throughout the enterprise;
Increase speed to market with new product via re-use of existing decision logic;
Monitor and test the logic that informs underwriting eligibility rules;
Identify business transactions that should flow straight through policy administration systems and provide clear business reasons for those that will fail;
Ensure rating rules are grounded in core business decision logic based on the rigor of The Decision Model methodology;
View rules that drive the claims assignment or escalations process to determine where workflow bottlenecks occur;
Provide business intelligence for better fraud detection based on results traced back to the business logic;
Provide an independent solution that seamlessly integrates with existing infrastructure, business rule engines and business process solutions
DECISION for Insurance is powered by The Decision Model, a methodology developed by Larry Goldberg and Barbara von Halle. The Decision Model is a way of representing business logic that is both platform and technology independent. By utilizing The Decision Model, Sapiens DECISION for Insurance allows carriers to model and reuse their business logic to generate code that interfaces with multiple existing systems.