Mindtree, Sapiens partner for digital transformation in the insurance industry

Mindtree, the global technology services company has partnered with Sapiens International Corporation, a software solutions provider for the insurance and banking industries to help insurance companies drive digital transformation, the companies said in a joint statement on Monday.

"The combination of Sapiens’ industry-leading, cloud-native, core suite of banking and insurance applications, and Mindtree’s deep domain knowledge and expansive delivery capabilities will enable insurance companies to increase scale, speed-to-market, and customer satisfaction," the statement said.

The partnership will focus on North America and subsequently grow into Europe and Asia.

“We are delighted to partner with Mindtree in the Property & Casualty and Life & Annuity insurance markets. Our collective insurance industry and digital transformation experience will further strengthen our delivery capabilities and scale, which will drive continued growth and customer satisfaction,” said Jamie Yoder, North America President and General Manager at Sapiens.

The partnership aims to empower insurers with the competitive edge to meet market demands and succeed in the digital age of insurance. “Our partnership with Sapiens emphasizes our longstanding commitment to innovation,” said Mukund Rao, Chief Business Officer for Banking, Financial Services and Insurance at Mindtree.

The company says that Sapiens’ full set of offerings for P&C, L&A and banking will enable customers to improve operational efficiency, expand revenue streams, and increase customer engagement and satisfaction using digital and omni-channel experiences. Sapiens CoreSuite enables P&C insurers to rapidly deploy core systems on the cloud, including business intelligence, reinsurance and portal solutions for all lines of business.

The companies expect that by combining Sapiens’ knowledge with Mindtree’s digital-first implementation processes and global scale, the two companies will help customers lower risk and speed up implementations and integrations.

“Digital technologies have unlocked a significant opportunity for banking, financial services, and insurance companies to not just streamline processes, but also drive new business and operating models centered on engaging and disruptive experiences. The combined strengths of Mindtree and Sapiens will enable these companies to maximize digital transformation and business outcomes,” added Rao.