- Platform as a Service (PaaS) - Data Management Platforms
- Finance & Insurance
- Business Operation
- Cloud Planning, Design & Implementation Services
- Software Design & Engineering Services
Due to demographic trends in Israel, retirement planning and services are growing at a record rate, causing unprecedented pressure on an already challenged insurance sector. The pension claims process is often bottlenecked with complexities, bureaucracy, and errors. In order to leverage this growing opportunity.
To position itself as an innovative insurtech leader, Menora Mivtachim needed to transform its customer engagement and reduce quote times through automated processes. The company needed a dynamic, real-time solution to accelerate their digital transformation - a flexible, component-based platform that would provide an Omni chan riel, unified experience for their customers.
Founded in 1935. Menora Mivtachim specializes in life and pension. as well as general and health insurance. Described by The New York Times in 2018 as one of Israel's largest financial institutions. Menora Mivtachim manages more than $20.60 billion in assets (September 2021).
The innovative digital platform provided by Sapiens was able to not only meet but exceed Menora Mivtachim’s challenges. Sapiens designed and developed all the automation within the core system. enabling the automatic execution of pension claims from the moment they emerge from the digital process, including the stamping of the recurring feeds.
The automation resulted in a dramatic improvement in straight-through processing and a better customer experience by eliminating long phone calls and ‘ping ponging’
between customer service agents.
The solution provided a significant impact on pension-eligible retirees. Interactions among clients over the age of 60 increased by 30%, with a six-fold decrease in claim calls and processing time. 25% of all pension claim requests are now processed without any intervention.
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