Sapiens International Corporation, a provider of software solutions for the insurance industry, has announced a new partnership with Addresscloud, a cloud-based location intelligence firm.

This collaboration aims to enhance insurers’ ability to assess geographic risk and make well-informed underwriting decisions by providing access to global geospatial data.

The partnership brings several advantages, including precise geocoding that ensures accurate location data for insured properties, reducing errors in risk assessment and claims handling.

Insurers will benefit from detailed property information, including proximity to hazards, which aids in thorough risk evaluation.

Additionally, the collaboration improves accumulation management by analysing geographic risk concentrations, helping to mitigate potential losses and optimise risk distribution strategies.

“We’re excited to announce our partnership with Sapiens, as it marks a significant step forward in transforming how insurers access and utilise location intelligence,” added Mark Varley, CEO of Addresscloud.

“Sapiens’ commitment to providing world-class technology solutions aligns perfectly with our mission. By integrating our services, insurers can now seamlessly incorporate precise address matching, geocoding services, and comprehensive
property and peril information into their workflows, enhancing their competitive edge in the market.”

By combining Addresscloud’s advanced geolocation and mapping services with Sapiens’ core P&C products, insurers gain a more robust and comprehensive solution.

This integration enhances insights, decision-making, workflow efficiency, and data accuracy, ultimately offering a better user experience.

The use of peril scores will also improve underwriting decisions and pricing strategies by assessing the likelihood and severity of various risks, such as floods, wind, fire, and subsidence. (Subsidence refers to the gradual sinking or settling of the ground’s surface with minimal horizontal movement).

“Our collaboration with Addresscloud underscores our dedication to delivering innovative solutions that drive the insurance industry forward,” commented Alex Zukerman, Sapiens Chief Strategy Officer.

“Sapiens provides a robust suite of advanced analytics and data integration capabilities, enabling insurers to gain unparalleled insights into geographic risks. By leveraging our comprehensive software solutions, insurers can achieve greater accuracy in risk assessment and pricing, ultimately leading to more effective risk management and improved profitability,” concluded Zukerman.

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