The Israel-based Sapiens International Corporation, a prominent global provider of software solutions for the insurance industry, has announced an agreement with Microsoft Azure OpenAI Service. The collaboration aims to leverage the power of advanced generative artificial intelligence (AI) models and tools to revolutionize the insurance sector.
By integrating Microsoft Azure OpenAI and Azure Power Virtual Agents, Sapiens will offer generative AI solutions to insurance companies, enabling customers to effortlessly navigate complex documents such as policies and terms and conditions using natural language AI models.
Sapiens offers a cloud-based SaaS insurance platform that enables insurers to innovate and go digital, providing comprehensive solutions for property and casualty, workers' compensation, and life insurance markets, covering core functions and several other fields.
Sapiens-Microsoft AI partnership
The alliance between Microsoft's AI technology and Sapiens' AI, cognitive services, and process automation is set to empower insurers at every stage of the insurance value chain. By combining forces, the partnership aims to enable instant responses across diverse customer interaction areas, in multiple languages, resulting in an enhanced overall customer experience. Moreover, it will substantially decrease the overwhelming influx of calls handled by live agents and other staff members. Additionally, it will streamline the daily operations of underwriters, leading to faster claims processing and improved fraud detection capabilities.
Alex Zukerman, chief strategy officer at Sapiens, expressed excitement about the launch of next-generation AI tools for insurers and the collaboration with Microsoft. “Generative AI’s potential as a revolutionary enabler for the insurance industry is enormous, and now is the time for insurance companies to discover how it can contribute to facilitating and growing their business,” he added.
“Generative AI’s potential as a revolutionary enabler for the insurance industry is enormous, and now is the time for insurance companies to discover how it can contribute to facilitating and growing their business.”Alex Zukerman
Dalia Ophir, director of worldwide financial services industry at Microsoft, further emphasized the potential of generative AI in shaping the next generation of insurance solutions, noting that “Sapiens’ integration of Azure OpenAI allows us to explore and define the right solutions for insurers worldwide.”
“As generative AI continues to evolve, we look forward to bringing forth innovative ways to improve and streamline insurance processes and operations,” said Ophir.
The strategic collaboration between Sapiens and Microsoft will be showcased at Sapiens' International Client Conference, currently taking place in Barcelona. The conference provides a platform for Sapiens to present their partnership with Microsoft and demonstrate how they are jointly delivering generative AI solutions to insurers and customers.