During the ACORD LOMA Forum in Las Vegas this week Sapiens introduced Decision for Insurance, which is a business decision management solution (BDMS).
According to Sapiens, the product is designed to enable carriers to build, maintain and leverage a centralized repository of reusable business rules and logic, which is designed to provide a single source for enhanced business decision making, easier compliance, better governance and improved efficiencies.
“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,” according to the company.
Commenting on Sapiens Decision for Insurance, Karen Furtado, partner with 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.”
Some of the features Sapiens highlighted in the release are a consistency of business rule application throughout the enterprise, as well as an ability to monitor the logic that informs underwriting eligibility rules and view rules that drive claims assignment and escalations to determine where workflow bottlenecks occur.
