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Sapiens, OPES digitally transform Vietnam's insurance sector
Tue, 6th Feb 2024

Sapiens International Corporation, a leading provider of software solutions for the insurance industry, has successfully collaborated with OPES Digital Insurance, Vietnam's premier digital insurer, to enhance its core Property & Casualty (P&C) insurance operations with Sapiens IDITSuite and Sapiens Intelligence. This marks not only a first for Sapiens in Vietnam, but also the worldwide first deployment of their latest innovation, IDITSuite 19.1.

The digital transformation of OPES' operations has been implemented over an impressive seven-month timeframe, which involved launching a personal accident insurance product and migrating 6.2 million customers onto the advanced platform. The platform seamlessly integrates with OPES' sales platforms and internal systems, offering robust digital capabilities to support customer on-boarding, billing, finance, claims handling, and renewals.

Mr. Tung Dang, Chief Executive Officer of OPES, viewed this collaboration as an essential growth strategy and shared his positive outlook on the venture: “Sapiens empowered our digital transformation by modernising our core processes with a seamless, turnkey solution. '

"Sapiens' rich functionalities, value-added roadmap and systems improvements enable us to scale in a timely and cost-efficient manner by delivering new products and services to our customers," he said.

"Their proven ability to accelerate transformation made them the perfect partner in our journey."

OPES, established in 2018 as a key player in VPBanks digital ecosystem, turned to Sapiens' proven expertise and innovative software solutions to spearhead its own digital journey. The Sapiens IDITSuite has provided the insurer with digital API capabilities in a flexible, service-based solution that allows for seamless integration with multiple partners, thereby creating a robust ecosystem.

Sapiens Vice President ROW Sales, Somansh Bansal, expressed enthusiasm about this partnership, stating: "We are pleased that Sapiens' first go-live in Vietnam will pave the way for many more customers in the region.

"Vietnam is an exciting new market for Sapiens, and we fully meet the regional regulatory requirements. We are delighted to partner with OPES and play a pivotal role in their digital transformation," Bansal said.

As the leading provider of software solutions for the insurance industry, Sapiens's AI-powered IDITSuite for Property & Casualty offers a comprehensive, end-to-end insurance solution that accelerates customer acquisition, billing, finance, claims handling, and renewals. Paired with Sapiens Intelligence, it provides invaluable data and insights for a more informed decision-making process, improvements in underwriting risk selection, and reduced claim expense ratios.

OPES plans to gradually migrate its remaining products onto Sapiens platforms, marking another major milestone in its digital transformation journey.