Holon, Israel – Sapiens International Corporation (NASDAQ: SPNS) (TASE: SPNS) and VPay recently announced a partnership that will extend VPay’s digital payment services to workers’ compensation insurers.
Insurers will also have access to Sapiens GO for Workers’ Compensation, a comprehensive suite for administering workers’ compensation policies and claims. The joint offering will provide insurers a complete digital payment platform that will streamline operational costs, improve customer interactions, and meet the demand for fast, safe and reliable B2B and B2C claims payment processing.
“Streamlining claim processes is central to achieving economies of scale across the workers’ compensation insurance sector, and digital payment is an important component of this strategy,” said Jeff Brown, President of VPay. “We are pleased to partner with a forward-looking company like Sapiens and extend greater value to their clients through VPay’s total payment solution.”
To date, VPay’s solution has enabled workers’ compensation insurers to digitize 40-55% of all service provider payments, yielding up to $1 million in savings on print, mail and treasury fees. Among insurers using VPay to make payments to injured workers, 60-75% of those payments have gone electronic.
The partnership comes amid a paradigm shift in the insurance industry, with the rise of insurtechs and advances in artificial intelligence and Big Data making digital transformation a competitive imperative for insurers. As payers vie to meet customer expectations for claims payments at the “speed of light,” integrating digital payments has helped insurers meet the need for speed, which has only intensified amid the COVID-19 pandemic.
A recent Lightico-Sapiens survey of workers’ compensation professionals found that the pandemic has led to a rise in digital customer interactions, including the digitization of paperwork, forms and signatures – further cementing customer expectations for seamless, efficient and secure digital experiences in insurance.
“With insurers facing a new competitive landscape, digital innovation is more important than ever,” said Michael Desrochers, VP Product Strategy and Alliances at Sapiens. “In joining forces, VPay and Sapiens have forged a synergistic partnership that will equip insurers with the next-generation solutions they need to flourish.”