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May 16, 2023 687

Insurance software solution provider Sapiens launches new product

#Insurance

Sapiens International Corporation, a global provider of software solutions for the insurance industry, has launched its new Parameter Management (PaM) solution. Sapiens product "Decision PaM" extends decision automation further into the enterprise by enabling business users outside of the IT department to make changes in data-related business logic, avoiding a time-consuming software development lifecycle (SDLC) to put changes into production.

Sapiens International Corporation, a global provider of software solutions for the insurance industry, has launched its new Parameter Management (PaM) solution. Sapiens product "Decision PaM" extends decision automation further into the enterprise by enabling business users outside of the IT department to make changes in data-related business logic, avoiding a time-consuming software development lifecycle (SDLC) to put changes into production.

PaM is integrated with Sapiens Decision’s flagship product, Decision Manager. PaM was developed in consultation with Sapiens’ clients across industries with the intent of enabling the broadest range of use cases where data value changes are better managed outside of decision tables separate from business logic.

According to Sapiens, there are abundant use cases that can benefit from PaM, typically oriented around variable data that may change frequently and be sourced from within the organisation as well as from third parties.

Examples include insurance and loan underwriting thresholds, limits on complying loans or minimum coverages, ratios for affordability or expenses, percentages for commissions and triggers for disaster zoning. PaM is also the recommended integration mechanism between machine learning (ML) insights and the business logic that must rapidly react to changing insights. Jamie Yoder, Sapiens North America president and general manager, said, “We recognized the need to develop a more simplified and flexible approach to encapsulated data in logic and consulted closely with a large number of our clients to ensure PaM would solve real-world use cases from day one.

“PaM extends the value of the Sapiens Decision core product and will capture an entirely new class of business users outside the area of IT with the added benefit of accelerating time-to-market.” Earlier this year, Sapiens International Corporation, a global provider of software solutions for the insurance industry, was selected by European insurer MS Amlin Insurance.