Budget Direct Insurance, an insurance business in Singapore owned by Auto & General Southeast Asia, has implemented Sapiens IDIT.
As a relatively new player in Singapore, a competitive market, Auto & General Southeast Asia found Sapiens IDIT best suited for the needs of Budget Direct Insurance Singapore after an extensive search.
The flagship policy administration system (PAS) for general/P&C insurers possessed all the necessary elements for a greenfield direct insurance business, such as a pre-integrated, digital cloud offering, quick user configurability, robust document creation/management capabilities and support for multiple motor, property and liability insurance products on a single platform.
Sapiens IDIT's breadth of functionality has enabled Auto & General Southeast Asia to significantly reduce the number of third-party systems it requires, increasing business agility and efficiency.
The PAS has provided Budget Direct Insurance with the flexibility to quickly release new, tailored products to market. Since implementing Sapiens IDIT, 'Motorcycle' was released as a new offering, alongside launch products 'Car' and 'Travel'.
"Sapiens IDIT is a highly configurable product that enables Budget Direct Insurance Singapore to offer highly customizable policies and products, which is critical for a modern, digitally-led insurance business," said Simon Birch, CEO, Auto & General Southeast Asia. "Sapiens has shared their technology road maps and demonstrated willingness to adopt customer feedback into their future product design, which we believe will help us 'future-proof' Budget Direct Insurance Singapore."
"We feel that Sapiens IDIT configurability, along with its platform stability and extensive functionality, is a key differentiator for both Sapiens and our customers," said Roni Al-Dor, Sapiens President and CEO. "Sapiens is pleased to welcome Auto & General Southeast Asia to our growing general and direct insurance line of business customer base."
Sapiens IDIT was implemented in less than a year, ahead of schedule.