Today, DigitalOwl, a company that specializes in utilizing technology to interpret and transform medical records into a completely digital, comprehensive and interactive abstract, and Sapiens International Corporation (NASDAQ and TASE: SPNS), a leading global provider of software solutions for the insurance industry, announced a partnership to help the companies remain on the leading edge of the digital transformation within the insurance industry.
“Partnering with Sapiens, an industry leader that possesses over 40 years of experience, reaffirms our commitment to empowering underwriters within the life insurance industry,” said Christian Vance, Sales Director, Channels and Partnerships at DigitalOwl. “Together, we can help transform digital underwriting by leveraging access to unstructured data while improving the underwriting and decision-making process through automation.”
DigitalOwl’s Digital Underwriting Abstract (DUA) allows records to be digitized in hours versus days, greatly reducing time spent scanning hundreds – or possibly thousands – of pages in a medical record. The latest version of the abstract is evidence of their commitment to continually making improvements to the technology solution.
By highlighting typical factors to underwrite for preferred class or healthy lifestyle factors, key impairments, and a full summary on an impairment level with all supporting medical data, underwriters gain the tools they need to quickly make a sound determination on how to best proceed. This unique, streamlined solution, combined with the ability to provide a machine-readable file for ingestions in underwriting models, establishes a solid means for unstructured data to become a cornerstone piece in building a true digital underwriting platform.
“DigitalOwl’s advanced technology solution allows for faster time-to-market and greater efficiencies within the insurance industry,” said Sapiens Propositions, Ecosystem & Alliances Manager Amanda Ingram. “Their revolutionary process in transforming medical records will help our clients solve real-world issues in the insurance market by providing the ability to assess the customer more efficiently and effectively. Equally as important, their technology allows us to easily adapt to the changes within our industry, which happen frequently as more data is made available.”
DigitalOwl offers an innovative technology solution for analyzing and summarizing medical records for the insurance industry. The company has introduced the first and only machine learning platform that interprets medical records and assists underwriters and claim adjusters in their work. A deep understanding of the medical text creates a focused set of medical data points in a robust, meaningfully summarized format. Data is arranged chronologically, allowing the user to search and filter information by medical condition, date, body system and more. The complete history is contained within a few pages rather than hundreds, allowing clients to speed up their medical records review process and free up their talented resources to focus more time on critical activities. For more information about DigitalOwl, visit www.digitalowl.com.
About Sapiens International Corporation
Sapiens International Corporation (NASDAQ and TASE: SPNS) empowers the financial sector, with a focus on insurance, to transform and become digital, innovative, and agile. Backed by more than 40 years of industry expertise, Sapiens offers a complete insurance platform, with pre-integrated, low-code solutions and a cloud-first approach that accelerates customers’ digital transformation. Serving over 600 customers in 30 countries, Sapiens offers insurers across property and casualty, workers’ compensation and life markets the most comprehensive set of solutions, from core to complementary, including Reinsurance, Financial & Compliance, Data & Analytics, Digital, and Decision Management. For more information visit https://sapiens.com or follow them on LinkedIn.