Sapiens International, a provider of software solutions for the insurance industry, unveiled its latest innovation by introducing Sapiens Decision Model.AI.
The new technology integrates Microsoft Azure OpenAI Service into the existing Sapiens Decision framework, promising to reshape the landscape of business decision model creation.
Sapiens Decision Model.AI empowers decision modelers to take business policies from a wide range of sources, even when written in plain conversational English, and seamlessly translates them into a decision model.
The impact is substantial, with the new platform projected to reduce the time traditionally needed to create decision models by an impressive 30% or more. Additionally, it minimises the reliance on limited IT resources, liberating organisations from previous constraints.
Looking ahead to early 2024, Sapiens has its sights set on enhancing its Decision AI portfolio with “Decision Integrate.AI.” This feature will allow business users to effortlessly incorporate machine learning (ML) models within their decision models.
Analysts and stakeholders will gain comprehensive insights into the entire decision-making process, ensuring complete traceability of ML model inputs and outputs. This enhanced transparency aims to improve auditability and mitigate regulatory risks.
What sets Sapiens’ AI strategy apart is its commitment to providing a consistent approach that doesn’t require specialised or technical skills. This approach opens the door for a broader spectrum of business users to boost the speed and effectiveness of decision-making and automation.
Moreover, Sapiens Decision offers a technology-agnostic solution, ensuring compatibility with various architectures. This enables organisations to leverage their existing infrastructure and governance models efficiently.
Sapiens Decision has even more AI-based products in the pipeline, aimed at supporting the entire lifecycle of the decision modelling process. These include Extract.AI, Data.AI, and Optimize.AI, which are set to be introduced in due course.
Sapiens North America president Jamie Yoder said: “Sapiens Decision Model.AI enables organisations to implement policy changes faster with far less technical skills required.
“We’ve all experimented with generative AI services like ChatGPT but applying it to an enterprise use case like this is truly exciting because of the potential productivity enhancements it offers.”
By seamlessly integrating with Microsoft Azure OpenAI Service, Sapiens now provides its customers with an expanded array of options to harness the potential of AI-based solutions. This development underscores Sapiens’ commitment to innovation and empowerment in the insurance industry and beyond.
Microsoft worldwide financial services industry director Dalia Ophir said: “Sapiens Decision Model.AI integration with Azure OpenAI service provides end client productivity gains and business outcomes.”
