Sapiens Tech Exec Invests On Cloud Based Insurance Tech

Ilan Buganim is currently the chief of technology at Sapiens International Corp., a company that develops software for insurance and financial services throughout the globe. He has been the company’s CTIO since February 2022. (chief technology and information officer). His role is straightforward: he oversees continuing efforts to determine the company’s future technological emphasis.

“My mission is to drive and lead Sapiens into the next generation of technology, and to maintain the firm at the forefront of its sector,” Buganim said.

Buganim distinguishes distinct in many ways.

“We are going away from core systems and delving further into [user experience] technology and digital technologies,” Buganim said. “I’m also in charge of… converting our products to SaaS, making them more cloud-native, and providing cloud services to our customers.”

Buganim, as CTIO, is in charge of technological direction for an Israeli corporation with about 4,800 employees. Sapiens conducts business in more than 30 countries and claims to have over 600 clients. According to the company’s website, it generates more than $464 million in revenue every year.

Buganim oversees the worldwide CTO office as well as all IT, cyber, cloud, digital, and data services and products. Buganim has previously led tech-focused enterprises such as NAYAX, Amdocs, and Bank Leumi.

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Not Easy.

Changing technologies is not an easy task. Buganim said that you must perform a number of things at once to do this.

“You must collaborate on several tasks. “You need to allow space for your choice to become better, serve your clients, and continue to establish your reputation,” Buganim added. “You are not beginning from scratch.”

Sapiens is trying new things and working hard to keep its 600 clients informed and active in the dialogue as new digital products and services are developed.

There can never be a set time for coming up with fresh ideas. Buganim chuckled at the concept, claiming that technology is always changing.

“You can’t restrict yourself to one or two years because you have a deadline. Everything is shifting, “Buganim objected. “We do not need to upgrade from outdated technology to the newest and best. We must continue to improve our goods so that they remain helpful and on goal.

How Fast Are You Traveling?

Some individuals worry whether the insurance sector is moving fast enough as it attempts to digitize and upgrade. Buganim said that the answer is difficult to determine because of how other businesses, particularly banking, have performed in the past. He said that the banking sector has been moving digital for years, despite the fact that restrictions have often hindered the pace. He said that insurance has had much more troubles.

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“The insurance business is far more regulated than the banking industry, which is why it lags,” Buganim said.

With this in mind, Buganim discovered that large insurance firms are nagging IT businesses to assist them in modernizing more than they did before.

“The industry is screaming to the suppliers, ‘Take us to the future,'” Buganim said.

He attributed this to a number fundamental themes, including the fact that insurance is still shifting away from agents and into the direct market, and that agents are turning to technology to engage with and attract younger consumers. He said that since agents are becoming older, new concepts and technologies are required to attract and retain younger clients who like using technology.

“The industry is evolving, and technology and firms like Sapiens are more likely to adapt,” he added.

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Buganim said that these adjustments are still taking place on both the front end and the back end. This is producing a greater shift than in the past.

“More and more businesses are changing their core systems to update them… I believe that this industry is now developing at a breakneck pace “He said. “We live in a changing world.”

No Favoritism, Huge Catch

Buganim said that he is often asked what his favorite technology in the sector is. He has attempted to avoid having a favorite.

“People’s greatest mistake with technology is falling in love with it,” Buganim added. “You’ve come to assist the company, not to fall in love with technology. You use [tech tools] to advance the business.”

He said that the larger aim is to utilize technology to assist clients, regardless of whether it is a personal preference.

“The advantage is that we can provide them with software that allows them to adjust fast. It’s a rapid repair that helps businesses satisfy their clients’ demands while also lowering their technological costs “explained Buganim. “These are the chores I’m working on.”

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