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Sapiens International Corporation N.V. (NASDAQ and TASE: SPNS) is a premier provider of software solutions tailored for the insurance industry and the broader financial services sector. With a heritage spanning over 40 years, Sapiens serves more than 600 customers in over 30 countries, providing a comprehensive suite of cloud-based, low-code SaaS platforms to accelerate digital transformation across core, data, and digital domains.
Sapiens’ offerings cover a broad spectrum of markets including property & casualty (P&C), life, pension & annuities (L&A), workers' compensation (WC), medical professional liability (MPL), and reinsurance. Their end-to-end solutions are designed to enhance operational efficiency, streamline service delivery, and improve customer experience. Key products include Sapiens CoreSuite, Sapiens DigitalSuite, and Sapiens Intelligence, all of which provide insurers with comprehensive tools for policy administration, claims management, and data analytics.
Recently, Sapiens has expanded its presence in the Canadian market, reinforcing its commitment to delivering advanced insurance solutions and superior customer service. This strategic expansion includes onboarding industry experts to bolster their Ontario offices and provide enhanced local support. Notable Canadian clients include the Saskatchewan Workers' Compensation Board (WCB), Beneva, and ivari.
In 2024, Sapiens launched IntegrateAI, a new capability within Sapiens Decision, allowing business users to integrate machine learning models into decision diagrams. This follows the release of ModelAI, integrating Generative AI copilot features from Microsoft Azure’s OpenAI Service. These innovations aim to simplify decision automation and improve operational control.
Financially, Sapiens reported a strong Q1 2024 with a 7.6% year-over-year revenue growth, reaching $134 million. Their annualized recurring revenue (ARR) saw a 12.7% increase to $168 million, highlighting their successful transition towards SaaS models. Sapiens continues to enhance its product offerings and market reach through strategic partnerships, such as the recent collaboration with Blender Technologies to integrate advanced credit and financing solutions.
The company is headquartered in the Cayman Islands, with operational hubs in North America, UK, EMEA, and Asia-Pacific. For more detailed information, visit www.sapiens.com.
Sapiens International (NASDAQ: SPNS) has won the 2024 XCelent award in the Customer Base and Support categories for its UnderwritingPro solution for Life & Annuities in North America. This marks the third consecutive recognition for their underwriting solution. The award follows Celent's analysis of 20 NBUW systems, where Sapiens was highlighted as a Functionality Standout in their Technical Capability Matrix.
UnderwritingPro, a web-based automated underwriting solution, features direct messaging with agents, comprehensive case management, and an enhanced rules engine that enables non-technical staff to manage rules independently. The system was praised for making the underwriting process more effective and efficient across all lines of business, with Celent recommending it for insurers seeking new business and underwriting systems.
Sapiens International (NASDAQ: SPNS) reported Q3 2024 financial results, showing a 4.8% increase in revenue to $137 million compared to Q3 2023. Gross profit rose by 7.8% to $60.3 million, and net income increased by 15.5% to $18.3 million. Diluted EPS grew 17.9% to $0.33. Non-GAAP figures showed a 6.0% increase in gross profit to $62.8 million and a 10.5% rise in net income to $21.1 million, with diluted EPS at $0.37.
Revenue growth was driven by 7.1% in Europe, 1.7% in North America, and 6.6% in other regions. However, revenue fell short of targets, prompting a reduction in 2024 non-GAAP revenue guidance to $541-$546 million from $550-$555 million. The non-GAAP operating margin is expected to be 18.2%. For 2025, Sapiens anticipates low single-digit revenue growth.
Sapiens International announced that a Tier 1 African insurer has successfully implemented Sapiens DataSuite cloud solution. The implementation enhances the insurer's data processing capabilities, enabling them to process over 50 billion records within 40 hours and perform daily incremental loads of more than 70 million records.
The insurer, a longtime Sapiens customer since 2006, previously utilized Sapiens Tia Enterprise core solution and Sapiens ReinsuranceMaster. The new cloud-based platform centralizes data in a data lake, supporting insights, reports, dashboards, business decisions, and AI applications, marking a significant step in their digital transformation strategy.
Sapiens International (NASDAQ: SPNS) has scheduled its Third Quarter 2024 financial results announcement for November 11, 2024. The company will host a conference call and webcast at 9:30 a.m. Eastern Time (4:30 p.m. in Israel) to discuss the results. Investors can participate through toll-free numbers provided for North America, International, and UK participants. A live webcast will be available on Sapiens' website, with a replay accessible for 90 days following the event.
Sapiens International (NASDAQ: SPNS) has launched Sapiens Decision Underwriting Accelerator, a new solution for Property and Casualty (P&C) insurers. This innovative tool aims to enhance underwriting efficiency and improve straight-through processing (STP) rates. Key features include:
1. Automation of complex decision-making tasks
2. Integration with AI and machine learning models
3. Empowerment of business analysts to author and update decision logic without coding
4. Reduction of IT reliance by up to 90%
5. Pre-built decision flows for faster deployment
6. Extraction of decision logic from legacy systems
The solution is designed to accelerate time-to-market, improve cycle times, and significantly enhance profitability for P&C insurers.
Sapiens International (NASDAQ: SPNS) announced that Hollard Group Risk (HGR), a division of Hollard Life Insurance Company in South Africa, has implemented Sapiens DataSuite. This implementation complements the previously deployed Sapiens CoreSuite for Life & Pensions, accelerating HGR's core transformation process.
DataSuite will support the transition between CoreSuite and HGR's legacy system by producing actionable insights and automated reports across all lines of business. It provides HGR with operational, claims, underwriting, financial, risk, and actuarial reports, reducing the complexities of the migration process.
CoreSuite's policy administration system includes features for group scheme processing, such as enrolment, payroll processing, premium payments, and claims. The implementation aims to drive down operational costs and deliver seamless user experiences for customers, partners, and staff while supporting HGR's digital transformation objectives.
Sapiens International (NASDAQ: SPNS) (TASE: SPNS) hosted its annual North America Customer Summit in Austin, Texas from September 9-11, 2024. The event, themed 'Compose Your Future', attracted 545 participants from 115 insurance companies, customers, and partners. Key highlights included:
- Keynote by Josh Linkner on leveraging the 'Rhythm of Innovation'
- Presentation by Dr. Tomer Simon from Microsoft on generative AI in insurance
- Fireside chat with Santosh Kutty from Deloitte on modern insurance platform ecosystems
- Showcase of Sapiens' latest product developments and future roadmaps
The summit featured industry experts from Microsoft, Deloitte, Celent, and Datos Insights, emphasizing Sapiens' commitment to driving transformative journeys for its customers in the insurance industry.
Sapiens International (NASDAQ: SPNS) has announced that a leading tier-one Canadian life and health insurer has chosen the Sapiens Insurance Platform for Life & Annuities. This selection aims to improve operational performance, drive efficiency, enhance client and advisor experience, and support digital evolution in the life and health market.
The platform offers an integrated solution supporting all products and processes throughout the insurance lifecycle. It includes enhanced automation, accelerated underwriting, and intuitive e-application and illustration capabilities. The implementation will also feature Sapiens DataSuite for advanced analytics and Sapiens DigitalSuite for omnichannel experiences.
This partnership is expected to optimize the insurer's speed-to-market, digital transformation, and technology stack, while enhancing customer and agent relations for successful growth.
Sapiens International (NASDAQ: SPNS) has announced a partnership with Addresscloud, a cloud-based location intelligence provider, to enhance insurers' geographic risk insights. This collaboration integrates Addresscloud's precise geolocation services and advanced mapping capabilities with Sapiens' core P&C products, offering several key benefits:
1. Accurate geocoding for precise location data and minimized errors in risk assessment.
2. Comprehensive property data for thorough risk evaluation.
3. Enhanced accumulation management for optimized risk distribution strategies.
4. Peril scores for assessing likelihood and severity of various risks.
The partnership aims to provide insurers with deeper insights, more informed decision-making, streamlined workflows, and improved data accuracy, ultimately delivering a superior user experience and potentially improving profitability.
Sapiens International (NASDAQ: SPNS) has released Version 12.0 of CoreSuite for Property & Casualty for the North American insurance market. This update offers significant functional and performance improvements, enhanced security features, and is part of the AI-based Sapiens Insurance Platform. Key enhancements include:
- Improved data consistency for easier migration and AI-readiness
- Enhanced efficiency in billing, database storage, and customer synchronization
- Upgraded formula capabilities
- Seamless integration with ClaimsPro, PolicyPro, and BillingPro
- New reporting tables for near real-time reporting in ClaimsPro
- Augmented deductible tracking and extended notes capabilities
These improvements aim to accelerate innovation and value delivery for Sapiens' customers, supporting insurers across all personal and commercial lines of business.
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