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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) (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.
Sapiens International (NASDAQ: SPNS) (TASE: SPNS), a leading global provider of software solutions for the insurance industry, has declared a cash dividend of $16.2 million, or $0.29 per share for the first half of 2024. This distribution is based on the company's 2024 first half results and aligns with Sapiens' policy of distributing up to 40% of its annual non-GAAP net income on a semi-annual basis.
The dividend will be paid on September 12, 2024, to shareholders of record as of August 28, 2024. It is subject to a 25% Israeli tax withholding. Roni Al-Dor, President & CEO of Sapiens, stated that this dividend distribution highlights the company's strong financial performance and confidence in its strategic execution.
Sapiens International (NASDAQ: SPNS) announced that Society Insurance, a leading U.S. niche insurance provider, has chosen Sapiens ReinsurancePro to enhance efficiency, streamline financial reporting, and reduce claims leakage. Society Insurance opted for this cloud-based reinsurance system to automate and centralize their entire reinsurance program. The solution will enable Society to calculate ceded paid, reserve, and incurred metrics, while adapting to future treaty term changes.
Sapiens ReinsurancePro stood out for its broad capabilities in supporting reinsurance accounting, cash management, and compliance with auditing and statutory requirements. This partnership aims to streamline Society's reinsurance management program and boost organizational efficiencies.
Sapiens International (NASDAQ: SPNS) announced that Continental General Insurance Company has selected Sapiens as its technology partner to accelerate operations, modernize its platform, and enhance scalability in new markets. The partnership will leverage Sapiens Insurance Platform, enabling Continental General to efficiently implement long-term care insurance and expand its third-party administrator (TPA) services.
Continental General will utilize Sapiens' SaaS-based solutions, including CoreSuite for Life & Annuities, DigitalSuite, IllustrationPro, ApplicationPro, and UnderwritingPro. These solutions will provide end-to-end insurance processes across life, health, and annuities operations, offering flexibility, customization, and rapid deployment to support Continental General's growth and evolving business needs.
Sapiens International (NASDAQ: SPNS) announced that Rockford Mutual Insurance Company has chosen Sapiens ReinsurancePro to automate their reinsurance management processes. This selection aims to maximize efficiency, enhance profitability, and mitigate claims leakage. Rockford Mutual, a longtime Sapiens customer, will use ReinsurancePro alongside existing Sapiens solutions like FinancialPro and StatementPro.
ReinsurancePro's automation capabilities will enable Rockford Mutual to conduct auditable processing, manage complex reinsurance transactions, and quickly respond to new offerings. The solution systematically simplifies treaty complexities, balancing coverage with costs, and facilitates tracking, billing, and data capture. This implementation is expected to provide Rockford Mutual with full control over processing, reporting, and auditability, while preventing potential claims leakage.
Sapiens International (NASDAQ: SPNS) reported its Q2 2024 financial results, showing revenue growth of 6.6% to $136.8 million. Non-GAAP operating profit reached $24.8 million, representing 18.2% of total revenue. Net income grew by 13%, with diluted EPS increasing 12.1% to $0.37. The company demonstrated strong execution, particularly in North America and Europe.
Sapiens reiterated its 2024 guidance, projecting non-GAAP revenues between $550-$555 million and a non-GAAP operating margin of 18.1%-18.5%. The company's performance reflects its position as a leading global provider of software solutions for the insurance industry.
Sapiens International (NASDAQ: SPNS) (TASE: SPNS), a leading global provider of software solutions for the insurance industry, has announced it will report its financial results for the second quarter of 2024 on Thursday, August 1, 2024. The company will host a conference call and webcast on the same day at 9:30 a.m. Eastern Time (4:30 p.m. in Israel) to discuss the results.
Interested parties can participate by calling the provided toll-free numbers or joining the live webcast on Sapiens' website. For those unable to attend live, a replay of the call will be available for 90 days following the event.
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