ECHO® Partners with Sapiens to Offer Complete Digital Payment Solution for Insurance Carriers

Rhea-AI Summary

Sapiens International Corporation (NASDAQ: SPNS) has partnered with ECHO Health, Inc. to develop a comprehensive digital payment solution for insurance carriers. This partnership aims to streamline payment processes via a secure portal, addressing common challenges faced by businesses. ECHO, processing over $1 billion weekly, connects clients to a vast network of electronic-ready vendors. The integration of ECHO's solution within Sapiens' CoreSuite offerings promises enhanced efficiency and profitability for clients, minimizing manual payment hurdles and maximizing security.

Positive

• Partnership with ECHO enhances Sapiens' digital payment solutions.
• Potential to streamline payment processes for insurance carriers.
• Access to ECHO's extensive network of over one million vendors.

Negative

• None.

HOLON, Israel, March 17, 2021 /PRNewswire/ -- Sapiens International Corporation, (NASDAQ: SPNS) (TASE: SPNS), a leading global provider of software solutions for the insurance industry, and ECHO Health, Inc., which provides digital payment processing for healthcare, workers' compensation, property and casualty, and other specialty insurers, today announced a partnership that will provide carriers with a comprehensive, digital payment solution through a single, secure, streamlined portal.

Founded in 1997 and now processing more than $1 billion in payments every week, ECHO specializes in removing barriers to digitization and immediately connects clients to a network of more than one million electronic-ready insurance vendors and providers – the largest in the nation.

Together with Sapiens' CoreSuite for Property & Casualty and CoreSuite for Workers' Compensation solutions, ECHO's payment processing solution will enable carriers to eliminate cumbersome manual payment processes, which are cited by 54 percent of large businesses and 65 percent of small businesses as among their leading B2B payment challenges.

"Sapiens shares our commitment to leading the industry with diverse digital solutions and dependable customer service," said Tom Dean, President, ECHO. "Together, working as one team, we will unlock the full potential of integrated payment processing for our clients on the best path for success in the new digital business landscape."

The joint offering will allow clients to reconcile payments across multiple modalities, with minimal IT requirements and maximum-security protection. All client financial data will be streamlined into a single access point, making for more efficient and profitable decision-making.

"Sapiens and ECHO are partnering to address the many payment challenges clients experience today. By integrating the ECHO solution within Sapiens Worker's Compensation and P&C solutions, clients can easily implement digital payment processes, saving money and resource time, and gaining greater insight on payments," said Roni Al-Dor, President and CEO Sapiens.

About ECHO

ECHO Health Inc. (ECHO) is the leading provider of electronic healthcare payment solutions. ECHO processes 200 million claims and pays more than $60 billion annually to providers and claimants from industry-leading payers. Founded in 1997, ECHO is a privately held company located in Westlake, Ohio. For more information, please visit www.echohealthinc.com or call 440-835-3511, ext. 118.

About Sapiens

Sapiens International Corporation empowers insurers to succeed in an evolving industry. The company offers digital software platforms, solutions and services for the property and casualty, life, pension and annuity, reinsurance, financial and compliance, workers' compensation and financial markets. With more than 35 years of experience delivering to over 600 organizations globally, Sapiens has a proven ability to satisfy customers' core, data and digital requirements. For more information: www.sapiens.com.

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Media Contact:
Alex Zukerman
CMO and Chief of Strategy, Sapiens
+972 546 724 910
alex.zukerman@sapiens.com

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SOURCE Sapiens International Corporation

FAQ

What is Sapiens' partnership with ECHO Health about?

Sapiens' partnership with ECHO Health aims to provide a comprehensive digital payment solution for insurance carriers.

How will Sapiens' digital payment solution benefit insurance carriers?

The solution will streamline payment processes, reduce manual handling, and increase security for clients.

How much does ECHO process in payments weekly?

ECHO processes over $1 billion in payments every week.

What is the significance of the partnership for Sapiens (SPNS) investors?

This partnership is likely to improve operational efficiency and profitability, potentially enhancing shareholder value.