European Automotive Leader Goes Live with Sapiens IDITSuite for Auto Insurance

Rhea-AI Summary

Sapiens International Corporation (NASDAQ: SPNS) has announced that a leading European automotive brand has gone live with Sapiens IDITSuite and Sapiens Cloud and Application Management Services for the company's self-guarantee and warranty insurance lines of business. The implementation for automotive warranty took just over a year, with the second phase of product warranty implementation planned for 2024. Sapiens' digitally-led, end-to-end policy administration system helped the client achieve their ambitious goal of implementation in just over a year. Sapiens IDITSuite is an AI-powered, end-to-end insurance software product that supports customer acquisition, billing, finance, claims, and renewals, featuring a low-code product and pricing configuration engine that accelerates speed to market by 75%.

Sapiens provides leading car manufacturer with complete policy portfolio management, accelerating their mission to launch a new IT landscape of services

HOLON, Israel, Dec. 12, 2023 /PRNewswire/ -- Sapiens International Corporation, (NASDAQ: SPNS) (TASE: SPNS), a leading global provider of software solutions for the insurance industry, today announced that a leading European automotive brand has gone live with Sapiens IDITSuite and Sapiens Cloud and Application Management Services for the company's self-guarantee and warranty insurance lines of business.

Sapiens' solution replaces the company's existing systems for policy portfolio management and claims management. Phase one of implementation for automotive warranty took just over a year, with the second phase of product warranty implementation planned for 2024.

"Our client stands out for providing its warranty customers high-performance motor insurance that delivers peace of mind. Sapiens' award-winning solution delivered on the cloud helps provide them with a modern, digital core that streamlines processes and customer experiences and enables them to achieve excellence," said Roni Al-Dor, Sapiens President and CEO. "Sapiens' digitally-led, end-to-end policy administration system helped our client achieve their ambitious goal of implementation in just over a year."

Sapiens IDITSuite is an AI-powered, end-to-end insurance software product that supports customer acquisition, billing, finance, claims, and renewals. The solution features a low-code product and pricing configuration engine that accelerates speed to market by 75%. IDITSuite enables its clients to meet regulatory requirements and make data-driven decisions for their international warranty programme.

About Sapiens

Sapiens International Corporation (NASDAQ: SPNS) (TASE: SPNS) empowers the financial sector, with a focus on insurance, to transform and become digital, innovative, and agile. With more than 40 years of industry expertise, Sapiens' cloud-based SaaS insurance platform offers pre-integrated, low-code capabilities across core, data, and digital domains to accelerate our customers' digital transformation. Serving over 600 customers in more than 30 countries, Sapiens offers insurers across property and casualty, workers' compensation, and life insurance markets the most comprehensive set of solutions, from core to complementary, including Reinsurance, Financial & Compliance, Data & Analytics, Digital, and Decision Management. For more information visit https://sapiens.com or follow us on LinkedIn 

Investor and Media Contact
Yaffa Cohen-Ifrah
Chief Marketing Officer and Head of Investor Relations
Sapiens International
Email: Yaffa.cohen-ifrah@sapiens.com

Forward-Looking Statements

Certain matters discussed in this press release that are incorporated herein by reference are forward-looking statements within the meaning of Section 27A of the Securities Act, Section 21E of the Exchange Act and the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, that are based on our beliefs, assumptions and expectations, as well as information currently available to us. Such forward-looking statements may be identified by the use of the words "anticipate," "believe," "estimate," "expect," "may," "will," "plan" and similar expressions. Such statements reflect our current views with respect to future events and are subject to pandemic risks and uncertainties. There are important factors that could cause our actual results, levels of activity, performance or achievements to differ materially from the results, levels of activity, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to: the degree of our success in our plans to leverage our global footprint to grow our sales; the degree of our success in integrating the companies that we have acquired through the implementation of our M&A growth strategy; the lengthy development cycles for our solutions, which may frustrate our ability to realize revenues and/or profits from our potential new solutions; our lengthy and complex sales cycles, which do not always result in the realization of revenues; the degree of our success in retaining our existing customers or competing effectively for greater market share; difficulties in successfully planning and managing changes in the size of our operations; the frequency of the long-term, large, complex projects that we perform that involve complex estimates of project costs and profit margins, which sometimes change mid-stream; the challenges and potential liability that heightened privacy laws and regulations pose to our business; occasional disputes with clients, which may adversely impact our results of operations and our reputation; various intellectual property issues related to our business; potential unanticipated product vulnerabilities or cybersecurity breaches of our or our customers' systems; risks related to the insurance industry in which our clients operate; risks associated with our global sales and operations, such as changes in regulatory requirements, wide-spread viruses and epidemics like the recent novel coronavirus pandemic, which adversely affected our results of operations, or fluctuations in currency exchange rates; and risks related to our principal location in Israel and our status as a Cayman Islands company.

While we believe such forward-looking statements are based on reasonable assumptions, should one or more of the underlying assumptions prove incorrect, or these risks or uncertainties materialize, our actual results may differ materially from those expressed or implied by the forward-looking statements. Please read the risks discussed under the heading "Risk Factors" in our most recent Annual Report on Form 20-F, to review conditions that we believe could cause actual results to differ materially from those contemplated by the forward-looking statements. You should not rely upon forward-looking statements as predictions of future events. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that future results, levels of activity, performance and events and circumstances reflected in the forward-looking statements will be achieved or will occur. Except as required by law, we undertake no obligation to update publicly any forward-looking statements for any reason, to conform these statements to actual results or to changes in our expectations.

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SOURCE Sapiens International Corporation

FAQ

What solutions did Sapiens provide to the leading European automotive brand?

Sapiens provided the company with Sapiens IDITSuite and Sapiens Cloud and Application Management Services for the company's self-guarantee and warranty insurance lines of business.

How long did the implementation for automotive warranty take?

The implementation for automotive warranty took just over a year.

What is Sapiens IDITSuite and what features does it have?

Sapiens IDITSuite is an AI-powered, end-to-end insurance software product that supports customer acquisition, billing, finance, claims, and renewals. It features a low-code product and pricing configuration engine that accelerates speed to market by 75%.