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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.
DigitalOwl has formed a strategic partnership with Sapiens International Corporation (NASDAQ: SPNS) to advance digital transformation in the insurance sector. This collaboration aims to enhance underwriting processes by leveraging DigitalOwl's innovative technology that digitizes medical records, significantly reducing review time. The Digital Underwriting Abstract (DUA) streamlines access to essential data, facilitating quicker and more efficient decision-making for underwriters. This initiative is expected to improve client service and adapt to the fast-evolving insurance landscape.
Sapiens International Corporation (NASDAQ: SPNS) reported a 1% increase in revenue for Q3 2022, reaching $119 million, alongside a 4.1% rise in gross profit to $50.3 million. Operating income also rose to $16.6 million, up 2.1% year-over-year. However, the company revised its 2022 revenue guidance downward to a range of $472-$478 million from $480-$485 million, citing macroeconomic impacts. Despite these challenges, Sapiens maintained its operating margin guidance between 17.5%-17.7%.
Sapiens International Corporation has announced the appointment of Gary Sherne as the new EVP and Chief Revenue Officer for North America, effective October 26, 2022. In this role, he will manage all go-to-market activities, aiming to accelerate revenue growth through new customer acquisition and partnerships. Sherne brings over 25 years of experience in insurance software, previously serving as Chief Revenue Officer at Vitech Systems Group and as part of Sapiens' leadership team before. His leadership is expected to strengthen Sapiens' position in the insurance software market.
Sapiens International Corporation (NASDAQ: SPNS) announced the deployment of its cloud-first P&C platform, Tia Enterprise, to facilitate the digital transformation of Norwegian insurer Landkreditt Forsikring. The transition replaces Landkreditt's legacy system, enhancing compliance and security. The Tia suite includes various products aimed at improving customer experience and operational efficiency. CEO Ane Wiig Syvertsen emphasized the importance of modern digital solutions for competitiveness, while Sapiens' CEO Roni Al-Dor recognized the partnership's success in achieving transformation goals.
Sapiens International Corporation (NASDAQ: SPNS) will release its third-quarter financial results on November 3, 2022. A conference call is scheduled for 9:30 a.m. ET to discuss these results. The company provides software solutions for the insurance industry and has over 600 clients in 30 countries. Sapiens aims to support digital transformation in the insurance sector with low-code, integrated solutions. The anticipated results will provide insights into the company's performance and strategic direction.
Sapiens International Corporation (NASDAQ: SPNS) has announced the deployment of its cloud-first P&C platform, IDITSuite, with VEREINIGTE HAGEL, Germany's leading agricultural insurer. The new system will replace the existing application landscape, allowing for seamless end-to-end processing from underwriting to billing. Initially implemented in Germany and Poland, the solution aims to modernize operations across multiple jurisdictions. Dr. Rainer Langner, CEO of VEREINIGTE HAGEL, highlighted the automation capabilities as a key reason for the partnership.
Sapiens International Corporation (NASDAQ: SPNS) has partnered with Hi Marley to enhance communication during the claims process in the insurance sector. This integration allows for real-time text messaging within Sapiens CoreSuite, improving adjuster efficiency and modernizing claims experiences. Benefits include streamlined case management, improved compliance, faster response times, and enhanced internal collaboration. The partnership aims to elevate customer satisfaction while reducing operational costs, marking a significant step towards digital transformation in the insurance industry.
Earnix has deployed its AI-driven solutions for RAC Insurance in collaboration with Sapiens, enhancing productivity and data governance. This integration aims to respond quickly to customer needs and improve operational efficiency for RAC, which serves over 1.2 million members. The deployment is noted as one of the most efficient in Earnix's history, paving the way for future innovations. Both companies emphasize the importance of data ownership and proactive analysis in their partnership.
Sapiens International Corporation (NASDAQ: SPNS) announced a partnership with a major financial services entity to enhance life insurance sales in the Americas. Their award-winning CoreSuite for Life & Annuities, along with the DigitalSuite solution, will deliver a next-generation customer experience. This collaboration was finalized at the Insurtech Conference on September 20, 2022. The solutions will enable a comprehensive view of customers across all channels and support various life insurance products, signaling a significant advancement in digital transformation within the industry.
Sapiens International Corporation (NASDAQ: SPNS) has expanded its Partner Network by forming five new partnerships in North America, aimed at enhancing offerings for insurers. The new partners include CGI, ForMotiv, Hi Marley, ODG by MCG, and Opterrix, providing advanced insurtech capabilities for better customer experiences. This initiative is positioned to improve digital transformation and operational efficiencies for insurers, addressing the need for streamlined processes and innovative solutions. Sapiens emphasizes the importance of these partnerships for future growth and customer satisfaction.
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