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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 Corporation (NASDAQ: SPNS) announced that KW Specialty has selected Sapiens ReinsurancePro for cloud-based reinsurance management. The solution replaces KWS's legacy processes, ensuring streamlined operations and precise financial control. With a focus on expanding reinsurance programs, KWS benefits from enhanced automation and system integration with other Sapiens solutions. KWS's choice for a cloud platform highlights its accessibility and support from Sapiens. This collaboration is expected to strengthen KWS's competitive edge in the surplus lines insurance market.
Sapiens International Corporation (NASDAQ: SPNS) has been selected by Physicians Insurance A Mutual Company to implement its ReinsurancePro solution for automating reinsurance management. This decision aims to replace outdated processes, ensuring streamlined and accurate processes. The cloud-based platform offers 24/7 accessibility and a range of managed services, enhancing operational efficiency. Physicians Insurance, the largest medical professional liability insurer in the Pacific Northwest, anticipates significant benefits from the new system, which serves over 8,500 clients in five states.
Sapiens International Corporation (NASDAQ: SPNS) has expanded its partnership with Gjensidige Pensjonsforsikring (GPF), a key player in Norway's insurance market, to implement the Sapiens API Composition Engine (ACE). This integration will streamline GPF's digital transformation by enabling efficient orchestration of services through an agnostic API layer. Torstein Ingebretsen, CEO of GPF, highlighted Sapiens' modern solutions as crucial for improving customer experience. Roni Al-Dor, Sapiens' president and CEO, emphasized the competitive advantages this partnership will bring.
Sapiens International Corporation (NASDAQ: SPNS) announced a new agreement with Tokio Marine Highland to implement Sapiens ClaimsPro as part of their CoreSuite for Property and Casualty. This partnership aims to enhance claims processing capabilities and supports Tokio Marine Highland's modernization efforts following their successful integration of Sapiens PolicyPro and BillingPro. ClaimsPro offers extensive management features and seamless integration with existing platforms, facilitating faster growth and improved customer service.
Sapiens International Corporation (NASDAQ: SPNS) announced the integration of its ReinsuranceMaster solution for Old Mutual Insure, the oldest insurer in South Africa. This integration aims to streamline Old Mutual's reinsurance processes, enhancing management of complex reinsurance contracts.
ReinsuranceMaster will automate contract management, reducing manual tasks and potentially increasing recoveries. Old Mutual Insure, serving customers in several African countries, selected Sapiens for its proven expertise in the reinsurance sector.
Sapiens International Corporation (NASDAQ: SPNS) announced the selection of its IDITSuite by HDI Global Specialty SE (HGS) for core transformation. This strategic partnership aims to enhance HGS's operational efficiency, enabling quick product development and market responsiveness with modern cloud architecture and low-code configurability. The IDITSuite will streamline HGS's systems, supporting its diverse insurance needs while adhering to regulatory standards and offering enhanced automation for underwriting and claims processes. This collaboration is expected to provide HGS with a competitive advantage in the insurance market.
Sapiens International Corporation (NASDAQ: SPNS) announced participation in two virtual investor conferences in September 2021. The Citi's 2021 Global Technology Virtual Conference is scheduled for September 13 at 7:10 AM ET, featuring a fireside chat and one-on-one investor meetings. The Jefferies Virtual Software Conference will take place on September 14 at 10:00 AM ET. Sapiens specializes in software solutions for the insurance sector, serving over 600 organizations worldwide, and aims to showcase its innovative capabilities at these events.
Sapiens International Corporation (NASDAQ: SPNS) announced a partnership with one of South Africa's top five financial institutions to implement their cloud-hosted IDITSuite for short-term insurance and Sapiens Intelligence. The financial institution aims to modernize its legacy core system while ensuring data migration and implementation efficiency. With Sapiens' industry expertise, the institution anticipates enhanced operational capabilities and alignment with market trends, solidifying its position in the bancassurance sector.
Sapiens International Corporation (NASDAQ: SPNS) announced the successful go-live of its digital core upgrade of the Sapiens IDITSuite at DirectAsia, a digital insurer in Singapore and Thailand. This upgrade significantly enhances underwriting, claims processing, and API integration, aligning DirectAsia with modern digital trends and supporting its cloud strategy. DirectAsia has been using Sapiens IDITSuite since 2009 and expressed satisfaction with the collaboration, emphasizing improved business outcomes.
Sapiens International Corporation (NASDAQ: SPNS) announced that Dentists' Provident, a UK and Ireland-based income protection insurance provider, has chosen to implement Sapiens DigitalSuite. This upgrade aims to enhance their digital customer and agent experiences, streamlining integration with Sapiens' CoreSuite for Life & Pension. Since becoming a Sapiens client in 2016, Dentists' Provident has worked to improve its digital transformation and user experience. Sapiens' CEO expressed optimism about the partnership and its potential for competitive advantage in the market.
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