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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 Illinois Mutual Life Insurance has successfully implemented its IllustrationPro and ApplicationPro life solutions. This marks a significant step in Illinois Mutual's digital transformation, enhancing application functionality and customer experience. Rich Tarkowski, IML's VP of IT, emphasized the importance of these solutions for market competitiveness, while Sapiens aims to further strengthen their partnership through continuous modernization efforts.
Sapiens Americas, a subsidiary of Sapiens International Corporation (NASDAQ: SPNS), announced a successful upgrade of its CoreSuite for Workers' Compensation software with the Ohio Bureau of Workers' Compensation (BWC). This upgrade aims to enhance operational efficiency, customer satisfaction, and profitability for providers and administrators in the workers' compensation sector. The collaboration has led to significant platform improvements, including a Java framework refresh, real-time payment processing, and advanced case management features. BWC serves 249,000 employers and collects approximately $1.3 billion in premiums annually.
Sapiens Americas, a subsidiary of Sapiens International Corporation (NASDAQ: SPNS), announced that Beneva, Canada's largest mutual insurance provider, has upgraded to Sapiens UnderwritingPro Version 11. This upgrade aims to automate Beneva's underwriting processes, improving efficiency and reducing the need for medical exams. The technology will enhance turnaround times for external data, allowing Beneva to grow its business without increasing staff. The upgrade was completed on schedule and within budget, reflecting effective planning between Beneva and Sapiens.
Sapiens International Corporation (NASDAQ: SPNS) has introduced two innovative modules, BotConnect and LiveConnect, designed to enhance customer engagement in the insurance sector. These AI-powered solutions enable insurers to automate conversations and seamlessly transition customers to live agents, improving operational efficiency and customer satisfaction. The modules allow for 24/7 customer interactions, tailored experiences, and automated processes across various channels. This latest digital offering positions insurers to better meet evolving customer expectations and maintain competitive advantages.
Sapiens International Corporation (NASDAQ: SPNS) announced its participation in three virtual investor conferences in May 2021. The events include the Needham Virtual Technology and Media Conference on May 20, where management will hold one-on-one meetings. The Oppenheimer Annual Israeli Conference occurs on May 23 and 24, featuring one-on-one meetings and a group presentation at 7:45 am ET. Lastly, at the JP Morgan Global Technology, Media and Communications Conference from May 24-26, Sapiens will host a fireside chat on May 26 at 1:25 pm ET.
Sapiens International Corporation (NASDAQ: SPNS) has been selected by GCU, a US Life & Annuity carrier, to provide its cloud-based Sapiens IllustrationPro as part of GCU's digital transformation strategy. The solution is designed to enhance agent and customer experiences through intuitive point-of-sale capabilities. Sapiens aims to streamline implementation with its comprehensive life platform, reducing time-to-market. IllustrationPro has recently earned recognition, receiving two Xcelent Awards for Advanced Technology and Breadth of Functionality.
Sapiens International Corporation (NASDAQ: SPNS) reported strong Q1 2021 results with revenues of $109.6 million, up 21.1% from Q1 2020. Non-GAAP revenue reached a record $110.2 million, reflecting a 21.7% increase. Gross profit rose to $44.3 million, a 22.0% year-over-year growth, with an operating income of $12.4 million (20.3% growth). The company raised its 2021 revenue guidance to $459-$464 million, while adjusting its operating margin forecast to 17.0%-17.4% due to increased labor costs stemming from COVID-19 in India.
Sapiens Americas, a subsidiary of Sapiens International Corporation (NASDAQ: SPNS), announced the deployment of its ReinsurancePro solution by Clear Blue Insurance Group, enhancing their management of ceded reinsurance contracts. This cloud-based platform aims to improve operational efficiency, manage complex transactions, and provide flexibility with automated processes. Clear Blue's COO highlighted the solution's potential to better serve partners, while Sapiens' CEO noted the advantages of using Microsoft Azure and streamlined operations. Over 100 insurers currently utilize Sapiens' reinsurance solutions.
Sapiens International Corporation (NASDAQ: SPNS) has appointed Jamie Yoder as President and General Manager of North America, effective April 26, 2021. Yoder brings over 30 years of leadership experience in the insurance and technology sectors, previously holding positions at PwC and Snapsheet. His role will involve overseeing Sapiens' strategic initiatives and operations in North America, a region contributing nearly half of the company's 2020 revenues. This appointment aims to enhance Sapiens' market presence and drive growth amid increasing digital transformation in the insurance industry.
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