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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) will report its financial results for Q4 and the full year ended December 31, 2020, on February 25, 2021. A conference call and webcast will be held on the same day at 9:30 a.m. ET to discuss the results. The financial performance will encompass various sectors including property & casualty and life insurance, as Sapiens aims to address evolving industry needs. Investors can access the live call or a replay via the company's investor relations page.
Sapiens Americas, a subsidiary of Sapiens International Corporation (NASDAQ: SPNS), announced a partnership with American Farmers & Ranchers (AFR) to modernize their insurance platforms. The integration involves Sapiens Digital CoreSuite for Property & Casualty and Sapiens ReinsurancePro, replacing outdated systems with a comprehensive solution tailored for multiple business lines. This transition aims to enhance product delivery speed and streamline reinsurance administration. The initiative reflects Sapiens' commitment to support insurers in adapting to fluctuating market demands.
Sapiens International Corporation (NASDAQ: SPNS) has partnered with ACORD to enhance its digital solutions for the insurance sector. This ongoing agreement will utilize ADEPT, ACORD's Data Exchange Platform, to improve data exchange for insurers, MGAs, and reinsurers. With ADEPT's capabilities, Sapiens will offer standardized API connectivity for communication in the London Market. This partnership aims to support the digital transformation of the insurance industry, responding to demands for better data integration and efficiency.
Sapiens International Corporation (NASDAQ: SPNS) announced the successful go-live of LAQO, a digital solution for motor insurance, by Croatia osiguranje (CROSIG). This launch is part of a three-phase digital transformation plan aimed at enhancing CROSIG's property & casualty (P&C) business. The implementation is set to improve productivity, accelerate time to market, and streamline operations.
CEO Davor Tomašković emphasized the solution's role in adapting to market challenges, while Sapiens' president Liana Gelikas highlighted the benefits of rapid expansion and superior customer experience.
Sapiens International Corporation (NASDAQ: SPNS) has announced a partnership with Click-Ins, a SaaS vehicle damage inspection platform, to enhance claims management for insurance carriers. This collaboration allows seamless integration of Click-Ins' AI-driven solutions with Sapiens' CoreSuite for Property & Casualty, improving agility and claims processing. Click-Ins' technology automates vehicle inspections, reducing errors and accelerating claims. Sapiens aims to leverage this partnership to provide comprehensive, customer-centric solutions in a digital landscape.
Sapiens Americas, a subsidiary of Sapiens International Corporation (NASDAQ: SPNS), has successfully rolled out an upgraded version of its ClaimsPro workers' compensation platform for the Yukon Workers' Compensation Health and Safety Board. This upgrade enhances end-to-end claims processing while significantly reducing processing and settlement costs. The system, utilized since 2006, now features a cutting-edge technology stack designed to meet urgent business needs, particularly in the context of COVID-19, and improves operational efficiencies through advanced case management and real-time payment processing.
Sapiens International Corporation (NASDAQ: SPNS) has been selected to automate and operate Altshuler Shaham's provident and pension funds for the next three years. Altshuler Shaham, Israel's largest investment house, reported a significant growth of 112% in pension fund members and 98% increase in assets under management from NIS 7.3 billion to NIS 15.73 billion year-over-year. This partnership will leverage Sapiens' extensive industry experience, as it continues its strategic entry into the operations sector following the acquisition of Tiful Gemel.
Sapiens International Corporation (NASDAQ: SPNS) announced a strategic partnership with TruthMD to enhance insurers' access to real-time provider data. This collaboration aims to improve medical practice liability and workers' compensation underwriting by utilizing TruthMD's machine learning-driven MedFax solution, which offers over 95% accuracy in provider data. The partnership is expected to strengthen both companies' market positions by addressing industry challenges like inaccurate data, potentially saving insurers an average of $716,000 per $10 million in premiums.
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