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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 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.
Sapiens International Corporation (NASDAQ: SPNS) has appointed Rodrigo Rueda as Sales Director for Sapiens Iberia, enhancing its presence in the Iberian market. Rueda brings over 20 years of experience in the insurance sector, focusing on modernizing processes and digitization strategies. His hire is seen as a strategic move following Sapiens' acquisition of Cálculo, a key player in Spanish insurance services. The company aims to leverage its expertise to meet the evolving needs of insurers in Spain and Portugal, driving growth in this rapidly expanding market.
Sapiens Americas, a subsidiary of Sapiens International Corporation (NASDAQ: SPNS), has launched an enhanced feature for its Sapiens StatementPro platform. This upgrade streamlines the Notes to Financial Statements reporting process, allowing all components to be completed within the software, thereby eliminating the need for separate data entry. The new feature improves flexibility and processing efficiency for financial notes in various sectors, including property & casualty and life insurance. Clients can now work collaboratively, marking notes as 'not applicable' and tracking completion efficiently.
Sapiens Americas, a subsidiary of Sapiens International Corporation (NASDAQ: SPNS), has announced the release of new versions of Sapiens IllustrationPro and Sapiens ApplicationPro for the life and annuities sector. These upgrades enhance value for insurers by accelerating time to market, lowering total costs, and improving usability. The integrated modules allow for efficient data processing, reducing errors and enhancing the digital customer experience. With over 40 customers in North America, Sapiens aims to solidify its position in the insurance software industry.
Sapiens International Corporation (NASDAQ: SPNS) announced a partnership with LifeScore Labs to enhance life insurance underwriting through advanced machine learning. This collaboration allows insurers to leverage two scoring models—LifeScore Med360 and LifeScore Fluidless—to assess mortality risk more accurately based on extensive data sets. The integration aims to streamline underwriting processes, reduce costs, and improve customer experience. Sapiens' UnderwritingPro platform will facilitate this transformation, supporting insurers in adapting to a fast-changing market.
Sapiens International Corporation (NASDAQ: SPNS) has been recognized by Gartner, Inc. for its CoreSuite for Life, Pension & Annuities as a top solution for legacy life insurance policy administration. The platform achieved the highest ratings in five out of seven evaluated use cases, underscoring its capabilities in digital transformation for insurers. This recognition reinforces Sapiens' commitment to providing robust digital solutions that enhance operational efficiency and accelerate market entry, enabling insurers to adapt to changing industry demands.
Sapiens Americas, a subsidiary of Sapiens International Corporation (NASDAQ: SPNS), has launched Sapiens UnderwritingPro for Life and Annuities on Microsoft AppSource. This innovative web-based solution automates underwriting and manages new business cases, enhancing the underwriting process. It features a user-friendly interface, real-time dashboard, and integration with third-party data sources, allowing for a touchless underwriting experience. The tool is designed to meet high-performance, scalability, and security standards, supporting insurers in achieving long-term competitiveness.
Sapiens International Corporation (NASDAQ: SPNS) has announced that MAPFRE MSV Life p.l.c in Malta has successfully implemented Sapiens' Life & Pension core suite and digital solution. This project, the first cloud-supported initiative by MAPFRE, aims to enhance business continuity and flexibility while facilitating a rapid digital transformation. The first phase of implementation, completed within 15 months, will consolidate MMSV's Protection systems onto a single platform, with future phases planned for Investments and Group business. The partnership is expected to drive growth and improve data quality.
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