Sapiens and Binah.ai Partner to Empower Global Life Insurers to Improve Risk Management with AI

Rhea-AI Summary

Sapiens International Corporation and Binah.ai have announced a partnership to enable insurers to leverage health and wellness monitoring technology for streamlined underwriting and enhanced user experience. The partnership will empower insurance companies worldwide to use client-provided health data for improved risk management and value-added services at reduced costs. Binah.ai's Health Data Platform leverages AI technologies to transform smartphones and tablets into powerful tools for on-the-spot checks and continuous health and wellness checkups, providing a comprehensive array of vital signs and overall wellness score. Sapiens, with more than 40 years of industry expertise and 600 customers in more than 30 countries, empowers insurers to transform and become digital, innovative, and agile through its cloud-based SaaS insurance platform.

Insights

Insurance Technology Expert

Integrating Binah.ai's health and wellness technology into Sapiens' insurance software solutions marks a significant innovation in the insurtech space. The ability to use real-time health data for underwriting and risk assessment can potentially transform the insurance business model. By leveraging AI to analyze vital signs directly from consumer devices, insurers can gain more accurate insights into policyholder health risks, leading to more tailored and potentially cost-effective premium pricing.

The strategic use of technology can also streamline the underwriting process, reducing the time and resources required for risk assessment. This could lead to straight-through processing, where policies are issued automatically without manual intervention, provided the applicant meets certain criteria. This efficiency gain not only reduces operational costs for insurers but also improves the customer experience by expediting policy issuance.

Moreover, the emphasis on wellness programs and preventive health measures aligns with broader industry trends focusing on customer engagement and wellbeing, potentially reducing claims and improving customer loyalty. Insurers that adopt this technology may gain a competitive edge by offering innovative products and services that promote a proactive approach to health management.

Healthcare Data Analyst

The use of AI-driven health monitoring tools, such as the solution offered by Binah.ai, can provide insurers with a wealth of predictive health data. The analysis of biomarkers like heart rate variability and oxygen saturation could enable insurers to anticipate and mitigate health-related risks before they lead to claims. This proactive approach to health management is not only beneficial for insurers in terms of risk mitigation but also for policyholders who can receive personalized health feedback and wellness support.

From a data analytics perspective, the partnership could result in large datasets that can be used for advanced analytics, potentially uncovering new correlations between lifestyle choices and health outcomes. However, the collection and use of personal health data will need to be managed with strict adherence to privacy regulations and data security standards, such as the General Data Protection Regulation (GDPR) in Europe or the Health Insurance Portability and Accountability Act (HIPAA) in the United States.

Market Research Analyst

The collaboration between Sapiens and Binah.ai represents a strategic move to capture a growing market segment interested in personalized and technology-driven insurance products. Consumers are increasingly seeking services that offer convenience and added value, such as wellness scores and health insights. By providing these services, insurers can differentiate themselves in a crowded market and potentially attract a younger, more tech-savvy customer base.

Market research indicates a positive reception for wellness and health monitoring programs, which can lead to increased customer engagement and retention. The insurance industry is traditionally seen as reactive, but by incorporating wellness initiatives, companies can reposition themselves as partners in their customers' health journey. This shift can enhance brand perception and could lead to increased market share for early adopters of such technologies.

The partnership will enable insurers to leverage health and wellness monitoring technology for streamlined underwriting and enhanced user experience

HOLON, Israel, Feb. 5, 2024 /PRNewswire/ -- Sapiens International Corporation, (NASDAQ: SPNS) (TASE: SPNS), a leading global provider of software solutions for the insurance industry, and Binah.ai, the number one health and wellness check software provider, today announced a partnership to empower more insurance companies worldwide to use client-provided health data for improved risk management and value-added services at reduced costs. The partnership enables Binah.ai to leverage Sapiens' strong global presence and provide Sapiens' customers with seamless access to Binah.ai's software-based health and wellness check technology.

Access to health data shared by end-users through Sapiens' platform, enhanced with Binah.ai's technology, provides a myriad of benefits for both clients and insurance companies:

• Improved risk assessment and prevention measures
• Improved market understanding and competitiveness
• Streamlined underwriting and more efficient straight-through processing
• Increased engagement in wellness programs
• Enhanced user experience at reduced costs

Binah.ai's Health Data Platform is disrupting healthcare and wellness monitoring by leveraging AI technologies to transform smartphones and tablets into powerful tools for both on-the-spot checks and continuous health and wellness checkups. Users have the flexibility to conduct either a quick spot check by simply looking at the device's camera or opt for continuous monitoring by wearing the Polar Verity Sense™ optical heart rate sensor. This enables them to measure and share a comprehensive array of vital signs, including blood pressure, heart rate, heart rate variability, oxygen saturation, respiration rate, pulse-respiration quotient (PRQ), and mental stress-related biomarkers like sympathetic stress and parasympathetic activity. Additionally, users can simultaneously obtain an overall wellness score.

"We are extremely excited to partner with Sapiens, a leading player in the global insurtech sector. Sapiens' strong presence will help boost our expansion in the insurance industry and provide their customers with seamless access to our solution. I look forward to a great partnership, for the benefit of the entire industry and its clients," said David Maman, Co-Founder and CEO of Binah.ai.

With more than 40 years of industry expertise, as well as 600 customers in more than 30 countries, Sapiens empowers insurers to transform and become digital, innovative, and agile. Sapiens' cloud-based SaaS insurance platform offers pre-integrated, low-code capabilities across core, data, and digital domains to accelerate our customers' digital transformation.

"Binah.ai's groundbreaking health monitoring technology is a game-changer in our insurance solutions, revolutionizing how insurers harness objective health data for robust wellness programs," emphasized Amanda Ingram, Sapiens Proposition & Ecosystem Manager. "Through seamless integration, we drive straight-through processing and elevate premium rating by leveraging remote, real-time health monitoring. This transformative partnership not only optimizes the underwriting processes but also empowers the insurer to assess risk more accurately and bolster preventive measures."

Sapiens and Binah.ai will hold a live webinar on February 22, 2024, where they will present their new joint solution and its use cases for the insurance industry. To learn more about how this partnership is empowering insurers with innovative solutions, please click here.

About Sapiens  

Sapiens International Corporation (NASDAQ and TASE: SPNS) empowers the financial sector, with a focus on insurance, to transform and become digital, innovative, and agile. With more than 40 years of industry expertise, Sapiens' cloud-based SaaS insurance platform offers pre-integrated, low-code capabilities across core, data, and digital domains to accelerate our customers' digital transformation. Serving over 600 customers in more than 30 countries, Sapiens offers insurers across property and casualty, workers' compensation, and life insurance markets the most comprehensive set of solutions, from core to complementary, including Reinsurance, Financial & Compliance, Data & Analytics, Digital, and Decision Management. For more information visit https://sapiens.com or follow us on LinkedIn.

About Binah.ai

Binah.ai is a pioneering software solution for health and wellness checks, revolutionizing personal wellbeing monitoring. Our software-based technology allows individuals to effortlessly monitor and share real-time vital signs and biomarkers, using everyday camera-based electronic devices like smartphones or laptops anytime, anywhere. As a B2B company, we empower organizations globally from sectors including insurance, healthcare, and wellness with unbiased health and wellness data sourced directly from their users. Binah.ai simplifies access to user-provided health data, offering a fast, affordable, and user-friendly experience. This allows organizations to deliver top-quality, personalized care and services, all while optimizing costs.

Media Contacts 

Sapiens Investor and Media Contact 
Yaffa Cohen-Ifrah 
Chief Marketing Officer and Head of Investor Relations 
Sapiens International 
Email: Yaffa.cohen-ifrah@sapiens.com 

Binah.ai Media Contact: pr@binah.ai 

Forward-Looking Statements 

Certain matters discussed in this press release that are incorporated herein by reference are forward-looking statements within the meaning of Section 27A of the Securities Act, Section 21E of the Exchange Act and the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, that are based on our beliefs, assumptions and expectations, as well as information currently available to us. Such forward-looking statements may be identified by the use of the words "anticipate," "believe," "estimate," "expect," "may," "will," "plan" and similar expressions. Such statements reflect our current views with respect to future events and are subject to pandemic risks and uncertainties. There are important factors that could cause our actual results, levels of activity, performance or achievements to differ materially from the results, levels of activity, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to: the degree of our success in our plans to leverage our global footprint to grow our sales; the degree of our success in integrating the companies that we have acquired through the implementation of our M&A growth strategy; the lengthy development cycles for our solutions, which may frustrate our ability to realize revenues and/or profits from our potential new solutions; our lengthy and complex sales cycles, which do not always result in the realization of revenues; the degree of our success in retaining our existing customers or competing effectively for greater market share; difficulties in successfully planning and managing changes in the size of our operations; the frequency of the long-term, large, complex projects that we perform that involve complex estimates of project costs and profit margins, which sometimes change mid-stream; the challenges and potential liability that heightened privacy laws and regulations pose to our business; occasional disputes with clients, which may adversely impact our results of operations and our reputation; various intellectual property issues related to our business; potential unanticipated product vulnerabilities or cybersecurity breaches of our or our customers' systems; risks related to the insurance industry in which our clients operate; risks associated with our global sales and operations, such as changes in regulatory requirements, wide-spread viruses and epidemics like the recent novel coronavirus pandemic, which adversely affected our results of operations, or fluctuations in currency exchange rates; and risks related to our principal location in Israel and our status as a Cayman Islands company. 

While we believe such forward-looking statements are based on reasonable assumptions, should one or more of the underlying assumptions prove incorrect, or these risks or uncertainties materialize, our actual results may differ materially from those expressed or implied by the forward-looking statements. Please read the risks discussed under the heading "Risk Factors" in our most recent Annual Report on Form 20-F, to review conditions that we believe could cause actual results to differ materially from those contemplated by the forward-looking statements. You should not rely upon forward-looking statements as predictions of future events. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that future results, levels of activity, performance and events and circumstances reflected in the forward-looking statements will be achieved or will occur. Except as required by law, we undertake no obligation to update publicly any forward-looking statements for any reason, to conform these statements to actual results or to changes in our expectations.

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SOURCE Sapiens International Corporation

FAQ

What is the partnership announced in the press release?

The partnership announced in the press release is between Sapiens International Corporation and Binah.ai to enable insurers to leverage health and wellness monitoring technology for streamlined underwriting and enhanced user experience.

What does Binah.ai's Health Data Platform offer?

Binah.ai's Health Data Platform leverages AI technologies to transform smartphones and tablets into powerful tools for on-the-spot checks and continuous health and wellness checkups, providing a comprehensive array of vital signs and overall wellness score.

What is Sapiens' expertise in the industry?

Sapiens has more than 40 years of industry expertise and 600 customers in more than 30 countries, empowering insurers to transform and become digital, innovative, and agile through its cloud-based SaaS insurance platform.

When will Sapiens and Binah.ai hold a live webinar?

Sapiens and Binah.ai will hold a live webinar on February 22, 2024, to present their new joint solution and its use cases for the insurance industry.