Sapiens Releases Latest Version of CoreSuite for Property & Casualty for Enhanced Performance, Security and Efficiency

Rhea-AI Summary

Sapiens International (NASDAQ: SPNS) has released Version 12.0 of CoreSuite for Property & Casualty for the North American insurance market. This update offers significant functional and performance improvements, enhanced security features, and is part of the AI-based Sapiens Insurance Platform. Key enhancements include:

- Improved data consistency for easier migration and AI-readiness
- Enhanced efficiency in billing, database storage, and customer synchronization
- Upgraded formula capabilities
- Seamless integration with ClaimsPro, PolicyPro, and BillingPro
- New reporting tables for near real-time reporting in ClaimsPro
- Augmented deductible tracking and extended notes capabilities

These improvements aim to accelerate innovation and value delivery for Sapiens' customers, supporting insurers across all personal and commercial lines of business.

Positive

• Release of Version 12.0 of CoreSuite for Property & Casualty with significant functional and performance improvements
• Enhanced data consistency to facilitate easier data migration and AI-readiness
• Improved efficiency in billing, database storage, and customer synchronization
• Seamless integration with other Sapiens products (ClaimsPro, PolicyPro, BillingPro)
• Introduction of near real-time reporting capabilities in ClaimsPro

Negative

• None.

Tech Expert

Sapiens' CoreSuite V12.0 release brings significant technological advancements to the P&C insurance sector. The enhanced data consistency and AI-readiness are important for insurers looking to leverage advanced analytics and machine learning. The improved formula capabilities and seamless integration with other Sapiens products indicate a move towards a more cohesive and efficient ecosystem.

The introduction of reporting tables for near real-time reporting in ClaimsPro is a game-changer, potentially reducing data lag and enabling more agile decision-making. The enhanced Hi-Marley™ text support for case reassignments shows Sapiens' commitment to improving communication channels, which is vital in today's digital-first insurance landscape.

Market Research Analyst

This release aligns with the growing trend of digital transformation in the insurance industry. The focus on efficiency, automation and customer experience reflects the market's demand for more streamlined operations and improved service delivery. The enhanced security features address the increasing concerns about data protection in the sector.

The improvements in billing efficiency and database storage could lead to cost savings for insurers, potentially improving their bottom line. The extended notes capabilities for correspondence in ClaimsPro may enhance transparency and documentation, which are important in an industry facing increasing regulatory scrutiny. Overall, this release positions Sapiens competitively in the rapidly evolving insurtech market.

Version 12.0 reflects Sapiens' investment strategy and tech advancements to support the diverse needs of insurers across all personal and commercial lines of business

ROCHELLE PARK, N.J., Aug. 27, 2024 /PRNewswire/ -- Sapiens International Corporation, (NASDAQ: SPNS) (TASE: SPNS), a leading global provider of software solutions for the insurance industry, today announced the launch of its latest version of Sapiens CoreSuite for Property & Casualty for the North American insurance market. 

 

The new release delivers insurers a multitude of functional and performance improvements, as well as enhanced security features. V12.0 is an integral part of Sapiens Insurance Platform, a future-proof, AI-based, open and integrated platform. The release fully supports the platform's digital persona layer and expands the robust core business capabilities. The release is available to all North American CoreSuite P&C customers.

"This latest release accelerates the pace of innovation and value delivery to our customers," said Roni Al-Dor, Sapiens President and CEO. "We've improved the consistency of our data, to help insurers leap the hurdles of data migration and ensure their data is consistent and AI-ready. The value-added enhancements of the new version reflect our long-term strategy to leverage corporate investments in support of our customers."

The new release significantly improves efficiency of billing, database storage for policy and billing, and customer synchronization implementation. The release also increases the functionality of Sapiens' powerful formula capabilities, syncing seamlessly with Sapiens ClaimsPro for Property & Casualty, Sapiens PolicyPro, and Sapiens BillingPro. These enhancements further improve the efficiency, ease of use, and automation of the platform. Enhancements to ClaimsPro include the introduction of reporting tables to enable near real-time reporting, augmented deductible tracking capabilities, extended notes capabilities for sent or received correspondence, and enhanced Hi-Marley™ text support for when a case is re-assigned. These enhancements allow for rapid access to claims data from any reporting tool or system, and significantly improve the overall claims customer experience.

Sapiens CoreSuite for Property & Casualty is a truly integrated suite to address all North American P&C insurer needs, including policy administration, billing, and claims. The solution empowers P&C insurers to quickly adjust to market and regulatory changes, evolving customer expectations, natural catastrophes and the constant emergence of new competitors, by including automated decision, reinsurance, data & analytics and digital applications for a completely modernized landscape.

About Sapiens 

Sapiens International Corporation (NASDAQ and TASE: SPNS) is a global leader in intelligent insurance software solutions. With Sapiens' robust platform, customer-driven partnerships, and rich ecosystem, insurers are empowered to future-proof their organizations with operational excellence in a rapidly changing marketplace. We help insurers harness the power of AI and advanced automation to support core solutions for property and casualty, workers' compensation, and life insurance, including reinsurance, financial & compliance, data & analytics, digital, and decision management. Sapiens boasts a longtime global presence, serving over 600 customers in more than 30 countries with its innovative SaaS offerings. Recognized by industry experts and selected for the Microsoft Top 100 Partner program, Sapiens is committed to partnering with our customers for their entire transformation journey and is continuously innovating to ensure their success. Visit our website at www.sapiens.com

Investor and Media Contact 

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

Forward Looking Statements

Certain matters discussed in this press release that are incorporated herein and therein 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 certain 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; the global macroeconomic environment, including headwinds caused by inflation, relatively high interest rates, potentially unfavorable currency exchange rate movements, and uncertain economic conditions, and their impact on our revenues, profitability and cash flows; 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 coronavirus epidemic, and 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 Annual Report on Form 20-F for the year ended December 31, 2023, to be filed in the near future, in order 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 new features does Sapiens CoreSuite for Property & Casualty Version 12.0 (SPNS) offer?

Version 12.0 offers improved data consistency, enhanced efficiency in billing and database storage, upgraded formula capabilities, seamless integration with other Sapiens products, near real-time reporting in ClaimsPro, augmented deductible tracking, and extended notes capabilities.

How does the latest Sapiens CoreSuite update (SPNS) benefit insurance companies?

The update accelerates innovation and value delivery, improves data consistency for AI-readiness, enhances efficiency and automation, provides near real-time reporting capabilities, and helps insurers adapt quickly to market changes and customer expectations.

When was Sapiens CoreSuite for Property & Casualty Version 12.0 (SPNS) released?

Sapiens International announced the release of Version 12.0 of CoreSuite for Property & Casualty on August 27, 2024, for the North American insurance market.

What specific improvements does Sapiens CoreSuite Version 12.0 (SPNS) bring to claims processing?

The update introduces reporting tables for near real-time reporting, augmented deductible tracking capabilities, extended notes capabilities for correspondence, and enhanced Hi-Marley™ text support for case reassignments, improving overall claims customer experience.