Sapiens Wins 2023 Celent XCelent Award for Property & Casualty PAS in EMEA

Sapiens IDITSuite for Property & Casualty was recognized as a "Luminary" solution excelling in both Advanced Technology and Breadth of Functionality.

HOLON, Israel, March 6, 2023 /PRNewswire/ -- Sapiens International Corporation, (NASDAQ: SPNS) (TASE: SPNS), a leading global provider of software solutions for the insurance industry, announced today that Sapiens IDITSuite for Property and Casualty has won Celent's 2023 XCelent award for the Breadth of Functionality category in the EMEA region.

Research and consulting firm Celent analyzed 46 policy administration systems for EMEA Property & Casualty (general) insurance, using the Celent ABC Vendor View, a resource for identifying premier technology solutions serving the insurance and financial industries. The vendor view shows the relative positions of each vendor in three categories: Advanced Technology, Breadth of Functionality (for which IDITSuite was given the XCelent award), and Customer Base and Support.

Due to IDITSuite's positioning near the top of the field also in Celent's other two categories, the product was named a "Luminary" solution, the top tier in Celent's Technical Capabilities Matrix. As the only non-US-based solution awarded this distinction, IDITSuite is clearly positioned as a leading platform in EMEA. The Luminary classification was also given to Sapiens IDITSuite in the APAC region.

"I am gratified to see Sapiens recognized once again as a driving force in the field of P&C software solutions," said Roni Al-Dor, Sapiens president and CEO. "Digital-first insurance and core modernization are powering GWP growth across our customer-base and there is a real momentum that we are delighted to be contributing to. Sapiens enables speed, scale, insurance transformation and growth. We are proud that this is being recognized in Celent's independent assessment."

According to the Celent report: "Sapiens IDITSuite continues to have a strong presence in Europe, with a growing customer base in the region, especially with larger insurers, and has also gained clients in Asia-Pacific since our last report. Celent expects to see further growth in their customer base in the coming years."

In the same report, Celent also highlighted and praised two other Sapiens solutions. Sapiens Tia Policy Solutions was named a Functionality Standout (both in EMEA as well as the LATAM region) and Sapiens DianaSuite was named a Noteworthy Solution. The parallel Celent report for the North America region also included high praise for two Sapiens solutions. Sapiens PolicyPro for P&C was named a Functionality Standout and Sapiens PolicyPro for Workers' Compensation was named a Noteworthy Solution.

Sapiens IDITSuite is a component-based, core software solution for end-to-end core operations and processes. An award-winning Policy Administration System, it supports personal and commercial lines of business from acquisition, billing, claim, and renewal.

To download the report, click here.

About Sapiens

Sapiens International Corporation (NASDAQ: SPNS) (TASE: SPNS) empowers the financial sector, with a focus on insurance, to transform and become digital, innovative, and agile. Backed by more than 40 years of industry expertise, Sapiens offers a complete insurance platform, with pre-integrated, low-code solutions and a cloud-first approach that accelerates customers' digital transformation. Serving over 600 customers in 30 countries, Sapiens offers insurers across property and casualty, workers' compensation, and life 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.

Media and Investor's Contact
Yaffa Cohen-Ifrah
Chief Marketing Officer &
Head of Investor Relations, Sapiens
yaffa.cohen-ifrah@sapiens.com

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, 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