Universal Life Selects Sapiens to Modernise its Core Systems

Rhea-AI Summary

Sapiens International (NASDAQ: SPNS) has announced a conditional agreement with Universal Life (Unilife), a leading Cyprus-based life and health insurer, to implement Sapiens CoreSuite for Life & Pensions. The agreement aims to modernize Universal Life's core insurance processes and support its strategic growth initiatives.

The implementation will replace Universal Life's legacy systems with Sapiens' end-to-end solution to enhance operational efficiency in policy administration, claims processing, and billing operations. The project includes Sapiens Cloud Services to provide secure and flexible infrastructure support.

Universal Life selected Sapiens after a comprehensive evaluation, citing the company's strong regional presence and ability to deliver integrated solutions. The CoreSuite for Life & Pensions is a SaaS solution offering enhanced digital capabilities for managing both individual and group life and pension products.

Positive

• New client acquisition in Cyprus market, expanding regional presence
• Strategic agreement for full core system implementation
• Cloud services component adds recurring revenue potential

Negative

• Agreement is conditional, indicating execution risk
• Implementation timeline and financial terms not disclosed

Sapiens' solution will accelerate Universal Life's growth and efficiency

ROCHELLE PARK, N.J., April 15, 2025 /PRNewswire/ -- Sapiens International Corporation (NASDAQ: SPNS)(TASE: SPNS), a leading global provider of software solutions for the insurance industry, announced today that Universal Life (Unilife), a leading life and health insurer in Cyprus, has entered into a conditional agreement with  Sapiens CoreSuite for Life & Pensions with the scope and intent to modernise its core insurance processes and support its strategic growth initiatives.

The intended collaboration between Universal Life and Sapiens seeks to replace Universal Life legacy systems with a modern, scalable solution to enhance operational efficiency and accelerate product innovation. By leveraging the end-to-end capabilities of Sapiens CoreSuite, Universal Life aims to streamline policy administration, claims processing, and billing operations to optimise customer satisfaction and loyalty. Sapiens Cloud Services will provide the insurer with a secure, flexible, and high-performance infrastructure to support its growth.

"We have engaged Sapiens after a comprehensive evaluation process due to its strong presence in the region and its ability to deliver an advanced, fully integrated solution tailored to our modernisation needs," said Evan Gavas, Universal Life CEO. "With Sapiens, we are confident in our ability to optimise efficiencies, improve agility, and continue delivering market-leading insurance solutions to our customers."

"We are excited to have the opportunity to engage with Universal Life as they embark on this important transformation journey," said Roni Al-Dor, Sapiens President and CEO. "Our core solution and cloud services will empower Universal Life to future-proof their operations, enhance customer engagement, and accelerate business growth in a dynamic insurance landscape."

Sapiens CoreSuite for Life & Pensions is an end-to-end, SaaS solution with enhanced digital capabilities for the management of both individual and group life and pensions products.

About Universal Life (Unilife)

Incorporated as a private company in 1970, Universal Life was the first insurance company founded in Cyprus after the enactment of local insurance legislation. A member of the Photos Photiades Group, Universal Life is one of the most prominent life insurers in Cyprus and a leader in the accident and health insurance sector. The company is widely recognised for its reliability, professionalism, and customer-centric approach, with products distributed through a network of highly trained insurance agents. For more information, visit www.universallife.com.cy.

About Sapiens

Sapiens International Corporation (NASDAQ and TASE: SPNS) is a global leader in intelligent insurance SaaS-based 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. Our SaaS-based Solutions 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 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. 

For more information visit https://sapiens.com or follow us on LinkedIn. 

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 is the purpose of Universal Life's agreement with Sapiens (SPNS)?

Universal Life has entered a conditional agreement to implement Sapiens CoreSuite for Life & Pensions to modernize its core insurance processes, replace legacy systems, and support strategic growth initiatives.

What specific solutions will Sapiens (SPNS) provide to Universal Life?

Sapiens will provide CoreSuite for Life & Pensions, a SaaS solution for policy administration, claims processing, and billing operations, along with Cloud Services for infrastructure support.

How will the Sapiens (SPNS) implementation benefit Universal Life's operations?

The implementation will enhance operational efficiency, improve agility, streamline policy administration, optimize customer satisfaction, and provide secure, flexible infrastructure through cloud services.

What capabilities does Sapiens CoreSuite offer for Universal Life's insurance products?

Sapiens CoreSuite offers end-to-end digital capabilities for managing both individual and group life and pension products, with enhanced features for policy administration and customer engagement.