Sapiens' Insurance platform on Microsoft
Azure cloud will enable quick launch of products and accelerate
market expansion
ROCHELLE PARK, N.J.,
May 16, 2024 /PRNewswire/ -- Sapiens
International Corporation, (NASDAQ: SPNS) (TASE: SPNS), a leading
global provider of software solutions for the insurance industry,
today announced that Republic Life, a Caribbean-based company, has gone live with
Sapiens CoreSuite for Life & Annuities, and Sapiens
Digital Suite hosted on Microsoft Azure cloud.
Sapiens' solutions enabled Republic Life Insurance to become the
first Caribbean insurer to provide
a fully digital, direct-to-customer offering. The digital-by-design
process allows consumers to acquire life insurance policies, with
point-of-sale decisioning, and service their policies through the
innovative customer portal. The solution will also allow Republic
Life Insurance to launch new products quickly and meet the ongoing
administrative needs of customers, ensuring exceptional service,
which will accelerate their growth and expansion in the
marketplace.
"Our main objective was to disrupt the life insurance market
whilst offering an enhanced customer experience and create an
entirely digital insurance company. Sapiens' state-of-the-art,
digital insurance platform empowered us to be the first
Caribbean insurer to achieve that,
and we were able to implement within 11 months," said
Robert Soverall, Managing Director,
Republic Life Insurance. "What really stood out is Sapiens'
innovative customer portal and their dedicated implementation and
technical support teams who fully share our vision for
success."
"We are delighted to enable Republic Life Insurance to make a
historic impact in the Caribbean
life insurance market with the region's first fully online,
digital customer experience," said Roni
Al-Dor, Sapiens President & CEO. "This ground-breaking
insurance launch exemplifies Sapiens' commitment to deliver
best-in-class solutions and a mutually rewarding team experience.
We are confident that Republic Life Insurance has the tools in
place to reduce the insurance/protection gap through innovative
customer experiences."
Sapiens DigitalSuite is a comprehensive, cloud-native,
future-proof digital engagement suite specifically designed to
enable, sustain and grow insurance businesses through its
configurable and dynamic, persona-based portals that
revolutionize the customer experience. Sapiens CoreSuite for Life
& Annuities is a state-of-the-art, digital
software solution for end-to-end core operations and processes. An
award-winning policy administration system, it supports individual
and group products across life, health, wealth &
retirement.
About Republic Life Insurance
Republic Life Insurance Company Limited, a subsidiary of
Republic Financial Holdings Limited, is responsible for the
management and underwriting of the Group's Life Insurance for
personal loans, residential mortgages, and personal credit cards.
For more information visit https://republiclifett.com/
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
Investor and Media Contact
Yaffa
Cohen-Ifrah
Chief Marketing Officer and Head of Investor Relations
Sapiens International
Email: Yaffa.cohen-ifrah@sapiens.com
Forward-Looking Statements
Certain 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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