Sapiens enables process modernization,
speed to market, and expansion of Continental General's TPA
services
ROCHELLE PARK, N.J.,
Aug. 7, 2024 /PRNewswire/ -- Sapiens
International Corporation, (NASDAQ: SPNS) (TASE: SPNS) ("Sapiens"),
a leading global provider of software solutions for the insurance
industry, today announced that Continental General Insurance
Company (together with its affiliates, "Continental General"),
a life, accident, and health insurance company, has selected
Sapiens as a technology partner to help accelerate operations,
modernize its platform for future insurance products, and enhance
its ability to scale in new markets.
In addition, Sapiens Insurance Platform will also enable
Continental General to more efficiently implement its long-term
care insurance specialty and expand its third-party administrator
(TPA) services through its affiliated TPA, Continental General
Services.
"As we continue to grow and evolve our business, Sapiens is the
ideal technology partner because of its ability to provide a highly
flexible and customizable suite of SaaS-based solutions that is
built to fit the unique needs of our company, clients, and
policyholders," said Ayanna Burns,
Chief Transformation Officer at Continental General. "Sapiens not
only provides an innovative suite of solutions, but its team also
brings a collaborative approach that will help us to scale up to
meet complex implementation challenges involving multiple products
and organizations."
"It's extremely gratifying for us to be chosen to deliver the
end-to-end solution Continental General requires, while also
accommodating its growing TPA and multi-product line needs," said
Roni Al-Dor, Sapiens President and
CEO. "We are proud to be able to provide the sophisticated
technical expertise, flexibility, and innovation that today's
insurance organizations need."
Sapiens Insurance Platform helps companies accelerate growth by
supporting end-to-end insurance processes across all lines of life,
health, and annuities operations and is enhanced by Sapiens' deep
industry expertise. Sapiens pre-integrated, packaged business
solutions ensure rapid deployment and implementation, allowing for
faster time to market and enabling insurers to swiftly adapt to
market changes by offering innovative products and services more
efficiently.
Through this partnership, Continental General will be leveraging
the capabilities of Sapiens SaaS insurance platform, which includes
Sapiens CoreSuite for Life & Annuities, a comprehensive,
configurable, and unified underwriting, policy, billing, and claims
software to accelerate insurance transformation across all life
& annuities business lines; Sapiens DigitalSuite, a
comprehensive, cloud-native, future-proof digital engagement suite
specifically designed to enable, sustain, and grow insurance
businesses; Sapiens IllustrationPro, a dynamic point-of-sale
solution for life & annuities that quickly and accurately
generates quotes and compliant illustrations through an intuitive
and modern engagement; Sapiens ApplicationPro, a turn-key solution
that enhances customer experience, reduces cost, and creates a
seamless workflow; and Sapiens UnderwritingPro, a highly
configurable, award-winning accelerated underwriting and new
business case management offering.
About Continental General
Based in Austin, Texas,
Continental General Insurance Company was incorporated as a life,
accident & health insurance company in 1961. Our family of
companies and strategic partners provide administrative services to
over 100,000 policyholders. We are dedicated to upholding the
commitments we have made to provide excellent service to all our
policyholders and serve the needs of our claimants and their
families during difficult times. Learn more about Continental
General at www.cgic.com.
TPA Services provided by Continental General Services, LLC (in
California doing business as
Continental General Administrative Services).
Continental Insurance Group, Ltd. ("CIG") is the parent company
of Continental General Management, LLC ("CGM"), Continental General
Insurance Company ("CGIC"), and Continental General Services, LLC
("CGS"). CIG, CGM, CGIC, and CGS are all wholly owned subsidiaries
of Continental General Holdings, LLC ("CGH").
CGIC is a stock life, accident and health insurance company
existing under the laws of the State of
Texas and is a licensed insurance carrier in forty-nine
states, the District of Columbia,
and the U.S. Virgin Islands.
Continental General is an umbrella marketing name for CGM, CGIC,
and CGS.
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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