South African financial institution partners with Sapiens on cloud-hosted bancassurance solutions

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HOLON, Israel, August 26, 2021 / PRNewswire / – Sapiens International Company (NASDAQ: SPNS) (TASE: SPNS), a leading global provider of software solutions for the insurance industry, today announced that one of the South Africa of the top five financial institutions with nearly 10 million customers, has chosen Sapiens as a transformation partner. The financial institution will implement the cloud hosting of Sapiens, IDITSuite for short-term insurance and Intelligence Sapiens, with the help of Sapiens Managed Services.

After successfully launching its fully digital insurance product allowing individuals to purchase coverage for motor vehicles, household inventory, comprehensive coverage and building coverage, the financial institution decided to rethink its existing base system. To keep the company up to date in terms of capabilities, a refresh was needed. However, the financial institution had concerns regarding the data migration and implementation. In particular, they wanted to ensure a quick time to market and agreed to work with Sapiens to review and reorganize some of their internal processes.

Sapiens’ vast experience in the sector, as well as its comprehensive range of insurance products for the bancassurance sector, will allow the client to align with the latest market trends. Sapiens will migrate the client’s systems and data to the cloud, and its extensive implementation experience will ensure complex integration into the client’s broad banking ecosystem. Highly configurable systems will ensure their autonomy and ability to effect change and generate significant and continuous value.

“Sapiens is delighted to foster good partnerships and demonstrate its firm commitment to accelerate the growth of the bancassurance sector. We are honored to be a partner in our clients’ journeys as they strengthen their leadership position in today’s dynamic bancassurance market, ”said Roni Al Dor, President and CEO of Sapiens. “Our advanced solutions and our in-depth understanding of the changes that are reshaping bancassurance have earned Sapiens a prominent place as a leading supplier in this industry. “

Sapiens IDITSuite is a basic, component-based software solution comprising policy, billing and claims solutions. IDITSuite supports the basic end-to-end operations and processes for short-term / non-life (general) insurance, from inception to renewal and claims. Its pre-integrated and fully digital suite offers customer and agent portals, business intelligence, as well as a suite of tools to test new business sectors, products and services. IDITSuite is fully cloud compatible.

About Sapiens

Sapiens International Corporation enables insurers to succeed in a changing industry. Sapiens offers digital software platforms, solutions and services for property and casualty insurance, life insurance, retirement and annuities, reinsurance, finance and compliance, workers’ compensation and financial markets . With more than 35 years of experience providing services to more than 600 organizations worldwide, Sapiens has a proven ability to meet key customer systems, data and digital requirements. For more information: www.sapiens.com

Media contact

Shay Assaraf

Head of Marketing, Sapiens

[email protected]

Investor contact

Golden Daphna

Vice-President, Head of Investor Relations, Sapiens

[email protected]

Forward-looking statements

Certain matters addressed in this press release which 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 US Private Securities. Litigation Reform Act of 1995, which are based on our beliefs, assumptions and expectations, as well as the information currently available to us. These forward-looking statements can be identified by the use of the words “anticipate”, “believe”, “estimate”, “expect”, “may”, “do”, “plan” and similar expressions. Such statements reflect our current views regarding future events and are subject to pandemic risks and uncertainties. There are significant factors that could cause our actual results, activity levels, performance or achievements to differ materially from the results, activity levels, performance or achievements expressed or implied by forward-looking statements, including, but not limited to not limited to: degree of success in our plans to leverage our global footprint to grow our sales; degree of success in integrating the companies we have acquired through the implementation of our M&A growth strategy; the long development cycles of our solutions, which may frustrate our ability to generate revenue and / or profit from our potential new solutions; our long and complex sales cycles, which do not always result in revenue generation; the degree of our success in retaining existing customers or effectively competing for greater market share; difficulties in successfully planning and managing changes in the size of our operations; the frequency of the complex projects we carry out that involve complex estimates of project costs and profit margins, which sometimes change halfway; the challenges and potential liability that increased privacy laws and regulations pose to our business; occasional disputes with clients, which may negatively impact our results of operations and our reputation; various intellectual property issues relating to our business; potential unanticipated product vulnerabilities or cybersecurity breaches of our systems or those of our customers; risks associated with the insurance industry in which our clients operate; risks associated with our global sales and operations, such as changes in regulatory requirements, viruses and large-scale epidemics such as the recent novel coronavirus pandemic, which adversely affected our operating results, or fluctuations in the rates of change; and the risks associated with our primary location in Israel and our status as Cayman Islands business.

Although we believe that these forward-looking statements are based on reasonable assumptions, if one or more of the underlying assumptions prove to be incorrect, or if such risks or uncertainties materialize, our actual results may differ materially from those expressed or under- understood by forward-looking statements. Please read the risks discussed under “Risk Factors” in our most recent Annual Report on Form 20-F, in order to review the conditions which we believe could cause actual results to differ materially from those anticipated in forward-looking statements. You should not rely on 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 the events and circumstances reflected in the forward-looking statements will be achieved or will occur. Except as required by law, we do not undertake to publicly update forward-looking statements for any reason, to conform such statements to actual results or to changes in our expectations.

SOURCE Sapiens International Corporation


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