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Sapiens International Corporation N.V. (NASDAQ and TASE: SPNS) is a premier provider of software solutions tailored for the insurance industry and the broader financial services sector. With a heritage spanning over 40 years, Sapiens serves more than 600 customers in over 30 countries, providing a comprehensive suite of cloud-based, low-code SaaS platforms to accelerate digital transformation across core, data, and digital domains.
Sapiens’ offerings cover a broad spectrum of markets including property & casualty (P&C), life, pension & annuities (L&A), workers' compensation (WC), medical professional liability (MPL), and reinsurance. Their end-to-end solutions are designed to enhance operational efficiency, streamline service delivery, and improve customer experience. Key products include Sapiens CoreSuite, Sapiens DigitalSuite, and Sapiens Intelligence, all of which provide insurers with comprehensive tools for policy administration, claims management, and data analytics.
Recently, Sapiens has expanded its presence in the Canadian market, reinforcing its commitment to delivering advanced insurance solutions and superior customer service. This strategic expansion includes onboarding industry experts to bolster their Ontario offices and provide enhanced local support. Notable Canadian clients include the Saskatchewan Workers' Compensation Board (WCB), Beneva, and ivari.
In 2024, Sapiens launched IntegrateAI, a new capability within Sapiens Decision, allowing business users to integrate machine learning models into decision diagrams. This follows the release of ModelAI, integrating Generative AI copilot features from Microsoft Azure’s OpenAI Service. These innovations aim to simplify decision automation and improve operational control.
Financially, Sapiens reported a strong Q1 2024 with a 7.6% year-over-year revenue growth, reaching $134 million. Their annualized recurring revenue (ARR) saw a 12.7% increase to $168 million, highlighting their successful transition towards SaaS models. Sapiens continues to enhance its product offerings and market reach through strategic partnerships, such as the recent collaboration with Blender Technologies to integrate advanced credit and financing solutions.
The company is headquartered in the Cayman Islands, with operational hubs in North America, UK, EMEA, and Asia-Pacific. For more detailed information, visit www.sapiens.com.
Sapiens International (NASDAQ: SPNS) (TASE: SPNS), a leading global provider of software solutions for the insurance industry, has announced it will report its financial results for the second quarter of 2024 on Thursday, August 1, 2024. The company will host a conference call and webcast on the same day at 9:30 a.m. Eastern Time (4:30 p.m. in Israel) to discuss the results.
Interested parties can participate by calling the provided toll-free numbers or joining the live webcast on Sapiens' website. For those unable to attend live, a replay of the call will be available for 90 days following the event.
Sapiens International (NASDAQ: SPNS) announced that Pan-American Life Insurance Group (PALIG) has successfully implemented Sapiens IllustrationPro, a SaaS solution hosted on Microsoft Azure cloud. This implementation aims to consolidate PALIG's enterprise illustration standards, streamline processes, and expand product offerings in the North American market.
PALIG chose Sapiens after extensive competitor analysis to consolidate illustrations on a single platform and enable faster time to market. The solution is currently in production with an Index Universal Life (IUL) product, with plans for more product implementations. IllustrationPro offers powerful features for comparisons, client management, and self-sufficiency, significantly improving the agent experience.
This collaboration strengthens the long-standing partnership between Sapiens and PALIG, providing a scalable and flexible solution that enhances PALIG's illustration processes and competitive edge.
Sapiens International (Nasdaq: SPNS; TASE: SPNS) has received a reaffirmation of its 'ilAA-' long-term issuer rating with a stable outlook from Ma'alot S&P Global. The rating also applies to Sapiens' Series B Debentures, traded on the Tel Aviv Stock Exchange. The Series B Debentures were issued under Israeli shelf prospectuses filed in 2017 and 2020. CEO Roni Al-Dor highlighted the company's consistent revenue growth, increasing profitability, and strong cash flow as key factors for the rating confirmation. The Hebrew version of Ma'alot's rating report was submitted to the Israel Securities Authority and the Tel Aviv Stock Exchange, with an English translation available for convenience.
Sapiens International (NASDAQ: SPNS) has announced a strategic investment in its CoreSuite for Medical Professional Liability (MPL) to boost growth and innovation in the MPL sector. This expansion aims to enhance policy administration, finance, claims, and risk management, supporting MPL insurers in a consolidating market.
The augmented CoreSuite offers superior integration with vendor solutions, enabling insurers to meet regulatory and industry standards efficiently. Sapiens emphasizes the importance of cloud-based, AI-driven automation for seamless IT implementation and operational efficiency.
This move positions Sapiens as a key player in the MPL ecosystem, offering innovative solutions that empower insurers to manage complex operations while fostering growth and retention.
Sapiens International (NASDAQ: SPNS) has launched its AI-powered, cloud-native platform aimed at enhancing the insurance industry's digital transformation. The platform leverages digital engagement, data intelligence, and machine learning to boost insurers' business decisions and automate processes. This launch is accelerated by the company's integration with Microsoft Azure, offering advanced GenAI capabilities. Sapiens' platform supports end-to-end insurance processes and promises rapid deployment, allowing insurers to adapt swiftly to market changes and improve efficiency.
Sapiens International announced that Bangkok Insurance Public Company (BKI) has successfully implemented Sapiens' Property & Casualty platform. This marks one of the largest and most complex insurance technology upgrades in Thailand. The transition includes Sapiens IDITSuite, ReinsuranceMaster, and Intelligence, providing BKI with enhanced operational efficiency, accelerated growth, and lower costs. The platform supports multiple business functions like policies, claims, and document management, while integrating digital APIs for seamless digital sales channels. BKI's CEO, Dr. Apisit Anantanatarat, praised Sapiens' superior integration capabilities and regional compliance.
Blender Technologies (TASE: BLND), a fintech firm specializing in credit and financing solutions, has partnered with Sapiens International (NASDAQ: SPNS), a software provider for the insurance industry. Announced on June 5, 2024, this collaboration aims to broaden Blender's global presence. Sapiens will use its extensive client network to market Blender's cloud-based credit platform, which leverages big data, machine learning, and behavioral economics to enhance underwriting decisions and digitize lending processes. This partnership is expected to drive substantial growth opportunities for both companies.
Sapiens International (NASDAQ: SPNS), a global provider of insurance software solutions, announced participation in upcoming investor conferences.
Chief Financial Officer Roni Giladi and Chief Marketing Officer Yaffa Cohen-Ifrah will represent the company at two events. They will attend the Jefferies Software Conference on May 29-30, 2024, at The Resort at Pelican Hill, California. Cohen-Ifrah will host a fireside chat on May 30, from 1:00 - 1:25 PM PDT, and hold one-on-one meetings on May 29-30.
Sapiens will also participate in the William Blair 43rd Annual Growth Stock Conference, June 4-6, 2024, at Loews Chicago Hotel, Illinois. Giladi will host a presentation on June 5 from 4:40 - 5:10 PM CDT, followed by a breakout session from 5:10 - 5:40 PM CDT in 'Sullivan B'.
For more details or to schedule a meeting, contact the representative at the respective firms.
Sapiens International (NASDAQ: SPNS) announced that Republic Life, a Caribbean-based insurer, has implemented Sapiens CoreSuite for Life & Annuities and Sapiens Digital Suite on Microsoft Azure cloud. This launch marks Republic Life as the first Caribbean insurer to offer a fully digital, direct-to-consumer life insurance service. The platform enables quick product launches, point-of-sale decision making, and policy servicing through an innovative customer portal. Republic Life aims to disrupt the regional market and enhance customer experience, achieving implementation within 11 months. This move is expected to accelerate growth and market expansion for Republic Life.
Sapiens International reported its first quarter 2024 financial results, showcasing a 7.6% increase in revenue to $134.2 million, with impressive growth in North America and an operating profit of $24 million. The company's ARR grew by 12.7% to $168 million, and a strong partnership with Microsoft is driving their SaaS strategy. Sapiens reiterated its 2024 guidance with non-GAAP revenues projected in the range of $550-555 million and non-GAAP operating margin between 18.1% and 18.5%.
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