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Sapiens International (SPNS) delivers cutting-edge insurance software solutions powering digital transformation across global financial services. This centralized news resource provides investors and professionals with verified updates on company developments and industry leadership.
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Sapiens International Corporation (NASDAQ: SPNS) reported Q2 2022 financial results, highlighting a 3.7% increase in revenue, reaching $118.6 million, compared to Q2 2021. Gross profit rose 7.6% to $50.2 million, with a gross margin improvement of 150 bps. Operating income jumped 28.4% to $16.9 million. However, net income dipped 6.2% to $11.9 million. Sapiens revised its revenue guidance down to $480 - $485 million for 2022, primarily due to FX headwinds. The board approved a cash dividend of $0.23 per share.
One Inc announced that Georgia Farm Bureau Mutual Insurance Company (GFBMIC) has chosen its ClaimsPay® digital payments platform to enhance the claims payment experience for members. The platform aims to expedite the claims payment process, providing customers with improved options for receiving funds. GFBMIC, the largest property and casualty insurance provider in Georgia, is already integrated with One Inc's network, facilitating seamless payment solutions. This partnership with One Inc and Sapiens Insurance is expected to enhance scale, speed to market, and customer satisfaction.
Sapiens International Corporation (NASDAQ: SPNS) announced it will report its second-quarter 2022 financial results on August 3, 2022. The company will hold a conference call and webcast on the same day at 9:30 a.m. ET to discuss the results. Sapiens, a leading provider of software solutions for the insurance industry, boasts over 4,800 employees serving more than 600 customers across 30 countries. Investors can access the live webcast on the company's website.
Sapiens International Corporation (NASDAQ: SPNS) announced an upgrade of its Series B Debentures rating from "ilA+" to "ilAA-" by Ma'alot S&P Global, reflecting a stable outlook. This upgrade signifies confidence in Sapiens' business model and long-term growth strategy. With a compound annual growth rate of 17% over the past decade, the company has consistently improved profitability and cash flow. The debentures, traded on the Tel Aviv Stock Exchange, were initially offered in September 2017 and June 2020.
Sapiens International Corporation (NASDAQ: SPNS) has partnered with EquiTrust Life to enhance agent sales processes through advanced digital solutions. This collaboration aims to improve customer acquisition with tools like Sapiens IllustrationPro, providing an intuitive user experience and reducing operational errors. EquiTrust's VP emphasized Sapiens' ability to drive innovation, while Sapiens' executive highlighted their commitment to growth and value delivery. This partnership positions both companies for improved performance in the competitive insurance market.
Sapiens International Corporation (NASDAQ: SPNS) announced that the Wyoming Department of Workforce Services has upgraded its Sapiens CoreSuite for Workers' Compensation platform. The modernization aims to enhance operational efficiency with a new user interface and faster upgrade capabilities. DWS, serving a workforce of 200,000, seeks to improve client services and responsiveness. The upgraded platform allows for rapid deployment of updates, enhancing customer satisfaction and operational efficiency for workers' compensation providers.
Sapiens International Corporation (NASDAQ: SPNS) announced the successful implementation of Sapiens ReinsurancePro at NYCM Insurance, significantly enhancing their internal controls and reporting processes. Key benefits include a 50% reduction in monthly processing time and real-time activity processing. Rich Inman, NYCM's Accounting Supervisor, praised the partnership and customer service provided by Sapiens. Roni Al-Dor, Sapiens' CEO, emphasized how this solution empowers NYCM to take control of their data and improve customer service.
On May 10, 2022, Sapiens International Corporation (NASDAQ: SPNS) announced that Altshuler Shaham Investment House in Israel has upgraded its Life and Pensions solution to enhance its pension fund operations. With over NIS 200 billion in managed assets for 2.4 million customers, this upgrade aims to streamline processes and reduce operational costs while adhering to local regulations. The partnership is set to bolster Altshuler Shaham's position in the competitive pension market, reflecting a commitment to growth and efficiency.
Sapiens International Corporation (NASDAQ: SPNS) has announced Encova Insurance's upgrade of the Sapiens CoreSuite for Workers' Compensation platform. This enhancement aims to leverage cutting-edge technologies while ensuring compliance with industry standards. Encova, a super-regional carrier, operates through over 2,000 independent agencies across 28 states and D.C., with premiums exceeding $1 billion and a surplus above $1.96 billion. The upgrade is expected to improve automation, speed up digital technology adoption, and enable quick adaptation to regulatory changes.
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