RESEARCH TRIANGLE PARK, N.C. – June 30, 2004 – Sapiens International Corporation N.V. (NASDAQ and TASE: SPNS), a global provider of insurance technology solutions, announced a new contract with a major regional carrier. The agreement, which is valued at $4.5 million over a period of five years, will deliver expanded agent services, improved risk management and enhanced real-time processing, resulting in cost savings. The solution offered by Sapiens, based on its Policy INSIGHT(tm) is intended to improve operating efficiencies for employees, agents and customers alike.
The contract includes additional portal development, consulting services and complimentary work for Policy INSIGHT and other legacy policy administration systems. Sapiens was selected as the vendor because of its insurance domain expertise coupled with its flexible technology. Sapiens’ track record for successful deployment also played a critical role in the vendor selection process.
Using Policy INSIGHT, Sapiens will create a more resilient and scalable solution to improve the carrier’s ability to successfully manage the needs of its managing general agents and customers, while quickly responding to the shifting demands of the insurance marketplace. Running on IBM’s iSeries platform, the solution will more closely align IT and the company’s business processes with industry demands to improve business agility.
Sapiens’ Policy INSIGHT is built on eMerge, a proven business-rules engine that delivers speed of development and scalability. The Policy INSIGHT solution also provides powerful underwriting capability that allows insurers to incorporate the rules for risk management criteria. The organization will be able to capture policy information online and provide real-time services to its customers. These advantages will result in faster deployment of services, such as policy-quote binding, and reduce response time for agents from two weeks to 30 minutes. Agents will also have quick-quote functionality as well.
Sapiens’ open-standards-based solution is specially tuned to helping businesses upgrade their core applications without embarking on a risky, full-scale platform replacement, which is typically the case in older AS/400 environments. This minimizes turnaround time and increases profitability,
helping companies that currently run on older platforms to stay ahead in the highly competitive insurance industry.
“We are proud that market leaders continue to select Sapiens’ solutions for their business needs,” said Steven Bessellieu, president of Sapiens Americas. “The multi-year contract demonstrates our teams’ ability to match our technology and domain expertise with clients’ needs for an optimal solution. We are also confident that we can deliver the solution in a cost-effective timeframe for a positive impact on the customer’s bottom line.”
About Sapiens International
Sapiens International Corporation (NASDAQ and TASE: SPNS), a member of Formula Group (NASDAQ: FORTY and TASE: FORT), is a leading global provider of proven IT solutions that modernize business processes and enable insurance organizations to adapt quickly to change. Sapiens’ innovative solutions are widely recognized for their ability to cost-effectively align IT with the business demands for speed, flexibility and efficiency. Sapiens operates through its subsidiaries in North America, EMEA and Asia Pacific and has partnerships with market leaders such as IBM and EDS. Sapiens’ clients include Abbey National, AXA, ING, Liverpool Victoria, Norwich Union, Occidental Fire & Casualty, OneBeacon, Principal Financial and Prudential among others. For more information, please visit http://www.sapiens.com.
