Rules-Based Solution Forms New Technology Platform
Anaheim, CA, June 8, 2005 – Sapiens International Corporation N.V. (NASDAQ: and TASE: SPNS), a member of the Formula Group (NASDAQ: FORTY and TASE: FORT), announced today at the 2005 Insurance Accounting & Systems Association (IASA) annual conference being held in Anaheim, California, that Texas Farm Bureau Insurance Companies had licensed its innovative Sapiens INSIGHT™ for Property & Casualty solution suite.
Texas Farm Bureau Insurance Companies acquired the solution as their new information technology foundation for insurance business processing and will be the first insurance company to implement the complete Sapiens INSIGHT™ for Property & Casualty suite including Policy Administration, Claims, Billing and Reinsurance. Phase One of the implementation program will install the Policy Administration and Billing modules to support the introduction of a new Farm Package Policy and the automation of manually rated lines of business. Phase Two, scheduled to begin January 2006, will implement the Claims and Reinsurance components, and additional lines of business.
The decision to implement Sapiens INSIGHT™ enhances the Texas Farm Bureau Insurance Companies’ foundation for growth and continuing commitment to effectively servicing Texas Farm Bureau membership and insurance customers throughout the state of Texas.
“We were impressed with the power of the Sapiens software and with their team. Their policy processing knowledge and ability to transfer knowledge quickly will transform and energize our product development environment. It’s a relationship that will greatly benefit our members, Sapiens International and the Texas Farm Bureau Insurance Companies,” said Bill Brooks, Assistant Vice President, Texas Farm Bureau Insurance Companies.
“We are proud to add the Texas Farm Bureau Insurance Companies to the growing list of clients who recognize the unique benefits of our insurance solutions,” said Steven Bessellieu, President, Sapiens Americas. “By building the Sapiens INSIGHT™ suite using our pioneering business-rules technology we are simplifying the process of business change for our clients.”
About Texas Farm Bureau Insurance Companies
The Texas Farm Bureau Insurance Companies sell and service auto, property and life insurance to members of Texas Farm Bureau. The Texas Farm Bureau Insurance Companies are comprised of the following entities: Texas Farm Bureau Mutual Insurance Company, Texas Farm Bureau Underwriters, Southern Farm Bureau Casualty Insurance Company, Farm Bureau County Mutual Insurance Company of Texas and Southern Farm Bureau Life Insurance Company. All of which maintain an A- or better A.M. Best Rating.
About Sapiens INSIGHT™ for Property & Casualty
Sapiens INSIGHT™ for Property & Casualty is a Web-based, integrated Personal and Commercial lines solution in production with clients in North America. The solution suite allows insurers to react in today’s high velocity environment by providing business rule management and insurance product configuration capabilities that are designed to help carriers “go live” quickly with both ISO-based and proprietary lines of insurance and then rapidly adapt/expand these offerings based on market opportunities. Moreover, the suite of applications allows carriers and agents to collaborate to write more business more quickly and to serve customer needs more completely throughout the new business, policy lifecycle, claims, billing and collections processes.
About Sapiens International
Sapiens International Corporation N.V. (NASDAQ and TASE: SPNS), a member of the 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, the United Kingdom, EMEA and Asia Pacific, and has partnerships with market leaders such as IBM and EDS. Sapiens’ clients include AXA, Allianz Group, Liverpool Victoria, Norwich Union, OneBeacon, Principal Financial Group, Abbey National, ING, Menora and Occidental Fire & Casualty among others. For more information, please visit http://www.sapiens.com.Tags: Insurance Accounting & Systems Association (IASA), Sapiens