Sapiens partners with Long Group Consultants to augment
reporting requirements for workers' compensation and
property and casualty insurers
HOLON, Israel, June 16, 2021 /PRNewswire/ -- Sapiens
Americas, a wholly owned subsidiary of Sapiens International
Corporation, (NASDAQ: SPNS) (TASE: SPNS), a leading global provider
of software solutions for the insurance industry, announced today a
new partnership with Long Group Consultants, Inc. that will empower
insurers to meet ISO and NCCI statistical reporting requirements
simply and seamlessly, while reducing costs, errors and risks. The
partnership will offer workers' compensation and P&C insurers
with an out-of-the-box solution for statistical reporting required
for data calls, submissions to bureaus or statement
reconciliations.
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Traditionally highly regulated, the reporting requirements in
the insurance industry are often rigorous. The partnership between
Sapiens and Long Group Consultants will enable Sapiens' customers
to more easily and accurately meet strict industry requirements,
including data management and other state/bureau reporting needs in
the workers' compensation (NCCI, WCSTAT and WCPOLS, Indemnity
and Medical) and P&C (ISO) sectors. Together, Sapiens' industry
leading solutions and Long Group Consultant's reporting expertise,
will provide insurers with full-service statistical reporting
capabilities, significantly reducing risk and enabling better
planning for updates.
"We are delighted to partner with Long Group and to provide our
valued customers a smarter solution that greatly improves their
reporting productivity and bottom line, while lowering their risk,"
said Roni Al-Dor, Sapiens president
and CEO. "Client data is in excellent hands with our combined
solution, which relieves insurers of the stress of searching,
training and managing statistical analysts. It also eliminates
incorrect reporting which can lead to excessive fines. Statistical
reporting is a critical function. Having this out-of-the-box
capability through our partnership will reduce the reporting burden
on our carrier clients."
"Keeping up with reporting requirements can result in a
continual flood of time-consuming and specific domain
expertise-required projects, not always obtainable from IT teams,"
said Steven Long, President of Long
Group. "Our partnership with Sapiens transfers the stress of
reporting to us and relieves insurers of this major bottleneck
insurers encounter."
About Long Group Consultants, Inc.
Long Group Consultants, Inc. is a US firm of skilled
professionals providing compliance reporting expertise and
strategic outsourcing to insurers. Combining leading-edge
technology and dedicated professionals, Long Group offers a range
of solutions from full outsourcing to a SaaS, self-reporting
software suite for those looking to streamline or support internal
operations. For more information: www.longgroupinc.com.
About Sapiens
Sapiens International Corporation empowers insurers to succeed
in an evolving industry. The company offers digital software
platforms, solutions and services for the property and casualty,
life, pension and annuity, reinsurance, financial and
compliance, workers' compensation and financial markets. With more
than 35 years of experience delivering to over 600 organizations
globally, Sapiens has a proven ability to satisfy customers' core,
data and digital requirements. For more
information: www.sapiens.com.
Forward Looking Statements
Certain matters discussed in this press release that are
incorporated herein and therein 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 U.S. Private Securities Litigation Reform Act of 1995, that are
based on our beliefs, assumptions and expectations, as well as
information currently available to us. Such forward-looking
statements may be identified by the use of the words "anticipate,"
"believe," "estimate," "expect," "may," "will," "plan" and similar
expressions. Such statements reflect our current views with respect
to future events and are subject to certain risks and
uncertainties. There are important factors that could cause our
actual results, levels of activity, performance or achievements to
differ materially from the results, levels of activity, performance
or achievements expressed or implied by the forward-looking
statements, including, but not limited to: the COVID-19
(coronavirus) pandemic, which may last longer than expected and
materially adversely affect our results of operations; the degree
of our success in our plans to leverage our global footprint to
grow our sales; the degree of our success in integrating the
companies that we have acquired through the implementation of our
M&A growth strategy; the lengthy development cycles for our
solutions, which may frustrate our ability to realize revenues
and/or profits from our potential new solutions; our lengthy and
complex sales cycles, which do not always result in the realization
of revenues; the degree of our success in retaining our existing
customers or competing effectively for greater market share;
difficulties in successfully planning and managing changes in the
size of our operations; the frequency of the long-term, large,
complex projects that we perform that involve complex estimates of
project costs and profit margins, which sometimes change
mid-stream; the challenges and potential liability that heightened
privacy laws and regulations pose to our business; occasional
disputes with clients, which may adversely impact our results of
operations and our reputation; various intellectual property issues
related to our business; potential unanticipated product
vulnerabilities or cybersecurity breaches of our or our customers'
systems; risks related to the insurance industry in which our
clients operate; risks associated with our global sales and
operations, such as changes in regulatory requirements, wide-spread
viruses and epidemics like the recent novel coronavirus outbreak,
or fluctuations in currency exchange rates; and risks related to
our principal location in Israel
and our status as a Cayman Islands
company.
While we believe such forward-looking statements are based on
reasonable assumptions, should one or more of the underlying
assumptions prove incorrect, or these risks or uncertainties
materialize, our actual results may differ materially from those
expressed or implied by the forward-looking statements. Please read
the risks discussed under the heading "Risk Factors" in our most
recent Annual Report on Form 20-F, in order to review conditions
that we believe could cause actual results to differ materially
from those contemplated by the forward-looking statements. You
should not rely upon 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
events and circumstances reflected in the forward-looking
statements will be achieved or will occur. Except as required by
law, we undertake no obligation to update publicly any
forward-looking statements for any reason, to conform these
statements to actual results or to changes in our expectations.
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Media Contact
Shay Assaraf
Chief Marketing Officer, Sapiens
+44 (0)7548 369920
Shay.assaraf@sapiens.com
Investors Contact
Daphna Golden
Vice President
Head of Investor Relations, Sapiens
ir@sapiens.com