The partnership will enable insurers to better support SMEs
and promotes post-pandemic economic recovery
HOLON, Israel, July 21, 2021 /PRNewswire/ -- Sapiens
International Corporation (NASDAQ: SPNS) (TASE: SPNS), a
leading global provider of software solutions for the insurance
industry, today announced a partnership with Munich Re, one of the
world's leading providers of reinsurance, primary insurance and
insurance-related risk solutions, to offer technology-led
consultancy and services to enable primary insurers to better serve
the commercial insurance market (small and medium sized businesses)
in the UK, thereafter expanding to the Nordics and
South Africa.
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The commercial insurance market is one of the fastest growing
insurance sectors in the UK. Yet, until now this market has been
underserved, with very few insurance packages tailored to the
unique needs and requirements of this segment. Together, Sapiens
and Munich Re will work with insurers to help them better target
and address this market quickly. The joint offering aims to provide
a modular, scalable technology refresh that empowers insurers to
tailor offerings to the growing SME sector and actively contribute
to the post-COVID-19 recovery phase.
The Sapiens/Munich Re partnership dovetails the surge in
government-backed and retail banking SME support initiatives
including backed-loan schemes, increased infrastructure spending,
tax incentives and restart grants that are powering the
recovery. According to aggregated Companies House filings, in the
UK there have been more than 200,000 new businesses formed
year-to-date with the majority around retail, business services and
construction. The industry drive to digital means that coverage
explanation, flexible offerings, verified self-selection and how
commercial insurers adjust their customer journey are critical.
"Together with Sapiens, Munich Re´s Global Consulting Business
department will support insurers' efforts to implement and grow
through the provision of expertise, assistance with product
development across multiple lines of business and, where
appropriate, reinsurance capacity," said Gunther Rempel of Munich Re´s Global Consulting
business advisory. "We intend to provide a series of practical
steps for strategy enablement through a consultative approach. With
our combined innovative strength, Munich Re and Sapiens have
identified a common area of development and intend to play an
active role with the insurer to solve their problems and
participate in the results of the joint journey."
"With Sapiens leading-edge tech solutions, such as Sapien's
award winning IDITSuite and IDIT Go, the deep domain knowledge and
consulting capabilities from Munich Re and their intent to share
the risk with reinsurance capacity, we are empowering insurers to
contribute to the post-COVID economic recovery by supporting SMEs,"
said Roni Al-Dor, Sapiens president
and CEO. "Sapiens solutions enable insurers to offer and
distribute the right products to the right customers, enable
self-selection and recommend coverage based on similar business
selections. We are very proud to partner with Munich Re
starting this journey."
About Munich Re
Munich Re is one of the world's leading providers of
reinsurance, primary insurance and insurance-related risk
solutions. Munich Re possesses outstanding innovative
strength and is playing a key role in driving forward the digital
transformation of the insurance industry. Its tailor-made solutions
and close proximity to its customers make Munich Re one of the
world's most sought-after risk partners for businesses,
institutions, and private individuals.
For more information: www.munichre.com
About Sapiens
Sapiens International Corporation empowers insurers to succeed
in an evolving industry. Sapiens 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 more than 600 organizations globally,
Sapiens has a proven ability to satisfy customers' core systems,
data and digital requirements. For more information:
www.sapiens.com
Media
Contact
Shay
Assaraf
Chief of Marketing,
Sapiens
+44 7548
369920
Shay.assaraf@sapiens.com
|
Investors
Contact
Daphna
Golden
Vice President, Head
of Investor Relations, Sapiens
ir@sapiens.com
|
Forward Looking Statements
Certain matters discussed in this press release that are
incorporated herein 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
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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 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 pandemic, which
adversely affected our results of operations, 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
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events and circumstances reflected in the forward-looking
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