HOLON, Israel, Sept. 13, 2021 /PRNewswire/ -- Sapiens
International Corporation (NASDAQ: SPNS) (TASE: SPNS), a leading
global provider of software solutions for the insurance industry,
today announced the integration of Sapiens
ReinsuranceMaster for Old Mutual Insure, the oldest insurer in
South Africa, which services
personal, commercial and corporate customers across South Africa and in Namibia, Botswana, Zimbabwe, and Nigeria under the Old Mutual brand.
ReinsuranceMaster will enable Old Mutual Insure to better manage
its global, complex and diversified reinsurance business in
non-life sectors, more easily and effectively.
Managing and optimizing reinsurance coverage is a critical task,
especially for multinational insurance companies such as Old Mutual
Insure. With Sapiens, Old Mutual Insure will be able to manage
their reinsurance needs on a single platform, ensuring full
financial control and auditing support of reinsurance contracts and
activities for all lines of business. Sapiens ReinsuranceMaster
will be integrated with Old Mutual Insure's core administration and
finance platforms by providing full automation of reinsurance
contracts, reducing the need for manual intervention, which is also
expected to lead to enhanced recoveries.
"Sapiens' long history, global presence and vast expertise in
the reinsurance ecosystem raised the bar and made Sapiens our top
choice," said Ludwyn Lortan, Chief Information Officer of Old
Mutual Insure. "Our reinsurance contracts are complex by nature,
and Sapiens proved their ability to empower us to streamline and
simplify, while providing automation and enhanced
efficiencies."
Sapiens ReinsuranceMaster provides full support for all types of
reinsurance contracts – treaty & facultative, proportional
& non-proportional, ceded and assumed business. All activities
are maintained in one easy-to-use cloud-based, web-based user
solution, with extensive and comprehensive automated processes
allocations and fully automated retroactive processing support.
More than 100 insurers worldwide use Sapiens' reinsurance
solutions.
"We are extremely pleased and honored to be a partner in Old
Mutual Insure's journey as they expand their leading position in
today's dynamic reinsurance ecosystem," said Roni Al-Dor, Sapiens' president and CEO. "The
advanced capabilities offered by Sapiens' ReinsuranceMaster
maximizes our collaboration and will support Old Mutual Insure's
immediate and future needs."
About Old Mutual Insure
The oldest insurance company in South
Africa, Old Mutual Insure has a history that dates back more
than 175 years. As one of the leading companies in southern
Africa's non-life insurance
landscape, they are justifiably proud of their tradition of service
and quality, as well as the range of insurance solutions, which are
amongst the best on offer anywhere in South Africa. Visit
https://www.oldmutual.co.za/insure to find out more.
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.
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
expressions. Such statements reflect our current views with respect
to future events and are subject to pandemic 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
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 of Marketing, Sapiens
shay.assaraf@sapiens.com
Investors Contact
Daphna Golden
Vice President, Head of Investor Relations, Sapiens
ir@sapiens.com
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SOURCE Sapiens International Corporation