Sapiens accelerates Hiscox's vision to build a European
specialist insurer to create an ecosystem of customers, brokers
and partners
HOLON, Israel, Nov. 30, 2021 /PRNewswire/ -- Sapiens
International Corporation, (NASDAQ: SPNS) (TASE: SPNS), a
leading global provider of software solutions for the financial
services industry, announced today that international specialist
insurer Hiscox EU has gone live in Germany with Sapiens IDITSuite for
Property & Casualty and Sapiens Intelligence, implemented
in the cloud. Sapiens' flexible core platform and managed services
provides Hiscox with operational efficiency, scalability, sustained
profitability and enables the insurer to adapt to increased
regulatory pressure. The go-live is expected to boost productivity
in Hiscox Germany by about 25% by 2025.
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Part of the Hiscox Group, Hiscox EU embarked on
a multi-year IT strategy, which will enable the company to
deliver on their vision to build a European specialist insurer with
over EUR 1.5 billion of premium and a
more connected ecosystem of customers, brokers and partners. The
go-live in Germany is the first
phase, with an additional five countries in Europe to follow.
"Legacy systems put our business at risk by limiting our ability
to quickly adapt to market evolution. When we realized our
technology no longer supports our business, our positive experience
with Sapiens in Asia Pacific and
the UK accelerated our drive for change. This transformation will
equip us with the critical tools we need to succeed and meet our
vision in the coming years," said Robert
Dietrich, Hiscox EU CEO.
"With so many new channels of competition in the insurance
industry, pace of change is a competitive advantage," said
Roni Al-Dor, Sapiens President and
CEO. "Sapiens core suite, combined with our data intelligence
offering implemented in the cloud, have ensured that Hiscox secures
that advantage with long-term sustainability and
profitability."
Sapiens IDITSuite for Property & Casualty is a
component-based, standalone software solution comprised of policy,
billing & accounting and claims solutions. IDITSuite supports
end-to-end core operations and processes for the non-life (general)
insurance from inception to renewal and claims. Its pre-integrated,
fully digital suite offers customer and agent portals, business
intelligence, as well as a suite of tools for testing new lines of
business, products and services.
Sapiens Intelligence SmartStore is an intelligent data store
that unifies and houses data and intelligently transforms it into
an insurance-domain set of business logical models for complex and
in-depth analytics.
Sapiens Managed Services feature holistic, 24/7 support and
maintenance services. Sapiens experts leverage monitoring tools for
proactive infrastructure management to empower customers to focus
on core business objectives, eliminating IT bottlenecks.
About Hiscox
Hiscox, headquartered in Bermuda, is an international specialist
insurance group listed on the London Stock Exchange (LSE: HSX).
There are three main underwriting parts of the Group – Hiscox
London Market, Hiscox UK and Europe and Hiscox International. Hiscox London
Market underwrites mainly internationally traded business in the
London Market – generally large or complex business which needs to
be shared with other insurers or needs the international licenses
of Lloyd's. Hiscox UK and Hiscox Europe offers a range of
specialist insurance for professionals and business customers, as
well as high net worth individuals. Hiscox International includes
operations in Bermuda, Guernsey
and USA. For further information,
visit www.hiscoxgroup.com.
About Sapiens
Sapiens International Corporation (NASDAQ and TASE: SPNS)
empowers the financial sector, with a focus on insurance, to
transform and become digital, innovative and agile. Backed by more
than 35 years of industry expertise, Sapiens offers a complete
insurance platform, with pre-integrated, low-code solutions and a
cloud-first approach that accelerates customers' digital
transformation. Serving over 600 customers in 30 countries, Sapiens
offers insurers across property and casualty, workers compensation
and life and pension markets, the most comprehensive set of
solutions, from core to complementary, including Reinsurance,
Financial & Compliance, Data & Analytics, Digital, and
Decision Management. For more information visit
www.sapiens.com or follow us on LinkedIn.
Forward Looking Statements
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
|
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.
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identified by the use of the words "anticipate," "believe,"
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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
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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
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and potential liability that heightened privacy laws and
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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.
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the risks discussed under the heading "Risk Factors" in our most
recent Annual Report on Form 20-F, in order to review conditions
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