Collaboration to improve efficiency and accuracy of core
policy and claim records in Lloyd's ecosystem
HOLON, Israel, Feb. 8, 2022
/PRNewswire/ -- Sapiens International Corporation,
(NASDAQ: SPNS) and (TASE: SPNS), a leading global provider of
software solutions for the insurance industry, announced today that
it will partner with WCL, a Zywave company, to provide messaging to
Lloyd's of London Bureau Services.
"Sapiens' core policy software integration with WCL signals our
mission to expedite and strategically invest in contemporary API
services aligned to Lloyd's Blueprint Two goals," said Roni Al-Dor, Sapiens President &
CEO. "Streamlining the process will enable our primary
insurance clients new opportunities to access Lloyd's capital and
reinsurance service, while at the same time will bring real-time
risk management a step closer."
Sapiens' core digital insurance platform, providing end-to-end
P&C policy management, billing and claims solution, will be
combined with WCL's Bureau messaging integration that will open up
the distribution from customer to carrier to Lloyd's Syndicate for
Sapiens' global 600 insurer customer base.
The end-to-end PAS to syndicate solution with compliance
automation utilises market standard ACORD frameworks via WCL's
enabledB2B Gateway, which manages the sending and receipt of all
data and documents for market participants. The integration
empowers customers to exchange data once, which can then be
replicated between platforms, thereby eliminating data duplication
and streamlining end-to-end processes from core policy data
records.
Sapiens are providing the technical framework to meet the
growing demand from existing clients and prospects to access the
Lloyd's market, who want to break free from the legacy technology
systems that restrict profitable growth. The power and flexibility
of Sapiens' digital insurance platform with its Intelligence data
analytics and machine learning models, offers valuable insight into
the ecosystem. WCL provides London
market messaging capability to most Lloyd's managing agents, large
brokers and a number of reinsurers in.
"Working with Sapiens brings significant advantages for Lloyd's
and London market players, and
adds value of mutual benefit to the market," said James Willison, Managing Director of WCL.
"Simplifying and automating the processing of common data and
bordereaux management will ultimately open up a wealth of data,
insights and intelligence held in a core PAS system."
About WCL:
WCL, a Zywave company, provides business solutions to insurance
organisations looking to transform their operations using
structured data. WCL's solutions support the placement of risks,
accounting and settlement and claims.
Set up in 2003, WCL allows organisations to streamline business
processes by automating the secure, electronic transfer of data and
documents between brokers and risk carriers, using
internationally-agreed ACORD standards. This improves client
service, increases process efficiency, reduces operational costs
and eliminates unallocated cash.
WCL client list includes over 80 insurance and reinsurance
organisations globally, including the majority of Lloyd's Managing
Agents, the world's largest broking and carrier firms, based across
the US, London, Bermuda, Continental Europe and Asia.
WCL provides the software to the majority of players engaged
with the Ruschlikon Initiative, a joint industry project sponsored
by insurance standards body ACORD. This project aims to connect the
leading players in the insurance and reinsurance industry to
advanced back office processes such as technical accounting, claims
and settlement using the ACORD Global Reinsurance and Large
Commercial (GRLC) Standard.
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 40 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 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.
Media
Contact
Shay
Assaraf
Chief of Marketing,
Sapiens
Shay.assaraf@sapiens.com
Investor's
Contact
Kimberly
Rogers
Managing Director,
Hayden IR
+1
541-904-5075
kim@HaydenIR.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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