The implementation supports NYCM's
enterprise-wide reinsurance effort to streamline reinsurance
administration and improve reporting
RALEIGH,
N.C., May 18, 2022 /PRNewswire/ -- Sapiens
International Corporation (NASDAQ: SPNS) (TASE: SPNS), a leading
global provider of software solutions for the insurance industry,
has announced that NYCM Insurance, a property and casualty
insurance provider in operation for 120 years, has implemented
Sapiens ReinsurancePro to enhance their internal controls
processes, automated calculations and reporting.
"Sapiens ReinsurancePro provides significant improvements over
our previous software solution by both increasing efficiencies and
enhancing our data access, reporting and extract capabilities,"
said Rich Inman, NYCM Insurance,
Accounting Supervisor I. "We really appreciate the true partnership
we're enjoying with Sapiens and the experienced Reinsurance team.
They were with us step-by-step throughout the implementation and
continue to provide excellent customer service."
The implementation provided NYCM numerous benefits, including
reducing processing time by half each month, complete freedom from
dependencies on outside reporting tools, ability to process monthly
activity in real-time, and the strengthening of controls over their
broad breadth of complex treaties.
"We are very pleased to empower NYCM in their quest for full
financial control of the reinsurance processes and to enable them
to increase efficiency and internal controls," said Roni Al-Dor, Sapiens president and CEO. "By
streamlining the process, Sapiens enables NYCM to take ownership of
their data and proactively conduct analysis on that data instead of
relying on IT or external parties. Ultimately this empowers NYCM to
better serve their customers."
Sapiens ReinsurancePro supports all types of reinsurance
processing, regardless of volume, in one comprehensive and powerful
reinsurance system, empowering insurance companies to manage and
automate the underwriting and administration of reinsurance,
including treaty and facultative, ceded, assumed and retroceded
reinsurance.
About NYCM Insurance
NYCM Insurance has been providing property and casualty
insurance to New Yorkers for over 120 years and in 2019 was ranked
#1 Customer Satisfaction Among Auto Insurers in New York, 2 Years in a Row by J.D. Power. With
more than 900 employees and a network of over 1,200 independent
agents, NYCM Insurance is proud to service over 525,000 insureds.
For more information, please visit https://www.nycm.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 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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SOURCE Sapiens International Corporation