Sapiens' core claims and workers' compensation solutions were
recognized out of 23 leading P&C claims solutions in
North America
RALEIGH, N.C., June 15, 2022 /PRNewswire/ -- Sapiens
International Corporation (NASDAQ: SPNS) (TASE: SPNS), a
leading global provider of software solutions for the insurance
industry, has announced that Sapiens' claims solutions for P&C
and for Workers' Compensation have been recognized by Celent as a
Functionality Standouts in the Celent 2022 Claims System Vendors
report for North American Property & Casualty Insurance.
The Celent report profiled 23 claims administration systems
available in North America for
property-casualty insurance carriers, including an overview of
their functionality, customer base, technology, implementation,
pricing and support.
Celent credited Sapiens ClaimsPro for Property & Casualty as
'a full function core claims system that many midsize and small
insurers may wish to consider, especially in light of Sapiens'
growing add-on analytic and digital offerings,' according to the
recent report. Key benefits highlighted include faster claims cycle
times, lower expenses and settlement costs, intuitive and
easy-to-use interface, 360-degree customer experience and vendor
management.
Customers rated the solution favorably, particularly the medical
case management/disability management features and configurability.
Clients felt the solution integrated most easily with their other
internal applications, such as reporting, documents or financial
systems. Regarding their implementation experience, responsiveness
and issue resolution received the highest marks. In the area of
ongoing system support, knowledge of their solution and relevant
technology received the highest score. "We have a good working
relationship with Sapiens," a client reported. "They are available
to us, and are very helpful with testing and suggestions."
Sapiens ClaimsPro for Workers' Compensation, a component of
CoreSuite for Workers' Compensation, received outstanding
recognition by Celent as 'a full-function core claims system tuned
over the years for Workers' Compensation claims that both monoline
workers' compensation insurers and other insurers with a
substantial workers' compensation book of business may wish to
consider.' Its key features highlighted in the report include
statistical reporting, configurability, continuity with the
implementation team and consistently meeting service level.
Celent also included customer feedback in the report: "Sapiens
ClaimsPro for Workers' Compensation makes solid business sense and
is flexible to the needs of the business… Sapiens' solution
provides a highly functional system that is well supported, keeps
the underpinning technology up to date, and provides very rich
functionality… A huge benefit is that our internal IT can truly
accomplish a lot by way of changes and/or integration with other
external services/products without Sapiens involvement."
Donald Light, Director in
Celent's North America Property Casualty Practice and one of the
report's authors, commented, "Since claims represents the largest
cost for every dollar of premium, insurers are looking for the
enhanced value that advanced claims solutions can provide. Sapiens'
two claims solutions profiled in this report reflect Sapiens'
continued investments in usability, functionality, and
configurability."
"We are delighted to receive this prestigious recognition by
Celent, which illustrates our depth of impact, breadth of knowledge
and keen understanding of the property-casualty industry," said
Jamie Yoder, Sapiens North America
President and General Manager. "As Sapiens continues to power the
insurance transformation, leading analysts are taking notice of our
deep industry acumen."
Sapiens ClaimsPro for Property & Casualty is a critical
component of Sapiens CoreSuite for Property and Casualty. ClaimsPro
streamlines end-to-end claims processing for all personal,
commercial and specialty lines, preparing carriers to adapt to new
business requirements. The solution provides full lifecycle support
for handling claims for all personal and commercial lines of
business, including workers' compensation.
Sapiens ClaimsPro for Workers' Compensation supports carriers to
improve operational performance by reducing claim inventories and
supporting medical costs using advanced outcome-based case
management. Its real-time payment processing allows automatic and
split payments, offsets and deductions, refunds, transfers and 1099
processing for financial efficiency. The platform's rules-driven
auto-adjudication and decision support enables proactive case
management that reduce claims time to settle and claims
closure.
To download the Celent report with profiles for Sapiens' claims
solutions for P&C and for Workers' Compensation, click
here.
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 sapiens.com or follow us
on LinkedIn.
Media Contact:
Shay Assaraf
Chief of Marketing, Sapiens
Shay.assaraf@sapiens.com
Investor's Contact
Dina Vince
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
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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