Sapiens IDITSuite's cloud-native architecture will digitalize
current paper-based processes
HOLON, Israel, Dec. 8, 2022
/PRNewswire/ -- Sapiens International Corporation, (NASDAQ:
SPNS) (TASE: SPNS), a leading global provider of software solutions
for the insurance industry, today announced the deployment of its
cloud-first P&C core platform IDITSuite, in addition to the
Data Analytics platform Sapiens Intelligence, with bolttech, a
major international insurtech.
bolttech's legacy systems for its Hong
Kong general insurance operations are being replaced by the
Sapiens solution to provide greater automation and standardization,
and globally available oversight on policies, risk exposures, and
data. The transition to a cloud-native architecture is intended to
decrease their annual infrastructure total cost of ownership (TCO)
and improve their scalability and performance.
Sapiens Intelligence will provide an enterprise-wide
consolidated view of the organization's data for analytical
reporting and predictive modeling to support more accurate
underwriting.
"As an international and fast-growing insurtech, we have been
focused on ensuring our Hong Kong
business continues to be competitive in a rapidly evolving
landscape," said Alister Musgrave,
General Manager, Hong Kong for
bolttech. "We found that Sapiens was the ideal partner to scale and
evolve the digitalization of our back-end systems."
In addition to the core transformation and data analytics,
Sapiens is providing bolttech with Cloud & Operations on all
layers (Cloud Hosting and Application Management) as well as the
Sapiens API Conductor (ACE). The latter will enable bolttech to
launch easy-to-consume digital APIs for its digital portals and
ecosystem.
"We are excited to embark on this new challenge alongside
bolttech," said Roni Al-Dor, Sapiens
president and CEO. "We look forward to working together to ensure
that bolttech's Hong Kong business
has all the digital tools it needs to stay ahead of the curve. In
addition, it is always gratifying to enter a new market, and
meeting Hong Kong's regulatory
landscape will be a worthwhile effort on our part."
Sapiens IDITSuite is a component-based, core software solution
for end-to-end core operations and processes. An award-winning
Policy Administration System, it supports personal and commercial
lines of business from acquisition, billing, claim, and
renewal.
About bolttech
bolttech is an international insurtech with a mission to build
the world's leading, technology-enabled ecosystem for protection
and insurance. bolttech serves customers in 30 markets across
North America, Asia, and Europe. With a full suite of digital and
data-driven capabilities, bolttech powers connections between
insurers, distributors, and customers to make it easier and more
efficient to buy and sell insurance and protection products. For
more information, please visit https://bolttech.io/about.
About Sapiens
Sapiens International Corporation (NASDAQ: SPNS) (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 https://sapiens.com or follow us
on LinkedIn.
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:
Tally Kaplan Porat
Corporate Marketing Director, Sapiens
tally.kaplanporat@sapiens.com
Investor's contact:
Dina Vince
Head of Investor Relations, Sapiens
dina.vince@sapiens.com
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SOURCE Sapiens International Corporation