The integration opens up new market opportunities for
insurers worldwide
BARCELONA, Spain, May 23, 2023
/PRNewswire/ -- Sapiens International Corporation, (NASDAQ: SPNS)
and (TASE: SPNS), a leading global provider of software solutions
for the insurance industry, announced today an agreement to
integrate Microsoft Azure OpenAI Service to harness the most
advanced generative AI models and tools for the insurance
industry.
Sapiens will integrate Microsoft Azure OpenAI and Azure Power
Virtual Agents to provide generative AI solutions for insurance
companies, allowing customers to easily navigate complex documents
such as policies, terms and conditions, and more, using natural
large language AI models.
Sapiens' AI, cognitive services and process automation can
empower insurers through the entire insurance value chain, to
provide instant answers across multiple domains of customer
interaction in a multitude of languages, enhancing the customer
experience while reducing the high volume of calls live agents and
relevant personnel typically receive. It can also assist in
underwriters' day-to-day activities and reduce time around claims
processing and fraud detection.
"We are excited to launch the next-generation AI tools for
insurers and collaborate with Microsoft on delivering the most
innovative solutions," says Alex
Zukerman, Chief Strategy Officer at Sapiens. "Generative
AI's potential as a revolutionary enabler for the insurance
industry is enormous, and now is the time for insurance companies
to discover how it can contribute to facilitating and growing their
business."
"We see the potential for what generative AI can do for the next
generation of insurance solutions," said Dalia Ophir, Director, Worldwide Financial
Services Industry. "Sapiens integration of Azure OpenAI allows us
to explore and define the right solutions for insurers worldwide.
As generative AI continues to evolve, we look forward to bringing
forth innovative ways to improve and streamline insurance processes
and operations."
At Sapiens' International Client Conference, taking place in
Barcelona this week, Sapiens is
presenting the strategic collaboration partnership with Microsoft
and how they are working together to bring generative AI solutions
to Insurers and customers.
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. With more than
40 years of industry expertise, Sapiens' cloud-based SaaS insurance
platform offers pre-integrated,
low-code capabilities across core, data and digital
domains to accelerate our customers' digital transformation.
Serving over 600 customers in 30 countries, Sapiens offers insurers
across property and casualty, workers' compensation, and
life insurance markets the most comprehensive set of
solutions, from core to complementary, including Reinsurance,
Financial & Compliance, Data & Analytics, Digital, and
Decision Management.
Investor and Media Contact
Yaffa Cohen-Ifrah
Chief Marketing Officer and Head of Corporate Communications
Sapiens International
Email: Yaffa.cohen-ifrah@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.
Logo -
http://mma.prnewswire.com/media/585787/Sapiens_Logo.jpg
View original
content:https://www.prnewswire.com/news-releases/sapiens-joins-forces-with-microsoft-to-leverage-generative-ai-for-insurers-301832031.html
SOURCE Sapiens International Corporation