Sapiens' CoreSuite for Workers Compensation, DigitalSuite,
and Sapiens Intelligence will improve efficiency and automation,
delivered through Sapiens' SaaS platform
ROCHELLE PARK, N.J.,
Aug. 7, 2023 /PRNewswire/ -- Sapiens
International Corporation (NASDAQ: SPNS) (TASE: SPNS), a
leading global provider of software solutions for the insurance
industry, announced today that The South Carolina State Accident
Fund (SAF), a state agency that offers guaranteed workers'
compensation insurance for governmental entities, has selected
Sapiens CoreSuite for Workers Compensation to provide a more
intuitive system with detailed workflow automation. SAF will also
implement Sapiens DigitalSuite and Sapiens Intelligence for a more
engaging user experience and enhanced processing, respectively,
delivered through Sapiens SaaS platform.
![Sapiens_Logo Sapiens_Logo](http://mma.prnewswire.com/media/585787/Sapiens_Logo.jpg)
SAF needed a modern core solution to achieve its growth
expectations and provide the highest level of customer service. The
system enhancements will improve communication and increase
efficiency through pre-configured, role-based user groups and
messaging capabilities. SAF is an existing Sapiens customer, whose
new system should go live in October of 2024.
"With Sapiens' demonstrated experience and operational know-how,
we knew we could become far more responsive to claimants and
policyholders," said Erin Farthing,
Director of SAF. "Sapiens has proven to be a true partner by
understanding our business, responding to our requirements, and
facilitating our transformation with solutions that drive growth
and value."
"An intuitive and streamlined workers compensation
administration platform will help strengthen SAF's overall
operations," said Jamie Yoder,
Sapiens North America President & General Manager. "We look
forward to helping SAF modernize its core systems while continuing
to build its strong foundation for continued growth well into the
future."
Sapiens CoreSuite for Workers Compensation enables carriers
and state funds 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
enable proactive case management that reduces claims settle
resolution time and claims closure. Sapiens
DigitalSuite offers a dynamic, digital engagement and
enablement platform for insurers to provide a unified, omni-channel
experience, and can be leveraged together with Sapiens' core
solutions or on top of other (non-Sapiens) solutions. Sapiens
Intelligence integrates data to produce actionable insights,
with a complete insurance information hub that integrates all
business units and product lines into one unified organizational
view.
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. 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 more than 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. For more
information visit https://sapiens.com or follow us
on LinkedIn.
About The South Carolina State Accident Fund
The South Carolina State Accident Fund was established in 1943
for the purpose of providing workers' compensation coverage and
administration for all state agencies and other local governmental
entities at reasonable prices. By creating a state agency for the
sole purpose of "self-insuring," the state of South Carolina provides a stable source of
guaranteed insurance coverage so that state workers are not placed
at undue risk.
On July 1, 2013, the
administration of the South Carolina Workers' Compensation
Uninsured Employers' Fund was transferred to the State Accident
Fund. The Uninsured Employers' Fund was created to ensure payment
of workers' compensation benefits to injured employees whose
employers failed to acquire necessary coverage for their employees
as required.
By administering both funds, the State Accident Fund provides a
more stable environment for our state's employers and their
employees. For more information visit
https://saf.sc.gov/index.php/contact-us
Media and Investor's Contact
Yaffa Cohen-Ifrah
Chief Marketing Officer &
Head of Investor Relations, Sapiens
yaffa.cohen-ifrah@sapeins.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, 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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