HOLON, Israel, Jan. 5, 2021 /PRNewswire/ -- Sapiens
International Corporation, (NASDAQ: SPNS) (TASE: SPNS), a
leading global provider of software solutions for the insurance
industry, announced today that it has been selected to automate and
operate Altshuler Shaham's provident and pension funds for the next
three years. Altshuler Shaham, Israel's largest investment house and fastest
growing provident and pension funds, reported massive growth in
both assets and number of members during the first 3 quarters of
2020.
As part of its strategic decision to enter the operations
sector, Sapiens recently acquired Tiful Gemel company and its
activities, which include the management and operation of provident
and pension funds. Altshuler Shaham can now benefit from Sapiens'
significant presence and extensive experience in the field of life
insurance, long-term savings and pensions, both in Israel and globally. Together with Tiful
Gemel, Sapiens provides added value to ensure Altshuler Shaham's
continued growth. Tiful Gemel is an Israeli company immaterial to
Sapiens' revenue or profits.
Despite the COVID-19 crisis, Altshuler Shaham continued to
grow in 2020, showing an increase of approximately 112 percent in
the number of pension fund members in the third quarter compared to
a corresponding quarter last year. The company's pension fund
assets under management also grew by 98 percent of the total of
NIS 7.3 billion on November 30, 2019 to a total of NIS 15.73 billion as of November 30, 2020, making Altshuler Shaham's
pension fund the largest among the investment houses in
Israel
Yair Lowenstein, CEO of
Altshuler Shaham: "This agreement constitutes another leap
forward for our pension fund and continues to establish our status
as a leading player in the industry. In recent years we took a
series of steps to prepare for significant growth. This service
agreement with Sapiens is yet another milestone for us. Sapiens'
professionalism and expertise in the field of pensions in
Israel and the international arena
are unique. We look forward to the start of this fruitful
relationship."
Roni Al-Dor, CEO of
Sapiens: "We are pleased and excited about this vote of
confidence from the management of Altshuler Shaham. Sapiens
knowledge and professionalism, in addition to our considerable
experience in the local market, and our partnership with Tiful
Gemel and its managers, will enable us to contribute significantly
to the further growth of Altshuler Shaham's provident and pension
fund."
About Sapiens
Sapiens International Corporation empowers insurers to succeed
in an evolving industry. The company offers digital software
platforms, solutions and services for the property and casualty,
life, pension and annuity, reinsurance, financial and
compliance, workers' compensation and financial markets. With
more than 35 years of experience delivering to nearly 600
organizations globally, Sapiens has a proven ability to satisfy
customers' core, data and digital requirements. For more
information: www.sapiens.com.
Logo -
http://mma.prnewswire.com/media/585787/Sapiens_Logo.jpg
Media Contact
Alex
Zukerman
CMO and Chief of Strategy, Sapiens
+972 546 724 910
alex.zukerman@sapiens.com