Sapiens Releases Version 3.5 of Sapiens INSIGHT™ for Reinsurance
May 9, 2007
Cary, N.C. – May 9, 2007 - Sapiens International Corporation N.V. (NASDAQ and TASE: SPNS), a member of the Formula Group (NASDAQ: FORTY and TASE: FORT) announces today the latest release of Sapiens INSIGHT™ for Reinsurance version 3.5.
Sapiens INSIGHT™ for Reinsurance is a totally web-enabled solution for the insurance market, designed to support carriers and reinsurers in the management of all types of reinsurance for Property and Casualty Insurance and Life business. It is capable of providing ACORD compliant XML and is designed to handle a global environment.
“We are providing carriers with a much-needed solution that not only helps automate all their reinsurance functions but also allows various departments to manage complex reinsurance programs by dynamically altering the behavior of the system.” said Martin Greenberg, Sapiens' Vice President and Product Manager: Property & Casualty and Reinsurance. “This new version is going to provide our customers with many customization capabilities thus enhancing user functionality as per our customers’ needs.”
“This solution adds significant value and continues to simplify processing for insurance companies allowing them to focus on staying competitive in the marketplace,” commented Yehuda Grossman, Deputy Managing Director and Information and Technology Division Manager of Menora Mivtachim Insurance Ltd.
In addition to written and accounted premiums, the new functionality handles earned and unearned premiums along with multi-currency and multiple companies. The latest version now supports retroactive processing capability enabling recalculation of reinsuranceinformation with respect to a retroactive date.
About Sapiens International
Sapiens International Corporation N.V. (Nasdaq and TASE: SPNS), a member of Formula Group (Nasdaq: FORTY and TASE: FORT), which is a member of the Emblaze Group (LSE: BLZ.L) is a leading global provider of proven IT solutions that modernize business processes and enable insurance organizations to adapt quickly to change. Sapiens' innovative solutions are widely recognized for their ability to cost-effectively align IT with the business demands for speed, flexibility and efficiency. Sapiens operates through its subsidiaries in North America, the United Kingdom, EMEA and Asia Pacific, and has partnerships with market leaders such as IBM and EDS. Sapiens' clients include AXA, Liverpool Victoria, Norwich Union, OneBeacon, Principal Financial Group, Prudential, ING, Menora Mivtachim and Occidental Fire & Casualty among others.
For more information, please visit http://www.sapiens.com.
Except for historical information contained herein, the matters set forth in this release are forward-looking statements that are dependent on certain risks and uncertainties, including such factors, among others, as market acceptance, market demand, pricing, changing regulatory environment, changing economic conditions, risks in new product and service development, the effect of the Company’s accounting policies, specific system configurations and software needs of individual customers and other risk factors detailed in the Company’s SEC filings.
FOR ADDITIONAL INFORMATION
Archana Patel
Marketing Communications Coordinator
Sapiens Americas
919-405-1507
usa@sapiens.com
 
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