Sapiens Signs Agreements with Santam – A Leading South African Insurance Carrier
June 19, 2007
Cary, N.C. – June 19, 2007 - Sapiens International Corporation N.V. (NASDAQ and TASE: SPNS), a member of the Formula Group (NASDAQ: FORTY and TASE: FORT), announced today that it has signed a license and a professional services agreement, valued at $800,000, with Santam Ltd., the largest South African short-term insurance carrier, and a subsidiary of Sanlam Limited, one of South Africa's largest long-term insurance carriers.
Sapiens, along with JMR (Sapiens' distributor in South Africa) will help to configure and integrate the New Business Quotes module of the Sapiens INSIGHT™ for Property & Casualty insurance administration system with the existing infrastructure in Santam.
Roni Al-Dor, President and CEO, commented, "this transaction is yet another milestone for Sapiens in fulfilling its strategy of global expansion in the insurance arena. We are confident that our solution will provide Santam with new opportunities in service delivery."
Mike Richards, CEO of JMR, commented, "this is a significant milestone in the Sapiens - JMR relationship. We are now in a position to take the Sapiens INSIGHT™ insurance solutions to the South African market."
Sapiens INSIGHT™, is a web-based insurance administration suite, which provides policy, billing, claims and reinsurance management and can be used modularly or as an integrated suite. Sapiens INSIGHT™ is built on a rules-based system that is installed worldwide in well over 100 companies. The rules allow for rapid interactive development by business and technical personnel, empowering business users to make changes using English-like rules rather than application code.
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
Elior Brin
Chief Financial Officer
Sapiens International
Tel: +972-8-938-2721
E-mail: IR.Sapiens@sapiens.com
Roni Al-Dor
Chief Executive Officer
Sapiens International
Tel: +972-8-938-2721
E-mail: IR.Sapiens@sapiens.com
 
|
 |
