Sapiens' automation of the reinsurer's
processes ensures financial stability and operational
excellence
ROCHELLE PARK, N.J.,
Aug. 6, 2024 /PRNewswire/ -- Sapiens
International Corporation, (NASDAQ: SPNS) (TASE: SPNS), a leading
global provider of software solutions for the insurance industry,
today announced that Rockford Mutual Insurance Company has selected
Sapiens ReinsurancePro to fully automate their reinsurance
management processes, to maximize efficiency and profitability, and
mitigate costly claims leakage.
ReinsurancePro's strong automation and highly transparent,
efficient platform will enable Rockford Mutual to seamlessly
conduct auditable processing, manage complex reinsurance
transactions, and quickly respond to new reinsurance offerings.
Sapiens' automated solution systematically eliminates complexities
within treaties by balancing the appropriate coverage with the
rising costs of coverage, enabling Rockford Mutual to track, bill,
recover reinsurance, and capture data appropriately.
A longtime Sapiens customer, Rockford Mutual selected Sapiens
ReinsurancePro to achieve their reinsurance business objectives, in
conjunction with Sapiens FinancialPro and StatementPro solutions
that they currently use.
"Sapiens' automation solution gives us full control over our
processing, reporting, and auditability, and ensures that we have
the tools in place to prevent potential claims leakage," said
Tiffany Herron, Rockford Mutual's
Assistant Vice President of Financial Services. "We needed a
solution that allowed for ease of use across the company, to make
the processing easier for our accounting and claims
departments."
"We are proud to be Rockford Mutual's partner of choice for the
automation of their reinsurance processes, and to optimize their
retention levels by empowering a reinsurance program that's
financially stable and reportable," said Roni Al-Dor, Sapiens President and CEO. "Our
value-added solutions and services are created to empower our
customers to grow in a competitive climate."
Sapiens ReinsurancePro efficiently automates the underwriting
and administration of reinsurance, including treaty and
facultative, ceded, assumed, and retroceded reinsurance. Created
and designed exclusively for the reinsurance market, Sapiens
ReinsurancePro manages the entire range of reinsurance contracts
and activities for all lines of business.
About Rockford Mutual Insurance Company
Rockford Mutual Insurance Company provides products and services
in the states of Illinois,
Wisconsin and Indiana with a reputation and financial
stability obtained by over 100 years of business. Rockford Mutual
is committed to the Independent Agency System and all of the
company's business is produced through a network of local
independent agents who understand the needs of their customers. For
more information, please visit www.rockfordmutual.com
About Sapiens
Sapiens International Corporation (NASDAQ: SPNS) and (TASE:
SPNS) is a global leader in intelligent insurance software
solutions. With Sapiens' robust platform, customer-driven
partnerships, and rich ecosystem, insurers are empowered to
future-proof their organizations with operational excellence in a
rapidly changing marketplace. We help insurers harness the power of
AI and advanced automation to support core solutions for property
and casualty, workers' compensation, and life insurance, including
reinsurance, financial & compliance, data & analytics,
digital, and decision management. Sapiens boasts a longtime global
presence, serving over 600 customers in more than 30 countries with
its innovative SaaS offerings. Recognized by industry experts and
selected for the Microsoft Top 100 Partner program, Sapiens is
committed to partnering with our customers for their entire
transformation journey and is continuously innovating to ensure
their success. Visit our website at www.sapiens.com
Investor and Media Contact
Yaffa Cohen-Ifrah
Sapiens Chief Marketing Officer and Head of Investor
Relations
Email: Yaffa.cohen-ifrah@sapiens.com
Forward Looking Statements
Certain matters discussed in this press release that are
incorporated herein and therein 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 certain 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; the global
macroeconomic environment, including headwinds caused by inflation,
relatively high interest rates, potentially unfavorable currency
exchange rate movements, and uncertain economic conditions, and
their impact on our revenues, profitability and cash flows;
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 coronavirus epidemic, and
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 Annual
Report on Form 20-F for the year ended December 31, 2023, to be filed in the near
future, 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.
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