The partnership empowers insurers with
enhanced risk evaluation and underwriting decisions
UXBRIDGE, England, Sept. 4,
2024 /PRNewswire/ -- Sapiens International
Corporation, (NASDAQ: SPNS) (TASE: SPNS), a leading global provider
of software solutions for the insurance industry, announced today a
partnership with Addresscloud, a cloud-based location intelligence
provider, to empower insurers with enhanced capabilities to
understand geographic risk and make more informed underwriting
decisions with access to global geospatial datasets.
The partnership offers several key benefits, including accurate
geocoding, which ensures precise location data for every insured
property and minimises errors in risk assessment and claims
processing. Insurers will also gain access to comprehensive
property data, providing detailed information about insured
properties, including their proximity to hazards and other relevant
factors, thereby empowering thorough risk evaluation.
The collaboration also enhances accumulation management by
analysing geographic concentrations of risk, mitigating potential
losses, and optimising risk distribution strategies across
portfolios. By integrating Addresscloud's precise geolocation
services and advanced mapping capabilities with Sapiens' core
P&C products, the partnership offers insurers a stronger, more
comprehensive solution. This powerful combination enables deeper
insights, more informed decision making, streamlined workflows, and
improved data accuracy, ultimately delivering a superior user
experience. The use of peril scores allows for the assessment
of the likelihood and severity of various perils, such as flood,
wind, fire, and subsidence, leading to better-informed underwriting
decisions and pricing strategies. Subsidence refers to the gradual
sinking or settling of the ground's surface with minimal horizontal
motion.
"We're excited to announce our partnership with Sapiens, as it
marks a significant step forward in transforming how insurers
access and utilise location intelligence," said Mark Varley, CEO of Addresscloud. "Sapiens'
commitment to providing world-class technology solutions aligns
perfectly with our mission. By integrating our services, insurers
can now seamlessly incorporate precise address matching, geocoding
services, and comprehensive property and peril information into
their workflows, enhancing their competitive edge in the
market."
"Our collaboration with Addresscloud underscores our dedication
to delivering innovative solutions that drive the insurance
industry forward," said Alex
Zukerman, Sapiens Chief Strategy Officer. "Sapiens provides
a robust suite of advanced analytics and data integration
capabilities, enabling insurers to gain unparalleled insights into
geographic risks. By leveraging our comprehensive software
solutions, insurers can achieve greater accuracy in risk assessment
and pricing, ultimately leading to more effective risk management
and improved profitability."
About Addresscloud
Founded in 2015, Addresscloud is a geospatial platform that
helps insurers enhance underwriting with precise address-level data
and risk assessments. Using advanced cloud technology, it delivers
fast, scalable, and accurate location intelligence through APIs,
allowing insurers to make better decisions. Addresscloud's services
support key functions like address capture, risk analysis, and
accumulation management, integrating smoothly into insurance
workflows. The platform powers underwriting journeys globally,
streamlining operations, and improving pricing accuracy while
ensuring high uptime and performance reliability. For more
information, visit Addresscloud
About Sapiens
Sapiens International Corporation (NASDAQ 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 Contacts
Sapiens:
Yaffa Cohen-Ifrah
Sapiens Chief Marketing Officer and Head of Investor
Relations
Email: Yaffa.cohen-ifrah@sapiens.com
Addresscloud:
Kirsty
Plank, Full Circle Communications
Email:
kplank@fullcirclecomms.co.uk
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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SOURCE Sapiens International Corporation