The go-live provides Thailand's leading insurer with accelerated
growth, operational efficiency and speed to market
UXBRIDGE, England, June 13,
2024 /PRNewswire/ -- Sapiens International
Corporation, (NASDAQ: SPNS)( TASE: SPNS), a leading global
provider of software solutions for the insurance industry,
announced today that Bangkok Insurance Public Company
Limited (BKI), a market leading insurer in Thailand, has gone live with Sapiens Property
& Casualty platform, including Sapiens IDITSuite for Property
& Casualty, Sapiens ReinsuranceMaster, and Sapiens
Intelligence. The go-live is one of the largest, most complex
implementations in the Thailand
insurance sector to date.
By replacing BKI's core monolithic application at the end of the
project, Sapiens' award-winning, end-to-end platform will empower
BKI with accelerated revenue growth, operational efficiency, and
speed to market across all channels and lines of business. Sapiens'
platform also lowers BKI's total cost of ownership by fostering
self-sufficiency in core processes. Sapiens API configuration
engine seamlessly connects with Sapiens IDITSuite to launch digital
APIs and enable BKI's digital sales channels and integrate with
many internal systems. Sapiens deployed the Thai country layer and
conducted data migration of 6.5 million parties.
"When we were assessing vendors, Sapiens demonstrated end-to-end
solutions and integration capabilities that were superior to its
competitors, and the proven ability to meet our regional
regulations," said Dr. Apisit Anantanatarat, BKI's CEO and
President. "Sapiens IDITSuite provided the digital API
configuration excellence we were seeking, and we are confident that
the platform will accelerate our growth and operational
efficiency."
"Sapiens is delighted to enable BKI to overcome its legacy
obstacles and to fully benefit from this new digital era of
opportunity for insurers," said Roni
Al-Dor, Sapiens President & CEO. "We are proud of our
critical role in accelerating BKI's growth and operational
efficiency, by providing full, end-to-end functionality, from
policies, reinsurance, claims, accounting, document management,
workflow, and reporting."
Sapiens IDITSuite for Property & Casualty is an AI-powered,
end-to-end insurance software solution that supports customer
acquisition, billing, finance, claims, and renewals. Sapiens
ReinsuranceMaster (SRM) is a comprehensive single platform for
large and multi-national reinsurance programs, providing full
financial control and flexibility across all lines of business.
Sapiens Intelligence is an integrated solution that produces
actionable insights to maximize the value of data for smarter
decision making, improving underwriting risk selection and reducing
claims expense ratios.
About Bangkok Insurance Public Company Limited (BKI)
In business since 1947, Bangkok Insurance Public Company Limited
is principally engaged in the non-life insurance business of all
types. Aligned with the vision 'To be the preferred non-life
insurer in Thailand,' the company
develops a wide range of insurance products and services that
promptly respond to customer needs, aiming to maximize their
satisfaction through professional and qualified staff.
Additionally, the company strives to be innovative, adhering to
corporate integrity and being accountable to its stakeholders,
thereby driving sustainable business growth in the long run. For
more information, please visit
About Sapiens
Sapiens International Corporation (NASDAQ and TASE: SPNS)
empowers the financial sector, with a focus on insurance, to
transform and become digital, innovative, and agile. With more than
40 years of industry expertise, Sapiens' cloud-based SaaS insurance
platform offers pre-integrated,
low-code capabilities across core, data, and digital
domains to accelerate our customers' digital transformation.
Serving over 600 customers in more than 30 countries, Sapiens
offers insurers across property and casualty, workers'
compensation, and life insurance markets the most
comprehensive set of solutions, from core to complementary,
including Reinsurance, Financial & Compliance, Data &
Analytics, Digital, and Decision Management. For more
information visit http://www.sapiens.com/ or follow
us on LinkedIn
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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SOURCE Sapiens International Corporation