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IT provider in the insurance market: Sapiens International Corporation (SPNS)

Sapiens International Corporation NV (NASDAQ: SPNS) was founded in 1982 and is headquartered in Holon, Israel. It has 2,376 full-time employees and provides software solutions for the insurance and financial services industries in North America, Europe, Asia Pacific and South Africa.

Sapiens International Corporation

Sapiens International Corporation (SPNS):

Sapiens International Corporation is a publicly traded company headquartered in Israel, which develops computer software for the insurance industry and continues to grow its business in the field of financial services. Homo sapiens International provides integrated core software and business services, as well as a fully digital suite of property and casualty/general insurance; life, pensions and annuities; and the reinsurance market. Sapiens also provides services for workers’ compensation and the financial and compliance markets.

Homo sapiens International’s product portfolio includes policy management, billing and claims; underwriting, illustrations and electronic applications; reinsurance and decision management software. Sapiens’ digital platform has customer and agent portals and a business intelligence platform.

Sapiens International provides software platforms and solutions for life, pensions and annuities, such as Sapiens ALIS, LifeSuite, Life Portraits, LifeApply, Sapiens INSIGHT and Sapiens Closed Books; as well as Sapiens IDIT, Adaptik Policy, Adaptik Billing, Stream Claim, Personal, commercial and professional product lines including Sapiens Stingray, PowerSuite and CompSuite, and workers’ compensation.

Homo sapiens International also provides Digital Engagement, a digital insurance suite that includes advanced analytics, a portal for consumers and agents, an API layer for integration with the insurtech ecosystem, and a cloud computing theme; and process analysis, business Process automation, project management, performance optimization consulting services, etc., as well as providing information system development and various implementation methods services for agents, customers and insurance personnel.

Homo sapiens international also provides reinsurance software solutions, including Sapiens reinsurance, Freedom reinsurance system and general reinsurance system; eFreedom annual report, PRO financial general ledger and accounts payable, PTE financial application, insurance financial report and Power2Play financial and compliance solutions; And Sapiens DECISION, an enterprise-level decision management solution.

In addition, Homo sapiens International also provides technology-based solutions based on the eMerge platform, which provides end-to-end modular business solutions, as well as agile, Homo sapiens delivery tools and Homo sapiens delivery performance indicator methods.

Furthermore, Homo sapiens International also provides plan delivery, business transformation and custody services.

Sapiens International Corporation (SPNS) history:

The growth of Sapiens stems from a project called DB1, which was undertaken by a group of scientists from the Weizmann Institute of Science in the 1970s to develop a novel object-oriented application Generator for mainframe computers. One of the driving forces behind this initiative is Technion graduate Tsvi Misinai, who first launched the project in 1972. He collaborated with Shai Sole, Shmuel Timor and Eli Raban. By the late 1970s and early 1980s, the Weizmann team cooperated with the local Israeli company Advanced Automated Applications (AAA founded by Tuvi Orbach) and began to promote DB1 to large domestic organizations. Subsequently, the company began to sell its products overseas.

  • In 1984, the Weizmann team established its own company, which later merged with AAA and was joined by entrepreneurs Ron Zuckerman and Shaul Shani. Later the company was spun off from the Weizmann Institute and established under its new name: Sapiens.
  • In 1992, Sapiens shares began trading on the Nasdaq exchange.
  • By 1993, Sapiens employed 900 workers in 33 branches around the world, with a market value of US$340 million.
  • In 1999, Sapiens’ annual revenue reached US$91 million.
  • In 2001, Dan Goldstein, then chairman of The Formula Group, became chairman of Sapiens, and the company decided to focus on developing software for the insurance industry.
  • Roni Al-Dor joined Sapiens in November 2005 as President and CEO. Previously, he served as President of TTI Telecom.
  • Sapiens acquired Canadian software company Harcase in 2010, which is a developer of property and accident insurance policy management suites.
  • In 2011, Sapiens merged with the two subsidiaries of Formula Vision (Formula Insurance Solutions (FIS) and IDIT) and Goldstein.
  • In March 2015, Sapiens acquired IBEXI Solutions, an insurance business and technology provider in the Asia Pacific region based in India.
  • In July 2015, Sapiens acquired Polish insurance software provider Insseco for US$9.1 million.
  • In June 2016, Sapiens acquired Maximum Processing, a North American P&C solution provider that provides services to Level 4 and Level 5 P&C operators, MGA, TPA and brokers.
  • In February 2017, Sapiens acquired US-based StoneRiver, Inc. for US$102 million. This acquisition greatly expanded Sapiens’ influence in the North American insurance industry and accelerated the company’s business in the US property and casualty insurance industry. .
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