Sapiens IDITSuite for Property & Casualty empowers
OPES' digital journey with rapid transformation
HOLON, Israel, Feb. 1, 2024
/PRNewswire/ -- Sapiens International
Corporation, (NASDAQ: SPNS) (TASE: SPNS), a leading
global provider of software solutions for the insurance industry,
announced today that OPES Digital Insurance, the leading digital
insurer in Vietnam, has gone live
with Sapiens IDITSuite for Property & Casualty, coupled
with Sapiens Intelligence, to modernize its core P&C insurance
processes.
The go-live marks Sapiens' first implementation in Vietnam, as well as the first global
deployment of Sapiens' latest release of IDITSuite 19.1. Hosted on
Microsoft Azure, the deployment took just seven months to
complete.
Founded in 2018 as a member of VPBank's digital ecosystem, one
of the leading banks in Vietnam,
OPES turned to Sapiens to drive their journey to become a strong
digital player. OPES needed a strong, modern platform, with digital
API capabilities and a flexible, service-based solution that can
integrate with multiple partners to create a robust digital
ecosystem. Sapiens IDITSuite also meets OPES' need for strong
product configuration and robust approval status tracking
capabilities to eliminate audit risks.
OPES first went live with a personal accident insurance product,
along with the migration of 6.2 million customers onto the
platform, which is fully integrated with OPES sales platforms and
internal systems. OPES will gradually migrate its remaining
products into Sapiens' platforms in the upcoming months.
"Sapiens empowered our digital transformation by modernizing our
core processes with a seamless, turnkey solution. Sapiens' rich
functionalities, value-added roadmap and systems improvements
enable us to scale in a timely and cost-efficient manner by
delivering new products and services to our customers," said Mr.
Tung Dang, CEO of OPES. "Sapiens' proven ability to accelerate
transformation made them the perfect partner in our
journey."
"We are pleased that Sapiens' first go-live in Vietnam will pave the way for many more
customers in the region. Vietnam
is an exciting new market for Sapiens, and we fully meet the
regional regulatory requirements," said Somansh Bansal, Sapiens
Vice President, ROW Sales. "We are delighted to partner with OPES
and play a pivotal role in their digital transformation. Our
collaboration was seamless and productive, with onsite training
that enabled their team to be self-sufficient in the management of
the ecosystem – all in under seven months."
Sapiens IDITSuite for Property & Casualty is an AI-powered,
end-to-end insurance software solution that supports customer
acquisition, billing, finance, claims, and renewals. The
award-winning solution features a low-code product and pricing
configuration engine that accelerates speed to market. 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 OPES
OPES Insurance Joint Stock Company is the leading digital
insurer founded in 2018, serving the Vietnam market. OPES is owned by Vietnam
Prosperity Joint-Stock Commercial Bank (VPBank), one of the leading
banks in Vietnam, aiming to be in
the Top 100 largest banks in Asia
by 2026. OPES aims to be a pioneer in digital transformation, using
technology to improve the life quality of the customers and
community by providing simple and convenient digital insurance
products. After 6 years of establishment, OPES has made remarkable
achievements with over 12 millions of customers and nearly 200
millions digital insurance contracts published. OPES is continuing
the rapid growth in the coming years through optimized products and
new partnerships to meet all the customers' needs. For more
information, please visit: https://opes.com.vn/
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 https://sapiens.com or follow us on LinkedIn
Investor and Media Contact:
Yaffa Cohen-Ifrah,
Chief Marketing Officer and Head of Corporate
Communications,
Sapiens International,
Yaffa.cohen-ifrah@sapiens.com
Forward-Looking Statements
Certain matters discussed in this press release that are
incorporated herein 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 pandemic 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; 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 recent novel coronavirus pandemic, which
adversely affected our results of operations, or 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 most
recent Annual Report on Form 20-F, 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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