By bolstering workforce and expertise in Canada, Sapiens fosters continued growth and
innovation for regional customers
ROCHELLE PARK, N.J.,
Mar. 4, 2024 /PRNewswire/
-- Sapiens International Corporation, (NASDAQ: SPNS) (TASE:
SPNS), a leading global provider of software solutions for the
insurance industry, announced today its strategic expansion in the
Canadian market, marking a significant milestone in Sapiens' growth
trajectory. With an increased focus on delivering advanced
solutions and superior customer service in Canada, Sapiens will strengthen support for
existing Canadian customers and expand its reach to new prospects
seeking industry-leading SaaS solutions and services across life,
property and casualty, and workers' compensation markets.
Sapiens has been successfully serving leading Canadian insurers
for more than 15 years. Sapiens' strategic decision to expand its
Canadian presence even further comes amidst a surge in regional
customers, including Saskatchewan Workers' Compensation Board
(WCB). Other longtime Sapiens' customers include Canada's largest insurance mutual, Beneva; and
ivari, a leading individual life insurer.
To ensure seamless expansion and meet the evolving needs of
customers, Sapiens intends to increase its workforce in its
Ontario offices by onboarding
seasoned industry professionals with global domain expertise and
technical proficiency. This enhances Sapiens' capability to deliver
innovative, customer-centric solutions and unparalleled support to
even more Canadian clients to drive growth in a competitive market
and build a strong regional ecosystem.
The expansion in Canada builds
upon Sapiens' proven track record of delivering industry-leading
solutions, as evidenced by its partnership with WCB. Sapiens
CoreSuite for Workers Compensation, Sapiens DigitalSuite, and
Sapiens Intelligence will transform WCB's core systems, streamline
service delivery and enhance operational efficiency. A number of
life carriers in Canada are
utilizing Sapiens' digital life solutions, including
ApplicationPro, IllustrationPro, UnderwritingPro, and CoreSuite for
Life & Annuities to enhance their operational efficiency and
improve the overall customer and agent experience.
"With Sapiens' strong and growing presence in Canada, their expertise and innovative
solutions will enable us to meet the evolving needs of our
customers, now and in the future," said Phillip Germain, WCB's CEO. "Sapiens provides an
optimized, integrated platform, coupled with the right people and a
proven track record in successful implementations and ongoing
support."
"Sapiens is proud of its strong local foothold and rapidly
growing presence in Canada. We are
excited to embark on this new chapter of increased expansion and
opportunity. With our expanded footprint and augmented
capabilities, Sapiens is poised for continued growth and success in
the Canadian market," said Roni
Al-Dor, Sapiens President & CEO. "We are steadfast in
our commitment to deliver the broadest platform of global best
practices and enable outcomes that improve the long-term financial
health of our Canadian clients. Sapiens is well-positioned to drive
positive change and empower even more insurers across Canada to thrive in an increasingly dynamic
and competitive landscape."
For more information:
Sapiens Canada Office
Mississauga, ON, Canada
4230 Sherwoodtowne Blvd.
Suite 200, Office 2
Mississauga ON L4Z 2G6
Email: info.sapiens@sapiens.com
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
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.
Investor and Media Contact
Yaffa Cohen-Ifrah
Chief Marketing Officer and Head of Investor
Relations
Sapiens International
Email: Yaffa.cohen-ifrah@sapiens.com
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