HOLON, Israel, April, 23, 2014 /PRNewswire/ -- Sapiens International Corporation, (NASDAQ and TASE: SPNS), a leading global provider of software solutions for the insurance industry, with an emerging focus on the broader financial services sector, announced today that the Altshuler-Shaham Group, an Israeli firm in the field of asset management, has selected the Sapiens Life & Pension (Sapiens L&P) solution to support the company's Israel based Greenfield life insurance operation.
"It was important for us to work with a technology partner who understood our life insurance processing needs, and who also understood the nuances and challenges of the Israeli market," said Yair Lowenstein, CEO, Altshuler-Shaham Insurance & Investment Funds. "Sapiens is well known for its insurance expertise, the quality of its technology solutions, and its impressive track record of successful delivery of these types of projects. We have the utmost confidence in our decision and in Sapiens' ability to meet our aggressive timeline."
Roni Al-Dor, Sapiens President and CEO, commented: "The selection of Sapiens by Altshuler-Shaham is an important win for us and gives us stronger presence in the Israeli insurance market. We are experiencing a good deal of momentum in the L&P sector and see this as a significant opportunity for Sapiens. Altshuler-Shaham's vote of confidence in Sapiens' product and people is appreciated and we look forward to playing a key role in helping the investment firm continue its rapid growth trajectory."
Altshuler-Shaham's decision to implement Sapiens L&P solution is attributed to Sapiens' deep knowledge and experience in the Israeli insurance market, its proven solution, two decades of experience in the market, and a wealth of experience in managing long term investment products.
With the insurance regulator encouraging newcomers to establish presence to support the life insurance market opportunity, Altshuler-Shaham recognized the opportunity, opting to launch a Greenfield life insurance operation.
Altshuler-Shaham's anticipated benefits with the Sapiens L&P administration system include:
- Fast time to market with a production environment planned for late 2014;
- End-to-end core life insurance processing from initial sale to ongoing management; and
- Full compliance with the regulations.
About Altshuler-Shaham Group
The Altshuler-Shaham Group is a leading Israeli firm in the field of asset management. Since 1990, it has specialized in the management of portfolios, and mutual, provident, and pension funds. The Group currently manages approximately 51 billion NIS, and provides a wide range of services to its institutional and private investors. Altshuler-Shaham`s creative, professional, and cautious approach, coupled with an innovative investment strategy, has established Altshuler-Shaham as a leading asset management brand in the Israeli market. For further information, visit www.invest-as.com.
Sapiens International Corporation (NASDAQ and TASE: SPNS) is a leading global provider of software solutions for the insurance industry, with an emerging focus on the broader financial services sector. We offer core, end-to-end solutions for the general insurance, property & casualty, life, pension and annuities markets, and business decision management software, globally. We have a track record of over 30 years in delivering superior software solutions to more than 130 financial services organizations. Our team of more than 900 professionals operates through our fully-owned subsidiaries in North America, the United Kingdom, EMEA and Asia Pacific. For more information: www.sapiens.com
Some of the statements in this press release may constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities and Exchange Act of 1934 and the United States Private Securities Litigation Reform Act of 1995. Words such as "will," "expects," "believes" and similar expressions are used to identify these forward-looking statements (although not all forward-looking statements include such words). These forward-looking statements, which may include, without limitation, projections regarding our future performance and financial condition, are made on the basis of management's current views and assumptions with respect to future events. Any forward-looking statement is not a guarantee of future performance and actual results could differ materially from those contained in the forward-looking statement. These statements speak only as of the date they were made, and we undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. We operate in a changing environment. New risks emerge from time to time and it is not possible for us to predict all risks that may affect us. For more information regarding these risks and uncertainties as well as certain additional risks that we face, you should refer to the Risk Factors detailed in Item 3 of Part III of our Annual Report on Form 20-F for the year ended December 31, 2012 and subsequent reports and registration statements filed from time to time with the Securities and Exchange Commission.
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SOURCE Sapiens International Corporation