Sapiens signs first UK insurance contract
Sapiens International Corporation N.V. (NASDAQ: SPNS, TASE: SPNS), a global provider of insurance technology solutions and a member of the Formula Group (NASDAQ: FORTY, TASE: FORT), announced today that a new entrant into the UK insurance market has selected Sapiens to design, develop and implement a Policy Administration System to support the launch of their insurance operations based on an implementation of the Sapiens INSIGHT for Property & Casualty solution suite.
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This strategic deal, valued at over $15 million, will mark Sapiens' first entry into the UK general insurance market with its property and casualty solution. Sapiens expects to recognize approximately $9 million by the end of 2007.
Before selecting Sapiens' INSIGHT for Property & Casualty solution, Synergy conducted a rigorous and comprehensive market evaluation of the software available. Sapiens was selected as the vendor because of its insurance and application domain expertise coupled with its rapid development methodology, innovative business-rules technology and Sapiens' track record for successful deployment.
Stefan Wasilewski, Synergy's CEO commented, "After evaluating several policy administration platforms available on the market, we selected the Sapiens INSIGHT for Property & Casualty solution. We found that the Sapiens solution was uniquely qualified to support the launch of our unique offering, leveraging their flexible technology and providing an ability to manage our business in an effective and profitable way. Sapiens has been working with us bringing their domain expertise to help shape the proposition and has provided key input into our evolution over the last few years to get us to where we are today."
"We are proud to partner with Synergy as the first UK installation for our INSIGHT for Property & Casualty solution," said Kali Bagary, Managing Director of Sapiens Europe. "Insurance leaders continue to select Sapiens' solutions for their critical business and technology needs, recognizing the unique benefits of our insurance solutions, domain expertise and our rapid development capabilities along with our pioneering business-rules technology. This unique combination has allowed Sapiens to gain an excellent track record of delivery of solutions in the insurance industry."
Roni Al-Dor, President and CEO of Sapiens International, commented, "This significant deal with a new customer is an important part of our plan to get the company back on track and affirms our decision to maintain focus on the insurance industry. We view this multi-year contract, our first for the property and casualty market in the UK, as another vote of confidence for our solution by a new customer. Some of the work on this deal will be performed from our offices in Israel which will enable us to reduce costs."