Sapiens International Corporation N.V. (SPNS)

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Sapiens Awarded the Implementation of a Claims Management Solution for a Leading Global Insurance Company
Monday October 10, 4:17 am ET


RESEARCH TRIANGLE PARK, North Carolina, October 10 /PRNewswire-FirstCall/ -- Sapiens International Corporation N.V. (NASDAQ: SPNS and TASE: SPNS) today announced that one of the world's leading insurance companies, has selected Sapiens to implement a global Claims management solution using the Sapiens INSIGHT(TM) solution and eMerge technology suite of products.

Revenues constructed of License and services are expected to be somewhat below $1M for 2005 and services are forecasted to continue through 2006 and 2007.

The decision to use Sapiens will enable the company to differentiate itself in both its 'service activities' and 'insurance activities' and will ensure its continued commitment to profitable growth in a fiercely competitive landscape. Once implemented, the Claims management solution is planned to be rolled out to all subsidiaries across Europe (UK, France, Germany, Italy, and Spain).

The insurance company's Chief Information Officer commented: "after a thorough analysis of the various claims solutions on the market we opted for Sapiens. We were impressed with their credentials and delivery track record in the Insurance sector. They will enable us to deliver the Claims solution quickly and at a fixed price, which is important to us and very unique in the marketplace."

Itzick Sharir, President and CEO of Sapiens International, added: "this is a significant milestone for Sapiens and its Insurance Business Solutions strategy. It demonstrates and re-confirms that our solutions have a global appeal. In addition, it demonstrates to our long term customers that we can deliver innovative solutions to keep them ahead of their competition. Having this giant multi-national insurance company selecting Sapiens is a huge vote of confidence and recognition, both in our insurance solution and our technology."

About Sapiens International

Sapiens International Corporation N.V. (NASDAQ: SPNS and TASE: SPNS), a member of the Formula Group (NASDAQ: FORTY and TASE: FORT), is a leading global provider of proven IT solutions that modernize business processes and enable insurance organizations to adapt quickly to change. Sapiens' innovative solutions are widely recognized for their ability to cost-effectively align IT with the business demands for speed, flexibility and efficiency. Sapiens operates through its subsidiaries in North America, the United Kingdom, EMEA and Asia Pacific, and has partnerships with market leaders such as IBM and EDS. Sapiens' clients include AXA, Allianz Group, Liverpool Victoria, Norwich Union, OneBeacon, Principal Financial Group, Abbey National, ING, Menora and Occidental Fire & Casualty among others.

For more information, please visit http://www.sapiens.com or contact Kali Bagary

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