Mivtachim pension funds awards
Sapiens $2.2 million contract
Implementing a Comprehensive, Internet-Based Pension Funds Management System
March 22, 2005
Research Triangle Park, N.C.- March 22, 2005 - Sapiens International Corporation N.V.
(NASDAQ and TASE: SPNS) today announced that Mivtachim Pension Funds, Israel's largest
pension fund, signed a $2.2 million dollar contract to purchase and implement the Sapiens
INSIGHT™ for Life & Pensions solution.
Sapiens INSIGHT™ for Life & Pensions is a comprehensive web-enabled pension, savings, life
and health insurance solution. It has exceptional advantages for the administration of
individual, collective pension and providence funds. The solution is dynamic, highly
customizable and can easily accommodate administrative process changes. The system was
recently recognized by Datamonitor as one of the leading solutions in the Life & Pension Policy Administration market.
Mivtachim Pension Funds' implementation of the Sapiens INSIGHT™ for Life & Pensions
solution, which is scheduled for deployment at the end of 2005, will be completed in phases, in
coordination with Mivtachim, and will include workflow, rule based product management,
insurers' accounting, billing, collection and funds revaluation. The solution will give Mivtachim
Pension Funds an edge in the very competitive and regulated dynamic Israeli pension market.
"Sapiens INSIGHT™ for Life & Pensions will provide significant business advantages in an increasingly demanding market," said Oren El-On, CEO of Mivtachim Pension Funds. "We are
convinced that the highly flexible solution presented by Sapiens is the best solution to support
our requirements. Sapiens' proven domain expertise, rich product functionality, proven
delivery record and long-term commitment to leading technology innovation in the insurance
industry are the major reasons for our decision.
"“We are proud that our solution will enable Mivtachim Pension Funds to differentiate itself in
today's competitive market and position itself to adapt quickly to market and regulatory
changes while bringing added value to its customers", said Itzick Sharir, President and CEO of
Sapiens International. “As Israel's largest pension fund, Mivtachim Pension Funds will benefit
from our solution, which we believe to be the most comprehensive, modular and flexible
solution available today for the Life & Pensions Sector. Sapiens INSIGHT™ for Life& Pensions, in the future, will support over 70% of the Israeli pension market with additional
implementations in the UK and plans to enter the Continental European and North American
markets later in 2005.”
About Sapiens
Sapiens International Corporation N.V. (NASDAQ and TASE: SPNS), a member of Formula Group (NASDAQ: FORTY and TASE: FORT), is a leading global provider of proven IT solutions that modernise business processes and enable insurance
organisations and other leading companies to adapt quickly to change. Sapiens’ innovative solutions are widely recognised for their ability to cost-effectively align IT
with the business demands for speed, flexibility and efficiency. Sapiens operates
through its wholly owned subsidiaries in the United Kingdom, North America, EMEA
and Asia Pacific. The company has partnerships with market leaders such as IBM and
EDS. In addition to Liverpool Victoria, Sapiens' UK clients include AXA, Prudential
and Abbey National.
For more information, please visit www.sapiens.com
Except for historical information contained herein, the matters set forth in this release are forward-looking statements that are dependent on certain risks and uncertainties, including such factors, among others, as market acceptance, market demand, pricing, changing regulatory environment, changing economic conditions, risks in new product and service development, the effect of the Company's accounting policies and other risk factors detailed in the Company's SEC filings.
contact
Sapiens International
Jonathan Moav, + 972 8 9382862
Jonathan.m@Sapiens.com
 
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