DirectAsia Goes Live with Sapiens' Digital Core Upgrade, Introducing New Digital Partnerships and Distribution Channels

The seamless upgrade aims to improve DirectAsia's customer experience, laying the foundation for moving to a cloud native model

HOLON, Israel, Aug. 19, 2021 /PRNewswire/ -- Sapiens International Corporation (NASDAQ: SPNS) (TASE: SPNS), a leading global provider of software solutions for the insurance industry, today announced the go-live of a digital core upgrade of its Sapiens IDITSuite solution at DirectAsia, a leading and innovative digital automobile and travel insurer in Singapore and Thailand, wholly owned by global insurer Hiscox. 

DirectAsia has been live on Sapiens IDITSuite in Singapore since 2009 and in Thailand since 2012. The integration of Sapiens IDITSuite's newest features empowers Direct Asia to align with the latest, market-leading digital trends. The new version includes significant enhancements to the underwriting workbench, digital claims process, payment slip management and enhanced digital API library, which enable integration with external systems with ease. This also supports DirectAsia's cloud strategy, as the new version is another step in the journey to a cloud environment.

"Throughout our partnership, Sapiens constantly raised the bar with continuous investment in their products and ongoing value delivered. Throughout the project and during the integration, DirectAsia entrusted Sapiens' vast industry expertise and capabilities. Sapiens ensured that all our specific needs were delivered, while providing a seamless transition, all of which had a purely positive impact on our business goals. We look forward to developing our partnership with Sapiens even further," said Narasimhan Parthasarathy, Direct Asia's CIO.

"We are delighted by the ongoing, long-term trust from DirectAsia. We are honored to be a partner in DirectAsia's journey as they expand their leading position in today's dynamic marketplace," said Roni Al-Dor, Sapiens' president and CEO. "Sapiens' enhanced suite of solutions maximizes our collaboration and will support Direct Asia's immediate and future needs. We are pleased to foster our partnership with Direct Asia and to demonstrate our strong commitment to the APAC region."

Sapiens IDITSuite for Property & Casualty is a component-based, standalone software solution comprised of policy, billing and claims solutions. IDITSuite supports end-to-end core operations and processes for the non-life (general) insurance from inception to renewal and claims. Its pre-integrated, fully digital suite offers customer and agent portals, business intelligence, as well as a suite of tools for testing new lines of business, products and services. IDITSuite is fully cloud-enabled.

About DirectAsia

DirectAsia was launched in Singapore in 2010 with a goal of changing the face of insurance in Asia. Today they are a leading digital automobile and travel insurer in Singapore and Thailand. In 2014, Direct Asia became wholly owned by global insurer Hiscox, one of the world's leading international specialist insurance groups. For more information: www.directasia.com.

About Sapiens

Sapiens International Corporation empowers insurers to succeed in an evolving industry. Sapiens offers digital software platforms, solutions and services for the property and casualty, life, pension and annuity, reinsurance, financial and compliance, workers' compensation and financial markets. With more than 35 years of experience delivering to more than 600 organizations globally, Sapiens has a proven ability to satisfy customers' core systems, data and digital requirements. For more information: www.sapiens.com

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, in order 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.

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