ACORD Compliant Reinsurance XML Project Successfully Completed
CARY, North Carolina, June 27/ / -- Sapiens International Corporation N.V. (NASDAQ: SPNS and TASE: SPNS), a
Member of the Emblaze / Formula Group (LSE:BLZ.L) (NASDAQ: FORTY and TASE:
FORT), today announced that Sapiens and Menora have successfully completed an ACORD compliant Reinsurance XML limited pilot project for a major Reinsurance company. Utilizing the rules-based Sapiens INSIGHT(TM) suite, Menora Mivtachim Insurance Ltd. was able to produce the appropriate ACORD XML to transfer Reinsurance information.
ACORD, a non-profit organization, serves as a global resource for
information about EDI, XML and electronic commerce and facilitates the
development and use of standards for the insurance industry.
"We understand the common issues insurance carriers are running into
today. Adopting ACORD XML standards will address many of these issues and add
huge value to our customers," said Martin Greenberg, Sapiens' Vice President
and Product Manager: Property & Casualty and Reinsurance. "Utilizing the
ACORD XML standards we can exchange information and help to streamline
processes and automate labor intensive activities. Leveraging ACORD standards
for XML can help customers by reducing administrative costs and eliminating
time delays in processing data."
"We are always looking for ways to deliver straight through processing
and ways in which we can improve efficiency in insurance transactions. Our
goal is to find solutions that will help us better meet compliance
requirements and reduce the cost of doing business," said Elad Shelef,
Reinsurance and Planning Manager of Menora Mivtachim.
Sapiens INSIGHT(TM) is a web-based insurance administration suite, which
provides policy, billing, claims and reinsurance management and can be used
modularly or as an integrated suite. Sapiens INSIGHT(TM) is built on a
rules-based system that is installed worldwide in well over 100 companies.
The rules allow for rapid interactive development by business and technical
personnel, empowering business users to make changes using English-like rules
rather than application code.
About Sapiens International
Sapiens International Corporation N.V. (Nasdaq:SPNS and TASE: SPNS),
a member of Formula Group (Nasdaq: FORTY and TASE: FORT), which is a member
of the Emblaze Group (LSE: BLZ.L) 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, Liverpool Victoria, Norwich Union, OneBeacon,
Principal Financial Group, Prudential, ING, Menora Mivtachim, Santam and
Occidental Fire & Casualty among others.
For more information, please visit www.sapiens.com.
For Additional Information:
Archana Patel
Marketing Communications Coordinator
Sapiens Americas
+1-919-405-1507
usa@sapiens.com
Source: Sapiens Technologies
For Additional Information: Archana Patel, Marketing Communications, Coordinator, Sapiens Americas, +1-919-405-1507, usa@sapiens.com
