Yes, Sapiens is a product based company. It manufactures, designs and markets its own software solutions to the insurance sector. The company targets ready-to use platforms rather than generic IT services.
Sapiens produces the software that assists insurance companies to cope with their daily work. Its products include policy set up, claims, billing and digital products. Licensing and subscriptions to these products are the primary sources of revenue to the company.
Here is a quick overview of Sapiens International Corporation
| Details | Information |
| Company Name | Sapiens International Corporation |
| Company Type | Public (Product Based Company) |
| Industry | Insurance Software |
| Founded | 1982 |
| Founders | Tsvi Misinai, Tuvi Orbach, Shai Sole |
| Headquarters | Holon, Israel |
| Owner | Advent International |
| Parent Company | Formula Systems |
| Stock Listings | NASDAQ: SPNS, TASE: SPNS |
| Main Products | Insurance software platforms |
| Key Focus Areas | Life Insurance, P&C, Reinsurance, Workers’ Compensation |
| Delivery Model | SaaS and On-Premise Software |
| Number of Employees | Around 5,000 |
| Global Presence | North America, Europe, Asia-Pacific |
| Official Website | www.sapiens.com |
Company History
It began in the early eighties as Sapiens in Israel. The company was established by a team of technicians to develop high technology business software. Sapiens concentrated on large computer systems tools and rule engines in the 1990s.
It redefined its course in early 2000 and decided to engage in the insurance sector alone. This action assisted it in expanding in a clear and focused manner.
Sapiens has over the years acquired a number of insurance software companies in the US, Europe, and Asia. The deals assisted it in increasing its product portfolio as well as accessing more clients worldwide.
Current Status
Today, Sapiens markets complete insurance software packages. There are life insurance systems, P&C insurance systems, reinsurance systems, and online portals. Industries The company provides its products in SaaS and cloud services that enable insurers to reduce expenses and enhance speed.
Sapiens operates in numerous countries and has approximately 5,000 employees. The company is currently owned by Advent International, with Formula Systems being its parent group. It derives most of its revenue through product sales and software support contracts on a long term basis.
Future Outlook
Sapiens will focus on expanding its cloud offerings and incorporating additional digital solutions to insurers. It is expected to assist insurers in putting data, automation and online services to better use. The company also desires to grow in high-growth markets such as Asia and North America.
