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A leading global provider of software solutions for the insurance industry, with a growing presence in the financial services sector, Sapiens International Corporation said that Menora Mivtachim Insurance (Menora), one of Israel's largest insurance and financial groups, has chosen Sapiens IDIT insurance software suite.

Earlier, Menora had selected Sapiens to manage its life and pension and reinsurance lines of business.

The new deal is worth more than $10 million.

Menora will further advance its P&C business objectives with the selection of the Sapiens IDIT software suite to manage the full lifecycle of its property and casualty (P&C) business.

Moti Rosen, CEO of Menora Mivtachim Insurance said: Selecting Sapiens was a natural decision for us, considering the long-standing strategic relationship between the two companies. Menora has full confidence in Sapiens and its ability to develop and implement its mission-critical P&C insurance system, which will serve Menoras property and casualty business for years to come. We chose Sapiens' advanced and innovative IDIT solution to enhance our business objectives in the local P&C insurance market and to enable us to better address our future insurance needs.

Tal Sharon, general manager, Sapiens Israel added: By choosing Sapiens IDIT as its core system for P&C insurance, Menora Mivtachim Insurance has demonstrated its continued trust in Sapiens' solutions and proven delivery capabilities. We believe that this project will prove to be as successful as our previous joint projects with Menora and will serve as a milestone for the Sapiens IDIT software suite in the Israeli market.

Roni Al-Dor, president and CEO of Sapiens said: Expanding agreements with existing customers is an important part of Sapiens' business model. The success we have experienced with this approach highlights our ability to meet our clients' complex needs and evolve with them over time. I am pleased that Sapiens' efforts to grow our business continue to produce positive results.

The project would be completed within three years.

A software solution suite, Sapiens IDIT enables carriers, managing general agents (MGAs) and insurance brokers to meet critical and long-term business goals via traditional insurance, direct insurance, bancassurance and brokers.

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Publication:Mena Report
Geographic Code:7ISRA
Date:Sep 16, 2016
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