Absa Life Selects Sapiens to Implement and Modernize its Non-Underwritten Life Insurance Systems

Avi Shekhtman

May 31, 2023

Sapiens CoreSuite for Life and Pensions coupled with Sapiens Cloud Services provides a turnkey solution for expanding Absa’s life business

Holon, Israel, May 31, 2023 —Sapiens International Corporation, (NASDAQ and TASE: SPNS), a leading global provider of software solutions for the insurance industry, announced today that Absa Life, the leading life insurance provider in South Africa in the Consulta South African Customer Satisfaction Index (SA-csi), has chosen Sapiens as their partner to lead their non-underwritten products system transformation. Absa Life intends to implement Sapiens Digital Front End, CoreSuite and BI Intelligence for Life and Pensions, supported by Sapiens Cloud Services, running on AWS.

Sapiens was selected for its proven experience in complex banking ecosystem integrations and bancassurer implementations, providing an end-to-end, cloud-first, digitally enhanced platform which will enable the business to modernize and provide Absa Life a platform for growth.

Absa Life chose Sapiens as a partner following the selection of Sapiens IDITSuite and ReinsuranceMaster for Short Term business coupled with a recent DigitalSuite proof of concept in the Life space. The open architecture nature of CoreSuite will expedite new business initiatives and drastically speed up Absa Life’s multi-channel go-to-market strategy.

Sapiens CoreSuite for Life and Pensions will empower Absa Life with a wide range of fully embedded data management and analytics capabilities. Its inherent integration of Sapiens API Conductor (ACE) ensures digitalisation is built-in and APIs can be configured, managed and orchestrated to rapidly achieve digital initiatives.

“We are proud to extend our existing partnership with Absa and once again be their vendor of choice for this turnkey Core non-underwritten Life transformation project. Sapiens will closely support Absa throughout their modernisation and transformation programme,” said Roni Al-Dor, Sapiens President & CEO. “Our comprehensive solutions and strong Cloud and Operations infrastructure will enable Absa to grow their business by rapidly entering new markets and providing their end-customers with best-in-class digital journeys whilst helping modernize their existing legacy portfolios.”

Sapiens CoreSuite empowers insurers to quickly and easily tailor and launch new life insurance products through a variety of low-code/no-code configuration tools as well as support their existing product portfolios. It streamlines premium payment processes and client management features, in addition to further enhancements for Policy Service transactions driven from the at-a-glance Policy Dashboard. Sapiens Cloud Services empowers companies to focus on core business objectives, eliminating IT bottlenecks, with support and maintenance services providing proactive management.

About Absa Bank Limited

Absa Bank Limited (‘Absa Bank’) is a wholly-owned subsidiary of Absa Group Limited, which is listed on the Johannesburg Stock Exchange and is one of Africa’s largest financial services groups. Absa offers a range of retail, business, corporate and investment banking and wealth management and insurance products and services primarily in South Africa and Namibia.

About Sapiens

Sapiens International Corporation (NASDAQ and TASE: SPNS) empowers the financial sector, with a focus on insurance, to transform and become digital, innovative, and agile. With more than 40 years of industry expertise, Sapiens’ cloud-based SaaS insurance platform offers pre-integrated, low-code capabilities across core, data and digital domains to accelerate our customers’ digital transformation. Serving over 600 customers in 30 countries, Sapiens offers insurers across property and casualty, workers’ compensation, and life insurance markets the most comprehensive set of solutions, from core to complementary, including Reinsurance, Financial & Compliance, Data & Analytics, Digital, and Decision Management.

For more information visit https://sapiens.com or follow us on LinkedIn.

Media and Investor’s Contact

Yaffa Cohen-Ifrah
Chief Marketing Officer &
Head of Investor Relations, Sapiens

Forward-Looking Statements

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