Sapiens International SPNS is benefiting from an expanding international footprint, driven by portfolio strength and solid partner base. In the trailing 12 months, the Israel-based company’s solutions have been selected by the likes of Hollard Group, Equitable Life of Canada, Hong Kong-based King Wai, MSV Life, The Folksam Group, Gjensidige Group, Montana-based Farmers Union Mutual Insurance Company, Dentists’ Provident, among others. Customer wins helped Sapiens expand presence in South Africa, Canada, Malta, Thailand, Sweden, Denmark, the United States, the U.K. and Ireland. Notably, the company generated revenues of $82.6 million in third-quarter 2019, up 12.8% year over year. While North America generated 53.7% of total revenues, Europe, the Asia Pacific and South Africa contributed 36.6%, 5% and 4.7%, respectively, to the same.
Sapiens’ Solutions Selected By Croatian Insurer
Croatia Osiguranje recently selected Sapiens for the digitalization of its Property & Casualty (P&C), Health insurance and claims handling segments. The company will use Sapiens’ IDIT Suite for Property and Casualty, Sapiens ReinsuranceMaster, and various other tools.
Sapiens’ solutions are expected to drive Croatia Osiguranje’s sales force and further speed up its time to market. Moreover, it will optimize Croatia Osiguranje’s operations through automation and business process simplification. Partnerships Help Sapiens Win Customers Strength in Sapiens’ partner base is helping it win customers in international markets. The company partnered with the likes of Lightico, Kovvr and FRISS. This enabled it to leverage emerging technologies like machine learning, IoT and blockchain. For instance, the partnership with Kovrr, which is a predictive cyber risk modeling firm, helps Sapiens provide real-time, data-driven insight into cyber risk exposure. It also assists clients in meeting regulatory requirements and avoiding policy losses. Moreover, Sapiens partnered with FRISS, which is an automated fraud detection and risk assessment leader in the P&C insurance sector. Both partnerships expanded Sapiens’ product offerings and made innovative insurtech solutions easily available to its clients. This helped the company to counter competition in the Insurtech market, which per Technavio, is expected to witness a CAGR of 41% by 2023. Notably, Sapiens raised top-line guidance for 2019, following its impressive third-quarter results. The company now expects revenues of $323-$325 million, up from the higher end of $318-$323 million range provided earlier. Zacks Rank & Other Stocks to Consider Sapiens currently carries a Zacks Rank #2 (Buy). Some other top-ranked stocks in the broader technology sector are Baidu ( BIDU Quick Quote BIDU - Free Report) , Marchex MCHX and CommVault Systems CVLT. All three stocks sport a Zacks Rank #1 (Strong Buy) at present. You can see . the complete list of today’s Zacks #1 Rank stocks here Long-term earnings growth rates for Baidu, Marchex and CommVault are currently pegged at 2.3%, 15% and 10%, respectively. Free: Zacks’ Single Best Stock Set to Double Today you are invited to download our latest Special Report that reveals 5 stocks with the most potential to gain +100% or more in 2020. From those 5, Zacks Director of Research, Sheraz Mian hand-picks one to have the most explosive upside of all. This pioneering tech ticker had soared to all-time highs and then subsided to a price that is irresistible. Now a pending acquisition could super-charge the company’s drive past competitors in the development of true Artificial Intelligence. The earlier you get in to this stock, the greater your potential gain. Download Free Report Now >>