ROCHELLE PARK, New Jersey, June 4, 2012 /PRNewswire/ --
Sapiens International Corporation N.V. (NASDAQ and TASE: SPNS), a global provider of innovative insurance software solutions announced today that Tokio Marine Management, Inc. (TMM) is now in production with two Sapiens solutions: Sapiens RapidSure Policy Administration and Sapiens Reinsurance solution.
The successful 10 month RapidSure implementation resulted in policy processing for 12 of TMM's lines of personal and commercial business. In parallel, Sapiens Reinsurance implementation project was completed in April 2012 after an 11 month effort. These two implementations have made a great contribution toward the successful replacement of the company's legacy mainframe system.
Commenting on the success of the Sapiens projects, TMM's CIO Charlie Kuwabara said, "With RapidSure's outstanding configuration tools and the system's flexibility we were able to roll out 12 lines of business in a short period of time. Making good on their commitment, the Sapiens team was able to meet our aggressive schedule."
Mr. Kuwabara continued, "Simultaneously, we implemented the reinsurance system. So, it's been quite a busy and successful year, and we are well positioned to expand the scope of RapidSure."
Ron Karam, President, Sapiens North America Insurance division, noted, "We are very pleased to add Tokio Marine Management to our growing list of North American clients in production with RapidSure. Core system replacement is never easy, but by establishing a joint, yet small and agile implementation team, our organizations were able to quickly and effectively meet both the business objectives and the target timeline."
Roni Al-Dor, President and CEO of Sapiens added, "It is very gratifying when an organization like TMM puts their trust in Sapiens and in our products. We appreciate their confidence in our ability to enable the replacement of TMM's mission critical processing systems."
About Tokio Marine Management, Inc. (TMM)
Tokio Marine Management, Inc. (TMM) is the management company for the U.S. Insurance operations of Tokio Marine & Nichido Fire Insurance Co., Ltd. (TMNF). For nearly 100 years, TMM has offered comprehensive commercial property and casualty insurance products to large- and middle-market companies in a variety of industries. For additional information, please visit http://www.tokiomarine.us.
About Sapiens International
Sapiens International Corporation (NASDAQ and TASE: SPNS) is a global provider of innovative software solutions for the insurance industry. We offer end-to-end solutions for the Life & Pension, Property & Casualty, and Reinsurance markets. We serve over 75 insurance customers, backed by a team of over 700 insurance experts, operating through fully-owned subsidiaries in North America, the United Kingdom, EMEA and Asia Pacific. Visit: http://www.sapiens.com.
Osnat Segev-Harel, CMO
Investor Relations Contact:
Roni Giladi, CFO
James Carbonara, Regional Vice
President, Hayden IR
SOURCE Sapiens International Corporation N.V.
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