Ovum (News - Alert) has recognized Sapiens International Corporation’s ALIS policy administration system as a market leader in its recently published research, “Ovum Decision Matrix: Selecting a Life Insurance Platform for Use in Europe.” In the report, Ovum mentioned that Sapiens' commanding market leading position enabled it to top most technology selection shortlists.
Charles Juniper, senior analyst, Insurance Technology at Ovum, said, “Ovum believes that the vendor solutions for life core administration platforms have reached a level of functional and technological maturity which means that choosing to buy, rather than build, is the most effective approach for the vast majority of life insurers.”
Further Juniper added, “Given the size of the organization as compared to some other vendors profiled, Sapiens' strong showing in the report is a testament to both the company and the ALIS product. Ovum considers Sapiens, with its ALIS solution, a Market Leader in the life policy administration market with an offering that combines strong technology architecture with a broad range of functionality. We recognize ALIS's strong European installed base and the expansion of its market footprint with the highest growth rate among vendors assessed with the addition of new clients in Europe as well as North America over the last year.”
The report also mentioned that Sapiens' rise in investment since the acquisition of ALIS in 2011 has driven very strong growth for the platform. Sapiens' achieved top scores due to its significant European installed base, strong focus on the insurance industry and high market growth. Due to the product configuration approach, the flexibility score of the ALIS platform is particularly high.
Roni Al-Dor, president and CEO at Sapiens, said, “We are pleased with the strong showing and recognition of our market leadership position. Over the past few years Sapiens has been focused on continually enhancing our portfolio of insurance solutions for the global markets, and ALIS has certainly proven to be a winner in North America and Europe. The validation of ALIS's appeal to the global market is very encouraging, and we believe only a few solutions in the market can prove such a broad application, breadth of functionality and flexibility that enable them to address the unique needs of the differing insurance markets.”
Recently, Sapiens was in news when the company announced it expects to reach $135 million in revenue in 2013, representing 20 percent year-over-year growth compared to 2012 guidance.
Edited by Rachel Ramsey