Yahoo Finance Sapiens (SPNS) Expands International Footprint With BKI Deal
Sapiens International Corporation SPNS recently announced that Bangkok Insurance Public Company Limited (BKI), a leading insurer in Thailand, has successfully implemented the Sapiens Property & Casualty (P&C) platform. This implementation, which includes the Sapiens IDITSuite for Property & Casualty, Sapiens ReinsuranceMaster and Sapiens Intelligence, marks one of the most extensive and complex projects in the Thai insurance sector to date.
The transition to Sapiens’ platform represents a significant technological upgrade for BKI, replacing its previous core monolithic system. The new platform promises to drive accelerated revenue growth, enhance operational efficiency, and speed up market responsiveness across all business channels and product lines. The platform is designed to reduce BKI's total cost of ownership by promoting self-sufficiency in managing core processes.
A standout feature of Sapiens’ offering is its robust API configuration engine, which seamlessly integrates with Sapiens IDITSuite. This enables the launch of digital APIs, facilitating BKI’s digital sales channels and integration with various internal systems. The project also involved deploying a Thai-specific layer and migrating data for 6.5 million entities.
The Sapiens IDITSuite for Property & Casualty is an AI-powered, comprehensive insurance software solution that covers customer acquisition, billing, finance, claims and renewals.
Sapiens ReinsuranceMaster is tailored for large, multi-national reinsurance programs, offering extensive financial control and flexibility. Meanwhile, Sapiens Intelligence provides integrated, actionable insights for smarter decision-making, improving underwriting risk selection and reducing claims expenses.
Sapiens International Corporation N.V. Price and Consensus
Sapiens International Corporation N.V. price-consensus-chart | Sapiens International Corporation N.V. Quote
Expanding Clientele & Solid Partner Base Aids Prospect
Sapiens is riding on growing clientele, as well as a strong partner base. An expanding partner base that includes the likes of Microsoft MSFT, DataCrest, Binah.ai, Deloitte, PWC and LTIMindtree has been a key catalyst.
Sapiens’ partnership with Microsoft has been a game changer. SPNS is one of the few selected vendors collaborating with MSFT on OpenAI.
SPNS recently launched IntegrateAI, the newest capability from Sapiens Decision, integrating machine learning models into the business-friendly decision model workbench. IntegrateAI follows Sapiens Decision's recent ModelAI release, which brings a Generative AI copilot to decision modelers with integration to Microsoft Azure’s OpenAI Service.
SPNS’ expanding international footprint in the U.K., Germany, the Caribbean and Canada is noteworthy.
Recently, Republic Life, a Caribbean-based company, adopted Sapiens CoreSuite for Life & Annuities and Sapiens Digital Suite hosted on Microsoft Azure cloud. Sapiens expanded its footprint into Canada on the back of its Saskatchewan Workers’ Compensation Board partnership.
Meanwhile, BHSF, a U.K. “profit for good” health and wellbeing provider, has chosen to deploy the Sapiens Platform, including Sapiens IDITSuite for P&C and Sapiens DigitalSuite. German pet insurance brand Cleo also deployed Sapiens SCIPSuite to accelerate its underwriting, digital sales and go-to-market processes.
Sapiens’ Outlook Remains Positive
For 2024, the company still expects revenues between $550 million and $555 million. The Zacks Consensus Estimate for 2024 revenues is pegged at $553.45 million, indicating year-over-year growth of 7.55%.
Operating income is expected between $99.6 million and $102.7 million. SPNS still expects a non-GAAP operating margin between 18.1% and 18.5%.
The consensus mark for earnings is pegged at $1.48 per share, up 2% over the past 60 days, indicating 9.63% over 2023.
Zacks Rank & Other Stocks to Consider
Sapiens currently has a Zacks Rank #2 (Buy).
NVIDIA NVDA and Alphabet GOOGL are a couple of other top-ranked stocks in the broader Zacks Computer & Technology sector, each currently sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Sapiens shares have returned 23.1%, underperforming both NVIDIA and Alphabet, shares of which have gained 209% and 43.3%, respectively.
Long term earnings growth rate for NVIDIA and Alphabet is currently pegged at 37.57% and 17.51%, respectively.
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