Menora Mivtachim Insurance (Menora), an Israeli insurance and financial group, has selected the Sapiens IDIT insurance software suite.
Menora expanded its long-term, strategic relationship with Sapiens ? the company had previously selected Sapiens to manage its life and pension and reinsurance lines of business ? by signing an agreement valued at over $10m.
By selecting the Sapiens IDIT software suite to manage the full lifecycle of its property and casualty (P&C) business, Menora will further advance its P&C business objectives.
This agreement also represents a significant milestone for Sapiens, increasing the company’s global P&C footprint and strengthening Sapiens’ position in the Israeli P&C insurance market.
Menora Mivtachim Insurance CEO Moti Rosen said: “Selecting Sapiens was a natural decision for us, considering the long-standing strategic relationship between the two companies.
“Menora has full confidence in Sapiens and its ability to develop and implement its mission-critical P&C insurance system, which will serve Menora’s property and casualty business for years to come.
“We chose Sapiens’ advanced and innovative IDIT solution to enhance our business objectives in the local P&C insurance market and to enable us to better address our future insurance needs.”
Sapiens Israel general manager Tal Sharon said: “By choosing Sapiens IDIT as its core system for P&C insurance, Menora Mivtachim Insurance has demonstrated its continued trust in Sapiens’ solutions and proven delivery capabilities.
“We believe that this project will prove to be as successful as our previous joint projects with Menora and will serve as a milestone for the Sapiens IDIT software suite in the Israeli market.”
Sapiens president and CEO Roni Al-Dor said: “Expanding agreements with existing customers is an important part of Sapiens’ business model.
“The success we have experienced with this approach highlights our ability to meet our clients’ complex needs and evolve with them over time. I am pleased that Sapiens’ efforts to grow our business continue to produce positive results.”
The project will be divided into three phases and is expected to be completed within three years.
Sapiens IDIT is a software solution suite specifically designed for the P&C market. It enables carriers, managing general agents (MGAs) and insurance brokers to meet critical and long-term business goals via traditional insurance, direct insurance, bancassurance and brokers.