Sapiens pushes into the German market and sees DACH market as one of the most important target markets
Hamburg, July 6, 2020: Sapiens International Corporation acquired the German Insurtech sum.cumo in January of this year in order to expand its presence in the DACH market. Roni Al-Dor, CEO Sapiens, Alex Zukerman, Chief Marketing and Strategy Officer, and Björn Freter, CEO sum.cumo and Managing Director Sapiens DACH, in an interview with the Versicherungsmonitor in the article "Sapiens pushes into the German market".
Expansion into the DACH region
Since Germany is one of the five most important target markets for the insurance industry, along with North America, Great Britain, France and Japan, it is not surprising that Sapiens is further expanding its presence in the DACH region. This offers a large, complex market with many leading insurers and is increasingly developing into a growing business area. "We believe that Germany will be our second or third largest business region in two to three years," explains Al-Dor.
Sapiens scores with global experience and its product IDIT
Sapiens has already deployed its cloud-based systems in many regions of the world and is particularly strong in the property and casualty sector. With its one-stop-shop solution and the IDIT Suite inventory management system, the company is ideally positioned to compete in a market that also has more than 400 potential customers. In addition, many insurers still use outdated legacy IT systems and the market penetration of standard insurance software is not yet particularly high. This is where Sapiens can score points with its global experience and innovative products.
IDITSuite for property and casualty insurance
IDITSuite is a customer-centric, component-based packaged solution with easy maintenance and seamless integration for simplified, centralized operation. The fully digital system is the core of the Sapiens platform for property and casualty insurance. It supports all end-to-end core processes, from underwriting to renewals and claims handling. In addition to customer and agent portals and business intelligence, the software is compatible with other customer applications and provides real-time access from any device at any time. This means that new products can be introduced to the market quickly.
Latest, most advanced technologies from Israel
Sapiens' home country Israel is not only a hotspot for start-ups in the insurance industry, but also stands for the latest, highly developed technologies that are market leaders and can greatly enrich the range of products and services offered in the DACH region.
The purchase of innovative software is quite profitable compared to in-house production. After all, companies can benefit from Sapiens' many years of experience from numerous projects, whose digital solutions are continually being expanded with new features and possibilities. The size of Sapiens also helps companies to make more targeted and higher investments in research and development than would be possible for an individual or medium-sized company. Since then, Sapiens products have been further developed and customized by a professional team that is always informed about new technologies in the market and builds interfaces.
Networking with competent partners
To best meet customer expectations and innovative challenges, Sapiens works with innovative companies. Sapiens works with selected tech partners and system integrators as well as with Ecosystem and Insurtech partners. With the acquisition of sum.cumo, Sapiens was not only able to strengthen its market presence in the DACH region, but also to strengthen its offering with complementary digital solutions. "Crucial to our strategy in Germany is the combination of what we have learned worldwide at the product level and in terms of innovation with the ability to work locally and understand the peculiarities of the market," explains Al-Dor. Even though the current situation with Covid-19 has created some challenges, the two partners are on a continuous growth path with steady new business. Since both Sapiens and sum.cumo digital are very strongly positioned and rely on flexible working, the cooperation was not significantly affected by Corona and could be continued remotely without any problems. This experience shows once again how important digital investments are - and this also applies to insurers.