Roni Al-Dor in interview with Versicherungsbetriebe
Could you briefly describe your business model and what you plan to do with sum.cumo?
Roni: sum.cumo with its position in the DACH market and its digital competence is exactly what we were looking for in Sapiens. Our successful cooperation is of central importance for expanding Sapiens' presence in the DACH region.
So far, local, tailor-made software solutions have been used in many insurance markets. Although the need for more robust, global solutions is growing, many insurers are still hesitant to make this transformation. They still believe that local solutions are better suited for them. By acquiring sum.cumo, we have given new meaning to the phrase "global product, local team". Many of our competitors do not have enough local presence to support customers locally with German-speaking resources. Together with sum.cumo, we as Sapiens demonstrate our understanding and commitment to the market. We are not here to establish ourselves in the long term.
What inspired you about sum.cumo? Why did you invest here?
Roni: Digitisation is the key to success in today's insurance world! sum.cumo has carefully built up its business, expertise and understanding step by step over the last ten years - sum.cumo works and thinks digitally through and through.
Over time, they have established themselves in the market and built up a true center of excellence which we believe can contribute not only to our local strategy but also to our global strategy. In fact, sum.cumo is involved in many facets of our business, especially our digital strategy. The fact that the team works cooperatively and competently has strengthened our decision. The knowledge of the local market, as well as the culture, is an asset to Sapiens.
sum.cumo was founded in 2010 and was previously owned by Bayerische Versicherungsgruppe. Why was the company bought? What will happen to the existing customers? Doesn't this cause turbulences?
Roni: The existing sum.cumo customer base in DACH is very important for us. Our goal is to maintain the close relationship with these customers. The Sapiens-sum.cumo merger is intended to offer customers added value. We guarantee that everything remains the same for the customers. Nothing will change in their systems and the support they continue to receive from the fantastic team at sum.cumo.
This merger, on the other hand, should enable the local team to expand the range of services and grow in new areas. The core systems for life and composite insurers, as designed and built by Sapiens, are in their own highly specialized market. Previously, customers looking for such solutions were not relevant to sum.cumo. Now we can offer them a more robust and comprehensive product set - a more holistic solution for their insurance IT needs.
What makes the high-tech place Israel so special when it comes to insurance? What distinguishes it from Insurtech hotspots in this country?
Roni: Israel is indeed a "start-up nation" with more start-ups per capita than in many other places in the world. Maybe it is because of our history, but we love challenges and are looking for innovative solutions. I believe that this also applies to everything we do here at Sapiens. With our headquarters in Israel, we also have access to dozens of start-ups and insurtechs who want to establish themselves in the insurance sector. Our expertise and market understanding make Sapiens a very attractive partner for many.
Is there a particular concentration of content there, or do developments cut across all areas of insurance?
Roni: Since the insurance industry is such a financially strong sector, insurtechs sprout up like mushrooms after a rain shower. I think one can certainly say that technological developments affect all areas of insurance. From improving customer journey to digital enablement, from artificial intelligence and machine learning to managing new components and legacy systems. Decades-old IT system landscapes prevent insurers from rethinking processes and organization. Our main goal is to help them do this, and there is really no end in sight.
How do you, Roni, see the insurance market in this country? What inspires you, what do you think we should still be working on in this country?
Roni: I think the German market is a really interesting market because of both local and international players - to be honest, I consider it one of the largest and most established in the world. In addition, there seems to be a great fondness for change and openness to new products and solutions. This makes the market particularly interesting for a company like Sapiens with hundreds of customers worldwide.
Nevertheless, we have recognized that we can only build our presence in the DACH region with a local team on site. One that not only helps us penetrate the market faster, but also ensures that we provide customers with the service, products and content they need to succeed.
Are there already customers in Germany who have chosen Sapiens products?
Roni: Yes, we already have some customers in the region with Hiscox, Euler Hermes and HDI Global Speciality. But I am sure that we will continue to expand our presence with this team!