(Freedom monument, Riga, Latvia. Photo credit: S. Murray.)
Sapiens International Corporation (Holon, Israel), a global provider of software solutions for the insurance industry, has announced that it has expanded its digital division’s capabilities through the acquisition of KnowledgePrice.com (Riga, Latvia), a supplier of digital capabilities and consulting services to insurers. Sapiens declined to disclose the terms of the acquisition and characterized it as expanding its knowledge base and resources but not being significant to its revenue or profits.
KnowledgePrice has a staff of about 50 insurance technology professionals and provides services to leading European insurers, according to Sapiens. The privately held company has extensive expertise and long-term experience with open technologies, agile methodologies and best practices for digital insurance, which will enable Sapiens to offer its customers complete digital solutions, according to a statement from the vendor.
Sapiens reports that it will use KnowledgePrice as a center for excellence for digital engagement services. The company’s experts will join Sapiens’ Digital Division, which focuses on digital and business intelligence (BI) services and solutions, including portal and digital distribution offerings to customers worldwide. “The expanded Digital Division will create innovative offerings and provide full support during customers’ digital journeys,” the Sapiens statement says.
Sapiens offers a Digital Suite that includes an advanced analytics solution, a portal for consumers and agents, personalized video capabilities, a customer engagement platform, and cloud offerings and services.
Enhancing Market Footprint
“In a fast-changing world where insurers and vendors must continuously evolve, integrated digital capabilities are key,” comments Roni Al-Dor, president and CEO, Sapiens. “We recently created a new digital division to provide our clients with the most relevant, customer-centric digital technologies. The addition of KnowledgePrice’s experts will enable us to better help our customers fully embrace digital transformation.”
“Sapiens’ strategic investment in digital capabilities enhances our footprint in this market by seamlessly integrating digital customer services with the underlying administration software, creating a unique proposition for end users,” adds Al-Dor. “Our new Digital Division and the KnowledgePrice acquisition will enable insurers to select a best-of-breed or fully integrated approach to affordably scale their digital initiatives.”