Altshuler Shaham Selects Sapiens to Operate and Automate Funds

Together with its recent acquisition of Tiful Gemel, Sapiens will operate and automate Altshuler Shaham’s provident and pension funds through a contract covering the next three years.

(Image source: Altshuler Shaham homepage.)

Altshuler Shaham (Tel Aviv), Israel’s largest investment house managing the fastest-growing provident and pension funds, has selected Sapiens International Corporation (Holon, Israel) to automate and operate its provident and pension funds for the next three years. Altshuler Shaham reported massive growth in both assets and number of members during the first 3 quarters of 2020.

Yair Lowenstein, CEO, Altshuler Shaham.

As part of its strategic decision to enter the operations sector, Sapiens recently acquired Tiful Gemel company and its activities, which include the management and operation of provident and pension funds. Altshuler Shaham can now benefit from Sapiens’ significant presence and extensive experience in the field of life insurance, long-term savings and pensions, both in Israel and globally, according to a Sapiens statement. Sapiens says that, together with Tiful Gemel, it provides added value to ensure Altshuler Shaham’s continued growth. Tiful Gemel is an Israeli company immaterial to Sapiens’ revenue or profits.

During the COVID-19 crisis, Altshuler Shaham continued to grow in 2020, showing an increase of approximately 112 percent in the number of pension fund members in the third quarter compared to a corresponding quarter last year. The company’s pension fund assets under management also grew by 98 percent of the total of NIS 7.3 billion on November 30, 2019 to a total of NIS 15.73 billion as of November 30, 2020, making Altshuler Shaham’s pension fund the largest among the investment houses in Israel.

Roni Al-Dor, President and CEO, Sapiens.

“This agreement constitutes another leap forward for our pension fund and continues to establish our status as a leading player in the industry,” comments Yair Lowenstein, CEO, Altshuler Shaham. “In recent years we took a series of steps to prepare for significant growth. This service agreement with Sapiens is yet another milestone for us. Sapiens’ professionalism and expertise in the field of pensions in Israel and the international arena are unique. We look forward to the start of this fruitful relationship.”

Contributing to Continued Growth

“We are pleased and excited about this vote of confidence from the management of Altshuler Shaham,” comments Roni Al-Dor, CEO, Sapiens. “Sapiens’ knowledge and professionalism, in addition to our considerable experience in the local market, and our partnership with Tiful Gemel and its managers, will enable us to contribute significantly to the further growth of Altshuler Shaham’s provident and pension fund.”

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Anthony R. O’Donnell // Anthony O'Donnell is Executive Editor of Insurance Innovation Reporter. For nearly two decades, he has been an observer and commentator on the use of information technology in the insurance industry, following industry trends and writing about the use of IT across all sectors of the insurance industry. He can be reached at [email protected] or (503) 936-2803.

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